BioMarin Pharmaceutical (BMRN) Raised to “Hold” at Zacks Investment Research
Zacks Investment Research upgraded shares of BioMarin Pharmaceutical (NASDAQ:BMRN) from a sell rating to a hold rating in a research report report published on Monday morning.
According to Zacks, “BioMarin’s key orphan disease drugs – Vimizim and Kuvan – continue to do well, backed by strong underlying patient demand trends. BioMarin expects sustained growth in both the drugs. The latest FDA approval of Palynziq was the second product approval for BioMarin in less than two years, the first being Brineura in mid-2017. Its impressive rare disease pipeline is also progressing well. However, BioMarin has suffered a few regulatory setbacks related to its pipeline candidates in the past. Further development setbacks can have a negative impact on the stock. Also, Naglazyme and Vimzin revenues vary on a quarterly basis primarily due to infrequent ordering patterns from some countries, mainly Brazil. The stock has outperformed the industry so far this year.”
A number of other research analysts have also recently commented on BMRN. ValuEngine upgraded BioMarin Pharmaceutical from a sell rating to a hold rating in a research note on Monday, May 28th. Citigroup increased their price target on BioMarin Pharmaceutical to $108.00 and gave the company a buy rating in a research note on Tuesday, May 29th. JPMorgan Chase & Co. increased their price target on BioMarin Pharmaceutical from $127.00 to $133.00 and gave the company an overweight rating in a research note on Thursday, May 31st. BidaskClub cut BioMarin Pharmaceutical from a hold rating to a sell rating in a research note on Friday, June 8th. Finally, Credit Suisse Group increased their price target on BioMarin Pharmaceutical from $120.00 to $122.00 and gave the company an outperform rating in a research note on Monday, July 9th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. BioMarin Pharmaceutical currently has a consensus rating of Buy and an average price target of $116.29.
BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its earnings results on Thursday, August 2nd. The biotechnology company reported ($0.09) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.06) by ($0.03). BioMarin Pharmaceutical had a negative net margin of 8.68% and a negative return on equity of 3.00%. The business had revenue of $372.80 million during the quarter, compared to analyst estimates of $359.25 million. During the same period in the prior year, the business posted ($0.21) EPS. The company’s revenue for the quarter was up 17.4% compared to the same quarter last year. analysts predict that BioMarin Pharmaceutical will post -0.24 earnings per share for the current fiscal year.
In related news, CEO Jean Jacques Bienaime sold 1,500 shares of the firm’s stock in a transaction on Monday, July 23rd. The stock was sold at an average price of $101.69, for a total transaction of $152,535.00. Following the completion of the transaction, the chief executive officer now directly owns 286,790 shares of the company’s stock, valued at approximately $29,163,675.10. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Elaine J. Heron sold 1,000 shares of the firm’s stock in a transaction on Wednesday, September 5th. The stock was sold at an average price of $96.94, for a total value of $96,940.00. Following the transaction, the director now directly owns 41,685 shares of the company’s stock, valued at $4,040,943.90. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 70,373 shares of company stock valued at $7,039,308. 1.90% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in BMRN. BDO Wealth Advisors LLC bought a new position in BioMarin Pharmaceutical during the 2nd quarter worth $127,000. Financial Gravity Wealth Inc. bought a new position in BioMarin Pharmaceutical during the 1st quarter worth $195,000. Allen Investment Management LLC bought a new position in BioMarin Pharmaceutical during the 2nd quarter worth $203,000. Jump Trading LLC bought a new position in BioMarin Pharmaceutical during the 1st quarter worth $240,000. Finally, Reilly Financial Advisors LLC bought a new position in BioMarin Pharmaceutical during the 2nd quarter worth $254,000.
BioMarin Pharmaceutical Company Profile
BioMarin Pharmaceutical, Inc, a biotechnology company, develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. Its commercial products include Aldurazyme that is used for the treatment of patients with mucopolysaccharidosis I, a genetic disease; Brineura for the treatment of late infantile neuronal ceroid lipofuscinosis type 2, a form of Batten disease; and Firdapse for Lambert Eaton Myasthenic Syndrome.
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