Leerink Swann Weighs in on BioMarin Pharmaceutical Inc.’s Q3 2016 Earnings (BMRN)
BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) – Stock analysts at Leerink Swann increased their Q3 2016 earnings estimates for BioMarin Pharmaceutical in a research report issued on Tuesday. Leerink Swann analyst J. Schwartz now forecasts that the firm will post earnings per share of ($0.50) for the quarter, up from their previous forecast of ($0.53). Leerink Swann has a “Outperform” rating and a $127.00 price objective on the stock. Leerink Swann also issued estimates for BioMarin Pharmaceutical’s Q4 2016 earnings at ($0.52) EPS, FY2016 earnings at ($0.40) EPS, FY2017 earnings at $0.11 EPS, FY2019 earnings at $1.67 EPS and FY2020 earnings at $2.33 EPS.
A number of other analysts also recently issued reports on BMRN. Cowen and Company reaffirmed a “buy” rating on shares of BioMarin Pharmaceutical in a report on Thursday, July 28th. JPMorgan Chase & Co. reissued a “buy” rating on shares of BioMarin Pharmaceutical in a research note on Wednesday, September 7th. Stifel Nicolaus boosted their price target on shares of BioMarin Pharmaceutical from $107.00 to $113.00 and gave the stock a “buy” rating in a research note on Friday, August 5th. Zacks Investment Research raised shares of BioMarin Pharmaceutical from a “hold” rating to a “buy” rating and set a $98.00 price target for the company in a research note on Wednesday, July 13th. Finally, Credit Suisse Group AG set a $111.00 price target on shares of BioMarin Pharmaceutical and gave the stock a “buy” rating in a research note on Thursday, July 28th. Three equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $118.31.
Shares of BioMarin Pharmaceutical (NASDAQ:BMRN) traded down 1.5478% during mid-day trading on Friday, hitting $85.5254. The stock had a trading volume of 738,121 shares. The stock’s 50-day moving average is $94.91 and its 200 day moving average is $89.49. The firm’s market capitalization is $13.98 billion. BioMarin Pharmaceutical has a 1-year low of $62.12 and a 1-year high of $118.48.
BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its earnings results on Thursday, August 4th. The company reported ($2.61) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.52) by $2.09. The firm earned $300.10 million during the quarter, compared to analyst estimates of $278.75 million. BioMarin Pharmaceutical had a negative net margin of 54.53% and a negative return on equity of 11.99%. The business’s quarterly revenue was up 20.0% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.51) earnings per share.
Several large investors have recently bought and sold shares of the stock. Envestnet Asset Management Inc. boosted its stake in BioMarin Pharmaceutical by 13.5% in the first quarter. Envestnet Asset Management Inc. now owns 13,733 shares of the company’s stock worth $1,133,000 after buying an additional 1,630 shares during the last quarter. Adage Capital Partners GP L.L.C. increased its position in shares of BioMarin Pharmaceutical by 316.3% in the first quarter. Adage Capital Partners GP L.L.C. now owns 1,052,900 shares of the company’s stock worth $86,843,000 after buying an additional 800,000 shares during the period. National Pension Service increased its position in shares of BioMarin Pharmaceutical by 4.2% in the first quarter. National Pension Service now owns 92,142 shares of the company’s stock worth $7,600,000 after buying an additional 3,729 shares during the period. Opus Point Partners Management LLC increased its position in shares of BioMarin Pharmaceutical by 10.0% in the first quarter. Opus Point Partners Management LLC now owns 48,260 shares of the company’s stock worth $3,980,000 after buying an additional 4,390 shares during the period. Finally, AXA increased its position in shares of BioMarin Pharmaceutical by 10.8% in the first quarter. AXA now owns 470,874 shares of the company’s stock worth $38,838,000 after buying an additional 45,781 shares during the period. Hedge funds and other institutional investors own 93.02% of the company’s stock.
In other news, EVP George Eric Davis sold 2,167 shares of the stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $100.00, for a total transaction of $216,700.00. Following the sale, the executive vice president now owns 71,158 shares in the company, valued at $7,115,800. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Brian Mueller sold 287 shares of the stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $100.00, for a total transaction of $28,700.00. Following the sale, the vice president now owns 14,260 shares in the company, valued at approximately $1,426,000. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by company insiders.
About BioMarin Pharmaceutical
BioMarin Pharmaceutical Inc (BioMarin) develops and commercializes pharmaceuticals for various diseases and medical conditions. The Company’s product portfolio consists of approximately five approved products, and multiple clinical and pre-clinical product candidates. Its approved products include Vimizim (elosulfase alpha), Naglazyme (galsulfase), Kuvan (sapropterin dihydrochloride), Aldurazyme (laronidase) and Firdapse (amifampridine phosphate).
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