Research Analysts Issue Forecasts for BioMarin Pharmaceutical Inc.’s Q3 2016 Earnings (BMRN)
BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) – Equities researchers at Leerink Swann lifted their Q3 2016 earnings per share estimates for shares of BioMarin Pharmaceutical in a note issued to investors on Tuesday. Leerink Swann analyst J. Schwartz now expects that the firm will post earnings per share of ($0.50) for the quarter, up from their previous forecast of ($0.53). Leerink Swann has a “Outperform” rating and a $127.00 price target on the stock. Leerink Swann also issued estimates for BioMarin Pharmaceutical’s Q4 2016 earnings at ($0.52) EPS, FY2016 earnings at ($0.40) EPS, FY2017 earnings at $0.11 EPS, FY2019 earnings at $1.67 EPS and FY2020 earnings at $2.33 EPS.
BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its earnings results on Thursday, August 4th. The company reported ($2.61) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.52) by $2.09. BioMarin Pharmaceutical had a negative net margin of 54.53% and a negative return on equity of 11.99%. The business earned $300.10 million during the quarter, compared to analysts’ expectations of $278.75 million. During the same period in the prior year, the business posted ($0.51) EPS. The business’s revenue was up 20.0% on a year-over-year basis.
Other research analysts also recently issued reports about the stock. Credit Suisse Group AG set a $111.00 target price on shares of BioMarin Pharmaceutical and gave the stock a “buy” rating in a research report on Thursday, July 28th. Cowen and Company reissued a “buy” rating on shares of BioMarin Pharmaceutical in a research report on Thursday, July 28th. William Blair set a $116.00 target price on shares of BioMarin Pharmaceutical and gave the stock a “buy” rating in a research report on Thursday, July 28th. Zacks Investment Research raised shares of BioMarin Pharmaceutical from a “hold” rating to a “buy” rating and set a $98.00 target price on the stock in a research report on Wednesday, July 13th. Finally, Jefferies Group set a $116.00 target price on shares of BioMarin Pharmaceutical and gave the stock a “buy” rating in a research report on Thursday, July 28th. Three analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. BioMarin Pharmaceutical currently has a consensus rating of “Buy” and an average price target of $118.31.
BioMarin Pharmaceutical (NASDAQ:BMRN) opened at 85.04 on Friday. The stock has a 50 day moving average of $94.63 and a 200-day moving average of $89.53. BioMarin Pharmaceutical has a 52 week low of $62.12 and a 52 week high of $118.48. The stock’s market cap is $13.90 billion.
A number of institutional investors have recently added to or reduced their stakes in the stock. Adage Capital Partners GP L.L.C. boosted its position in BioMarin Pharmaceutical by 316.3% in the first quarter. Adage Capital Partners GP L.L.C. now owns 1,052,900 shares of the company’s stock valued at $86,843,000 after buying an additional 800,000 shares during the last quarter. Candriam Luxembourg S.C.A. boosted its position in shares of BioMarin Pharmaceutical by 18.5% in the second quarter. Candriam Luxembourg S.C.A. now owns 247,100 shares of the company’s stock worth $19,225,000 after buying an additional 38,628 shares in the last quarter. ING Groep NV acquired a new position in shares of BioMarin Pharmaceutical during the second quarter worth about $57,357,000. Strs Ohio boosted its position in shares of BioMarin Pharmaceutical by 50.7% in the second quarter. Strs Ohio now owns 491,556 shares of the company’s stock worth $38,243,000 after buying an additional 165,472 shares in the last quarter. Finally, State Street Corp boosted its position in shares of BioMarin Pharmaceutical by 5.6% in the first quarter. State Street Corp now owns 3,286,743 shares of the company’s stock worth $271,074,000 after buying an additional 175,733 shares in the last quarter. Hedge funds and other institutional investors own 93.02% of the company’s stock.
In related news, VP Brian Mueller sold 287 shares of the company’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $100.00, for a total transaction of $28,700.00. Following the completion of the transaction, the vice president now directly owns 14,260 shares in the company, valued at approximately $1,426,000. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Jean Jacques Bienaime sold 41,666 shares of the company’s stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $91.49, for a total transaction of $3,812,022.34. Following the transaction, the chief executive officer now owns 420,250 shares of the company’s stock, valued at $38,448,672.50. The disclosure for this sale can be found here. Corporate insiders own 2.50% of the company’s stock.
BioMarin Pharmaceutical Company Profile
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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