BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.
According to Zacks, “BioMarin should continue to see growth in both its orphan disease drugs – Vimizim and Kuvan – in 2017. Robust patient growth and penetration should propel the drugs’ sales. The company’s progress with its pipeline has been impressive. Moreover, loss estimates have narrowed lately ahead of the company's Q4 results. However, BioMarin has suffered quite a few regulatory setbacks related to its pipeline candidates, Brineura and Kyndrisa. Delayed approvals or development setbacks could have a negative impact on the stock. Also, the company’s top line is under pressure due to political and macroeconomic instability in Brazil and the Middle East. Meanwhile, BioMarin is facing generic threat for key drug Kuvan. The earlier-than-expected entry of generics would be a huge blow for the company.”
Several other equities research analysts also recently weighed in on BMRN. Goldman Sachs Group, Inc. (The) raised shares of BioMarin Pharmaceutical to a “neutral” rating in a report on Friday, October 7th. Leerink Swann reissued an “outperform” rating and issued a $127.00 price target on shares of BioMarin Pharmaceutical in a report on Thursday, October 13th. Robert W. Baird reissued a “positive” rating and issued a $115.00 price target on shares of BioMarin Pharmaceutical in a report on Friday, October 14th. Wedbush reissued a “neutral” rating and issued a $104.00 price target (up from $102.00) on shares of BioMarin Pharmaceutical in a report on Friday, October 28th. Finally, RBC Capital Markets set a $125.00 price target on shares of BioMarin Pharmaceutical and gave the company a “buy” rating in a report on Sunday, October 30th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $112.30.
Shares of BioMarin Pharmaceutical (NASDAQ:BMRN) traded up 0.01% during midday trading on Wednesday, hitting $84.35. 388,598 shares of the stock were exchanged. The stock’s 50-day moving average price is $85.10 and its 200 day moving average price is $89.93. BioMarin Pharmaceutical has a one year low of $62.12 and a one year high of $102.49. The stock’s market cap is $14.51 billion.
In other BioMarin Pharmaceutical news, CFO Daniel K. Spiegelman sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, January 9th. The stock was sold at an average price of $90.00, for a total transaction of $450,000.00. Following the completion of the sale, the chief financial officer now owns 18,100 shares of the company’s stock, valued at $1,629,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jean Jacques Bienaime sold 120,000 shares of the company’s stock in a transaction that occurred on Friday, October 28th. The stock was sold at an average price of $81.30, for a total value of $9,756,000.00. Following the sale, the chief executive officer now directly owns 383,368 shares of the company’s stock, valued at approximately $31,167,818.40. The disclosure for this sale can be found here. Insiders have sold 498,487 shares of company stock valued at $41,740,622 in the last ninety days. Company insiders own 2.50% of the company’s stock.
Several large investors have recently bought and sold shares of the stock. LS Investment Advisors LLC boosted its stake in 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 in the last quarter. Meeder Asset Management Inc. acquired a new stake in BioMarin Pharmaceutical during the second quarter valued at $140,000. RS Investment Management Co. LLC boosted its stake in BioMarin Pharmaceutical by 14.8% in the second quarter. RS Investment Management Co. LLC now owns 24,250 shares of the company’s stock valued at $1,887,000 after buying an additional 3,130 shares in the last quarter. Capital Fund Management S.A. boosted its stake in BioMarin Pharmaceutical by 4,775.3% in the second quarter. Capital Fund Management S.A. now owns 98,181 shares of the company’s stock valued at $7,638,000 after buying an additional 100,281 shares in the last quarter. Finally, Essex Investment Management Co. LLC boosted its stake in BioMarin Pharmaceutical by 0.6% in the second quarter. Essex Investment Management Co. LLC now owns 15,411 shares of the company’s stock valued at $1,199,000 after buying an additional 90 shares in the last quarter. 97.40% of the stock is owned by institutional investors.
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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