BioMarin Pharmaceutical Inc. (BMRN) Upgraded to “Buy” by Vetr Inc.
Vetr upgraded shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) from a hold rating to a buy rating in a research note issued to investors on Tuesday. The firm currently has $93.98 target price on the stock.
A number of other equities analysts have also recently issued reports on the company. Cowen and Company set a $150.00 target price on BioMarin Pharmaceutical and gave the stock a buy rating in a report on Thursday, September 8th. JPMorgan Chase & Co. restated a buy rating on shares of BioMarin Pharmaceutical in a report on Wednesday, September 7th. Stifel Nicolaus lifted their target price on BioMarin Pharmaceutical from $107.00 to $113.00 and gave the stock a buy rating in a report on Friday, August 5th. Jefferies Group lifted their target price on BioMarin Pharmaceutical from $116.00 to $120.00 and gave the stock a buy rating in a report on Friday, August 5th. Finally, Credit Suisse Group AG set a $111.00 target price on BioMarin Pharmaceutical and gave the stock a buy rating in a report on Monday, August 8th. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. BioMarin Pharmaceutical has an average rating of Buy and an average price target of $114.35.
BioMarin Pharmaceutical (NASDAQ:BMRN) opened at 86.70 on Tuesday. The stock’s market capitalization is $14.91 billion. BioMarin Pharmaceutical has a 52-week low of $62.12 and a 52-week high of $107.56. The company’s 50-day moving average price is $86.14 and its 200 day moving average price is $89.66.
BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its quarterly earnings results on Thursday, October 27th. The company reported ($0.26) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.39) by $0.13. BioMarin Pharmaceutical had a negative return on equity of 8.54% and a negative net margin of 46.22%. The company had revenue of $279.90 million for the quarter, compared to analysts’ expectations of $289.70 million. During the same period last year, the firm earned ($0.60) EPS. The firm’s revenue for the quarter was up 34.0% on a year-over-year basis. On average, equities research analysts anticipate that BioMarin Pharmaceutical will post ($3.73) earnings per share for the current year.
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In other news, CEO Jean Jacques Bienaime sold 69,743 shares of the stock in a transaction on Tuesday, November 22nd. The stock was sold at an average price of $85.69, for a total value of $5,976,277.67. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Jeffrey Robert Ajer sold 18,467 shares of the company’s stock in a transaction on Tuesday, September 27th. The shares were sold at an average price of $95.61, for a total transaction of $1,765,629.87. Following the completion of the sale, the executive vice president now owns 41,342 shares of the company’s stock, valued at approximately $3,952,708.62. The disclosure for this sale can be found here. 2.50% of the stock is owned by insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. Capital Research Global Investors boosted its stake in BioMarin Pharmaceutical by 27.5% in the third quarter. Capital Research Global Investors now owns 20,216,215 shares of the company’s stock worth $1,870,404,000 after buying an additional 4,362,912 shares in the last quarter. Vanguard Group Inc. boosted its stake in BioMarin Pharmaceutical by 3.1% in the second quarter. Vanguard Group Inc. now owns 11,448,690 shares of the company’s stock worth $890,708,000 after buying an additional 346,369 shares in the last quarter. Jennison Associates LLC boosted its stake in BioMarin Pharmaceutical by 7.2% in the third quarter. Jennison Associates LLC now owns 9,702,200 shares of the company’s stock worth $897,648,000 after buying an additional 650,956 shares in the last quarter. State Street Corp boosted its stake in BioMarin Pharmaceutical by 1.9% in the second quarter. State Street Corp now owns 3,349,037 shares of the company’s stock worth $260,556,000 after buying an additional 62,294 shares in the last quarter. Finally, Palo Alto Investors LLC boosted its stake in BioMarin Pharmaceutical by 29.6% in the second quarter. Palo Alto Investors LLC now owns 1,737,399 shares of the company’s stock worth $135,170,000 after buying an additional 397,052 shares in the last quarter. Institutional investors and hedge funds own 97.54% of the company’s stock.
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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