BioMarin Pharmaceutical (BMRN) Raised to “Buy” at Zacks Investment Research
BioMarin Pharmaceutical (NASDAQ:BMRN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm presently has a $101.00 target price on the biotechnology company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 12.56% from the stock’s previous close.
According to Zacks, “BioMarin’s key orphan disease drugs – Vimizim and Kuvan – continue to do well, backed by strong underlying patient demand trends. BioMarin expects sustained growth in both the drugs. Brineura’s earlier-than-expected approval was also a huge boost for BioMarin. Its impressive rare-disease pipeline is also progressing well with approval for pegvaliase expected in 2018. The stock has slightly outperformed the industry in the past one year. However, BioMarin has suffered a few regulatory setbacks related to its pipeline candidates in the past. Further development setbacks can have a negative impact on the stock. Also, Naglazyme and Vimzin revenues vary on a quarterly basis primarily due to infrequent ordering patterns from some countries, mainly Brazil. Nonetheles, loss estimates have narrowed ahead of the company’s Q4 earnings result. BioMarin also has a positive record of earnings surprises in the recent quarters.”
Several other equities analysts also recently issued reports on the stock. Wedbush reissued an “outperform” rating and set a $110.00 price target on shares of BioMarin Pharmaceutical in a report on Friday, December 22nd. BidaskClub raised shares of BioMarin Pharmaceutical from a “strong sell” rating to a “sell” rating in a report on Saturday, December 16th. Goldman Sachs Group raised shares of BioMarin Pharmaceutical from a “buy” rating to a “conviction-buy” rating in a report on Friday, December 15th. SunTrust Banks upped their price objective on shares of BioMarin Pharmaceutical to $130.00 and gave the stock a “buy” rating in a report on Monday, December 11th. Finally, JPMorgan Chase & Co. set a $131.00 price objective on shares of BioMarin Pharmaceutical and gave the stock a “buy” rating in a report on Monday, November 27th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $111.64.
BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings results on Thursday, October 26th. The biotechnology company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.06. BioMarin Pharmaceutical had a negative net margin of 12.45% and a negative return on equity of 4.60%. The company had revenue of $334.18 million during the quarter, compared to the consensus estimate of $347.38 million. During the same quarter in the previous year, the company posted $0.02 earnings per share. The company’s revenue for the quarter was up 19.4% compared to the same quarter last year. equities analysts expect that BioMarin Pharmaceutical will post -0.64 EPS for the current fiscal year.
In other BioMarin Pharmaceutical news, CEO Jean Jacques Bienaime sold 20,000 shares of the business’s stock in a transaction dated Friday, December 29th. The stock was sold at an average price of $89.75, for a total transaction of $1,795,000.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP George Eric Davis sold 1,200 shares of the business’s stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $85.64, for a total value of $102,768.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 60,750 shares of company stock worth $5,439,788. Corporate insiders own 1.85% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Schwab Charles Investment Management Inc. raised its holdings in BioMarin Pharmaceutical by 4.8% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 335,899 shares of the biotechnology company’s stock worth $29,953,000 after buying an additional 15,414 shares during the period. Creative Planning increased its holdings in shares of BioMarin Pharmaceutical by 52.4% in the 4th quarter. Creative Planning now owns 6,192 shares of the biotechnology company’s stock valued at $552,000 after purchasing an additional 2,129 shares during the period. Gateway Investment Advisers LLC acquired a new position in shares of BioMarin Pharmaceutical in the 4th quarter valued at about $863,000. National Pension Service increased its holdings in shares of BioMarin Pharmaceutical by 5.8% in the 4th quarter. National Pension Service now owns 178,095 shares of the biotechnology company’s stock valued at $15,881,000 after purchasing an additional 9,772 shares during the period. Finally, Bank of Montreal Can increased its holdings in shares of BioMarin Pharmaceutical by 6.6% in the 4th quarter. Bank of Montreal Can now owns 109,134 shares of the biotechnology company’s stock valued at $9,732,000 after purchasing an additional 6,802 shares during the period. Hedge funds and other institutional investors own 99.15% of the company’s stock.
TRADEMARK VIOLATION NOTICE: “BioMarin Pharmaceutical (BMRN) Raised to “Buy” at Zacks Investment Research” was originally reported by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are accessing this news story on another website, it was copied illegally and reposted in violation of United States and international trademark & copyright law. The original version of this news story can be read at https://www.thecerbatgem.com/2018/01/18/biomarin-pharmaceutical-bmrn-raised-to-buy-at-zacks-investment-research.html.
About BioMarin Pharmaceutical
BioMarin Pharmaceutical Inc is a biotechnology company. The Company develops and commercializes pharmaceuticals for various diseases and medical conditions. As of December 31, 2016, the Company’s therapy portfolio consisted of five products, and multiple clinical and pre-clinical product candidates. Its commercial products include Aldurazyme (laronidase) for Mucopolysaccharidosis I (MPS I), Firdapse (amifampridine phosphate) for Lambert Eaton Myasthenic Syndrome (LEMS), Kuvan (sapropterin dihydrochloride) for phenylketonuria (PKU), Naglazyme (galsulfase) for Mucopolysaccharidosis VI (MPS VI) and Vimizim (elosulfase alpha) for Mucopolysaccharidosis IV Type A (MPS IV A).
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for BioMarin Pharmaceutical Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for BioMarin Pharmaceutical and related companies with MarketBeat.com's FREE daily email newsletter.