BioMarin Pharmaceutical Inc. (BMRN) Receives “Outperform” Rating from Credit Suisse Group AG
BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)‘s stock had its “outperform” rating restated by equities research analysts at Credit Suisse Group AG in a research report issued on Tuesday. They presently have a $112.00 price objective on the biotechnology company’s stock. Credit Suisse Group AG’s price objective would indicate a potential upside of 23.48% from the company’s previous close.
A number of other brokerages have also weighed in on BMRN. Gabelli assumed coverage on shares of BioMarin Pharmaceutical in a research note on Sunday, December 25th. They issued a “buy” rating on the stock. Zacks Investment Research raised shares of BioMarin Pharmaceutical from a “hold” rating to a “buy” rating and set a $95.00 price target on the stock in a research note on Wednesday, December 28th. Robert W. Baird set a $115.00 price target on shares of BioMarin Pharmaceutical and gave the company a “buy” rating in a research note on Monday, January 9th. Morgan Stanley started coverage on shares of BioMarin Pharmaceutical in a research note on Tuesday, February 7th. They issued an “overweight” rating and a $110.00 price target on the stock. Finally, Wedbush reiterated a “neutral” rating and issued a $102.00 price objective on shares of BioMarin Pharmaceutical in a report on Wednesday, February 8th. Eight research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $111.26.
BioMarin Pharmaceutical (NASDAQ:BMRN) traded down 0.14% on Tuesday, reaching $90.57. 360,704 shares of the company’s stock traded hands. BioMarin Pharmaceutical has a 52-week low of $73.45 and a 52-week high of $102.49. The firm’s market cap is $15.66 billion. The stock’s 50 day moving average is $89.79 and its 200 day moving average is $87.54.
BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings data on Thursday, February 23rd. The biotechnology company reported ($0.53) earnings per share for the quarter, missing the consensus estimate of ($0.38) by $0.15. BioMarin Pharmaceutical had a negative return on equity of 8.54% and a negative net margin of 46.22%. The firm had revenue of $300 million for the quarter, compared to the consensus estimate of $296.54 million. During the same period in the previous year, the business earned $0.39 EPS. The firm’s revenue was up 31.6% compared to the same quarter last year. On average, equities research analysts predict that BioMarin Pharmaceutical will post ($0.95) EPS for the current fiscal year.
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In related news, EVP Jeffrey Robert Ajer sold 3,890 shares of the stock in a transaction on Wednesday, March 29th. The stock was sold at an average price of $89.15, for a total value of $346,793.50. Following the transaction, the executive vice president now directly owns 51,532 shares in the company, valued at approximately $4,594,077.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director V Bryan Lawlis sold 7,500 shares of the stock in a transaction on Wednesday, March 1st. The stock was sold at an average price of $95.00, for a total value of $712,500.00. Following the completion of the transaction, the director now owns 21,360 shares in the company, valued at $2,029,200. The disclosure for this sale can be found here. Insiders have sold a total of 105,418 shares of company stock worth $9,623,408 over the last 90 days. Company insiders own 2.50% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Capital Research Global Investors boosted its position in shares of BioMarin Pharmaceutical by 27.5% in the third quarter. Capital Research Global Investors now owns 20,216,215 shares of the biotechnology company’s stock worth $1,870,404,000 after buying an additional 4,362,912 shares in the last quarter. Jennison Associates LLC boosted its position in shares of BioMarin Pharmaceutical by 7.2% in the third quarter. Jennison Associates LLC now owns 9,702,200 shares of the biotechnology company’s stock valued at $897,648,000 after buying an additional 650,956 shares during the period. State Street Corp boosted its position in shares of BioMarin Pharmaceutical by 3.0% in the fourth quarter. State Street Corp now owns 3,743,112 shares of the biotechnology company’s stock valued at $310,094,000 after buying an additional 108,065 shares during the period. Palo Alto Investors LLC boosted its position in shares of BioMarin Pharmaceutical by 9.5% in the fourth quarter. Palo Alto Investors LLC now owns 1,960,219 shares of the biotechnology company’s stock valued at $162,385,000 after buying an additional 169,320 shares during the period. Finally, Viking Global Investors LP boosted its position in shares of BioMarin Pharmaceutical by 185.2% in the fourth quarter. Viking Global Investors LP now owns 1,398,457 shares of the biotechnology company’s stock valued at $115,848,000 after buying an additional 908,153 shares during the period. Institutional investors own 97.78% of the company’s stock.
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).
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