BioMarin Pharmaceutical (BMRN) Upgraded at Zacks Investment Research
BioMarin Pharmaceutical (NASDAQ:BMRN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Friday.
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. The latest FDA approval of Palynziq was the second product approval for BioMarin in less than two years, the first being Brineura in mid-2017. Its impressive rare disease pipeline is also progressing well. 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. The stock has outperformed the industry so far this year.”
Several other equities analysts also recently issued reports on BMRN. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of BioMarin Pharmaceutical in a research note on Wednesday, June 20th. Canaccord Genuity began coverage on shares of BioMarin Pharmaceutical in a research note on Wednesday, May 16th. They set a “buy” rating and a $101.00 target price for the company. BidaskClub raised shares of BioMarin Pharmaceutical from a “sell” rating to a “hold” rating in a research note on Saturday, July 14th. Wedbush reissued an “outperform” rating and set a $112.00 target price on shares of BioMarin Pharmaceutical in a research note on Tuesday, May 15th. Finally, Credit Suisse Group lifted their target price on shares of BioMarin Pharmaceutical from $116.00 to $120.00 and gave the stock an “outperform” rating in a research note on Friday, May 25th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $116.28.
BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings results on Thursday, August 2nd. The biotechnology company reported ($0.09) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by ($0.03). The business had revenue of $372.80 million for the quarter, compared to the consensus estimate of $359.25 million. BioMarin Pharmaceutical had a negative net margin of 8.68% and a negative return on equity of 3.00%. BioMarin Pharmaceutical’s revenue was up 17.4% on a year-over-year basis. During the same period in the previous year, the business posted ($0.21) EPS. sell-side analysts forecast that BioMarin Pharmaceutical will post -0.24 earnings per share for the current fiscal year.
In other BioMarin Pharmaceutical news, Director V Bryan Lawlis sold 2,150 shares of the firm’s stock in a transaction on Wednesday, June 27th. The shares were sold at an average price of $93.52, for a total value of $201,068.00. Following the completion of the sale, the director now directly owns 21,310 shares in the company, valued at $1,992,911.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Robert Baffi sold 5,173 shares of the firm’s stock in a transaction on Tuesday, August 7th. The stock was sold at an average price of $105.00, for a total transaction of $543,165.00. Following the completion of the sale, the executive vice president now owns 83,276 shares of the company’s stock, valued at $8,743,980. The disclosure for this sale can be found here. Insiders sold 109,574 shares of company stock valued at $10,605,184 over the last 90 days. Corporate insiders own 1.90% of the company’s stock.
A number of large investors have recently bought and sold shares of BMRN. Daiwa Securities Group Inc. grew its holdings in BioMarin Pharmaceutical by 30.1% in the first quarter. Daiwa Securities Group Inc. now owns 6,767 shares of the biotechnology company’s stock worth $549,000 after purchasing an additional 1,567 shares during the period. Commerzbank Aktiengesellschaft FI grew its holdings in shares of BioMarin Pharmaceutical by 53.1% during the first quarter. Commerzbank Aktiengesellschaft FI now owns 10,784 shares of the biotechnology company’s stock valued at $874,000 after buying an additional 3,739 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of BioMarin Pharmaceutical by 0.8% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 493,483 shares of the biotechnology company’s stock valued at $40,007,000 after buying an additional 3,719 shares during the last quarter. Frontier Capital Management Co. LLC grew its holdings in shares of BioMarin Pharmaceutical by 2.3% during the first quarter. Frontier Capital Management Co. LLC now owns 847,941 shares of the biotechnology company’s stock valued at $68,743,000 after buying an additional 19,275 shares during the last quarter. Finally, Bronfman E.L. Rothschild L.P. grew its holdings in shares of BioMarin Pharmaceutical by 60.6% during the first quarter. Bronfman E.L. Rothschild L.P. now owns 5,983 shares of the biotechnology company’s stock valued at $485,000 after buying an additional 2,257 shares during the last quarter.
About BioMarin Pharmaceutical
BioMarin Pharmaceutical, Inc, a biotechnology company, develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. Its commercial products include Aldurazyme that is used for the treatment of patients with mucopolysaccharidosis I, a genetic disease; Brineura for the treatment of late infantile neuronal ceroid lipofuscinosis type 2, a form of Batten disease; and Firdapse for Lambert Eaton Myasthenic Syndrome.
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