Leerink Swann Reiterates “Outperform” Rating for BioMarin Pharmaceutical Inc. (BMRN)
BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)‘s stock had its “outperform” rating reaffirmed by analysts at Leerink Swann in a research report issued to clients and investors on Friday. They currently have a $127.00 price objective on the stock. Leerink Swann’s price objective indicates a potential upside of 29.45% from the stock’s current price.
A number of other equities research analysts have also recently commented on the stock. Vetr upgraded shares of BioMarin Pharmaceutical from a “buy” rating to a “strong-buy” rating and set a $111.64 target price on the stock in a research note on Wednesday, August 24th. Credit Suisse Group AG restated a “buy” rating and set a $114.00 target price (up previously from $103.00) on shares of BioMarin Pharmaceutical in a research note on Monday, June 13th. Wedbush restated a “neutral” rating and set a $108.00 target price on shares of BioMarin Pharmaceutical in a research note on Thursday, July 28th. Jefferies Group restated a “buy” rating on shares of BioMarin Pharmaceutical in a research note on Wednesday, August 17th. Finally, Zacks Investment Research upgraded shares of BioMarin Pharmaceutical from a “hold” rating to a “buy” rating and set a $111.00 target price on the stock in a research note on Tuesday, August 9th. Three investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $120.61.
Shares of BioMarin Pharmaceutical (NASDAQ:BMRN) opened at 98.11 on Friday. BioMarin Pharmaceutical has a one year low of $62.12 and a one year high of $121.50. The stock has a 50 day moving average of $95.76 and a 200-day moving average of $88.19. The company’s market capitalization is $16.04 billion.
BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its quarterly earnings data on Thursday, August 4th. The company reported ($2.61) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.52) by $2.09. BioMarin Pharmaceutical had a negative return on equity of 11.99% and a negative net margin of 54.53%. The business earned $300.10 million during the quarter, compared to the consensus estimate of $278.75 million. During the same quarter last year, the company earned ($0.51) EPS. BioMarin Pharmaceutical’s revenue for the quarter was up 20.0% on a year-over-year basis. On average, equities analysts expect that BioMarin Pharmaceutical will post ($3.95) earnings per share for the current year.
In related news, VP Brian Mueller sold 287 shares of the firm’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $100.00, for a total value of $28,700.00. Following the completion of the transaction, the vice president now directly owns 14,260 shares of the company’s stock, valued at $1,426,000. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Jean Jacques Bienaime sold 137,368 shares of the firm’s stock in a transaction on Friday, September 16th. The shares were sold at an average price of $95.34, for a total transaction of $13,096,665.12. Following the completion of the transaction, the chief executive officer now directly owns 421,161 shares of the company’s stock, valued at $40,153,489.74. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Norges Bank purchased a new position in BioMarin Pharmaceutical during the fourth quarter valued at approximately $122,313,000. Adage Capital Partners GP L.L.C. raised 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. ING Groep NV purchased a new position in BioMarin Pharmaceutical during the second quarter valued at approximately $57,357,000. Pictet Asset Management Ltd. raised its position in BioMarin Pharmaceutical by 265.1% in the second quarter. Pictet Asset Management Ltd. now owns 968,295 shares of the company’s stock valued at $86,808,000 after buying an additional 703,112 shares during the last quarter. Finally, Palo Alto Investors LLC raised its position in BioMarin Pharmaceutical by 29.6% in the second quarter. Palo Alto Investors LLC now owns 1,737,399 shares of the company’s stock valued at $135,170,000 after buying an additional 397,052 shares during the last quarter. 93.11% of the stock is owned by hedge funds and other 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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