Zacks Investment Research upgraded shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) from a hold rating to a buy rating in a report published on Tuesday morning. Zacks Investment Research currently has $106.00 target price on the stock.
According to Zacks, “BioMarin’s orphan disease drugs – Vimizim and Kuvan – continue to drive top line growth. The company’s raised 2016 outlook for revenues backed by Vimizim and Kuvan was also impressive. BioMarin continues to expect break-even or better results in 2017. The company narrowed its loss guidance to the range of $30 million to $50 million buoyed by continued strong top line growth and operating expense discipline. BioMarin’s progress with its pipeline is also impressive. However, BioMarin recently suffered a setback after the FDA extended the review period of Brineura (CLN2 disease) by three months. BioMarin had also decided to discontinue the development of Kyndrisa (Duchenne muscular dystrophy). The company has several pipeline updates expected over the upcoming quarters. Additional setbacks on the development/regulatory front could pull down the stock significantly. Moreover, generic challenges for Kuvan remain a concern.”
BMRN has been the topic of several other reports. Vetr upgraded shares of BioMarin Pharmaceutical from a buy rating to a strong-buy rating and set a $110.24 price objective on the stock in a research note on Tuesday, August 9th. Wedbush restated a neutral rating and set a $108.00 price objective on shares of BioMarin Pharmaceutical in a research note on Thursday, July 28th. Leerink Swann restated an outperform rating and set a $127.00 price objective on shares of BioMarin Pharmaceutical in a research note on Friday, September 16th. Jefferies Group set a $116.00 price target on shares of BioMarin Pharmaceutical and gave the company a buy rating in a research note on Thursday, July 28th. Finally, Credit Suisse Group AG set a $111.00 price target on shares of BioMarin Pharmaceutical and gave the company a buy rating in a research note on Thursday, July 28th. Three analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. BioMarin Pharmaceutical currently has a consensus rating of Buy and a consensus price target of $120.35.
BioMarin Pharmaceutical (NASDAQ:BMRN) opened at 93.51 on Tuesday. The company’s market cap is $15.29 billion. The firm’s 50-day moving average is $95.62 and its 200-day moving average is $89.30. BioMarin Pharmaceutical has a 52 week low of $62.12 and a 52 week high of $118.48.
BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings data on Thursday, August 4th. The company reported ($2.61) earnings per share for the quarter, missing the consensus estimate of ($0.52) by $2.09. The firm had revenue of $300.10 million for the quarter, compared to analyst estimates of $278.75 million. BioMarin Pharmaceutical had a negative return on equity of 11.99% and a negative net margin of 54.53%. The firm’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.51) earnings per share. On average, analysts expect that BioMarin Pharmaceutical will post ($3.95) EPS for the current fiscal year.
In other BioMarin Pharmaceutical news, CEO Jean Jacques Bienaime sold 41,666 shares of the company’s stock in a transaction that occurred on Monday, July 18th. The shares were sold at an average price of $92.72, for a total value of $3,863,271.52. Following the completion of the transaction, the chief executive officer now directly owns 420,250 shares in the company, valued at approximately $38,965,580. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director V Bryan Lawlis sold 6,400 shares of the company’s stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $95.01, for a total transaction of $608,064.00. Following the completion of the transaction, the director now owns 20,260 shares of the company’s stock, valued at $1,924,902.60. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by company insiders.
Institutional investors have recently made changes to their positions in the stock. Rockefeller Financial Services Inc. acquired a new position in shares of BioMarin Pharmaceutical during the second quarter valued at about $111,000. Independent Portfolio Consultants Inc. acquired a new position in shares of BioMarin Pharmaceutical during the third quarter valued at about $121,000. Meeder Asset Management Inc. acquired a new position in shares of BioMarin Pharmaceutical during the second quarter valued at about $140,000. Mutual of America Capital Management LLC boosted its position in shares of BioMarin Pharmaceutical by 930.0% in the second quarter. Mutual of America Capital Management LLC now owns 1,854 shares of the company’s stock valued at $144,000 after buying an additional 1,674 shares during the period. Finally, LS Investment Advisors LLC boosted its position in shares of BioMarin Pharmaceutical by 13.5% in the second quarter. LS Investment Advisors LLC now owns 1,946 shares of the company’s stock valued at $151,000 after buying an additional 231 shares during the period. Hedge funds and other institutional investors own 93.02% 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).