Zacks Investment Research cut shares of BioMarin Pharmaceutical (NASDAQ:BMRN) from a buy rating to a hold rating in a research report sent to investors on Wednesday 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. Brineura’s earlier-than-expected approval was also a huge boost for BioMarin. Its impressive rare-disease pipeline is also progressing well with approval for pegvaliase expected in 2018. The stock has slightly outperformed the industry in the past one year. 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. Nonetheles, loss estimates have narrowed ahead of the company’s Q4 earnings result. BioMarin also has a positive record of earnings surprises in the recent quarters.”
Several other research firms have also recently weighed in on BMRN. Goldman Sachs Group restated a buy rating and set a $129.00 target price on shares of BioMarin Pharmaceutical in a research note on Friday, October 6th. Wedbush restated a neutral rating and set a $108.00 target price on shares of BioMarin Pharmaceutical in a research note on Wednesday, November 15th. JPMorgan Chase & Co. set a $131.00 target price on BioMarin Pharmaceutical and gave the stock a buy rating in a research note on Monday, November 27th. BidaskClub upgraded BioMarin Pharmaceutical from a strong sell rating to a sell rating in a research note on Saturday, December 16th. Finally, BMO Capital Markets upped their target price on BioMarin Pharmaceutical from $117.00 to $119.00 and gave the stock an outperform rating in a research note on Friday, October 27th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. BioMarin Pharmaceutical presently has a consensus rating of Buy and an average price target of $111.69.
BioMarin Pharmaceutical (NASDAQ:BMRN) last released its earnings results on Thursday, October 26th. The biotechnology company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.06. BioMarin Pharmaceutical had a negative return on equity of 4.60% and a negative net margin of 12.45%. The firm had revenue of $334.18 million during the quarter, compared to analysts’ expectations of $347.38 million. During the same period in the prior year, the company earned $0.02 earnings per share. The company’s quarterly revenue was up 19.4% on a year-over-year basis. equities analysts anticipate that BioMarin Pharmaceutical will post -0.64 earnings per share for the current fiscal year.
In other news, EVP George Eric Davis sold 1,200 shares of the stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $85.64, for a total value of $102,768.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jean Jacques Bienaime sold 10,000 shares of the firm’s stock in a transaction on Friday, January 5th. The stock was sold at an average price of $90.32, for a total value of $903,200.00. Following the transaction, the chief executive officer now directly owns 235,894 shares of the company’s stock, valued at $21,305,946.08. The disclosure for this sale can be found here. Insiders sold a total of 60,750 shares of company stock valued at $5,439,788 over the last quarter. 1.85% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in the stock. State of Alaska Department of Revenue raised its position in BioMarin Pharmaceutical by 233.1% during the 4th quarter. State of Alaska Department of Revenue now owns 18,691 shares of the biotechnology company’s stock worth $1,666,000 after purchasing an additional 13,080 shares during the last quarter. Frontier Capital Management Co. LLC raised its position in BioMarin Pharmaceutical by 9.5% during the 4th quarter. Frontier Capital Management Co. LLC now owns 828,666 shares of the biotechnology company’s stock worth $73,892,000 after purchasing an additional 72,120 shares during the last quarter. Schwab Charles Investment Management Inc. raised its position in BioMarin Pharmaceutical by 4.8% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 335,899 shares of the biotechnology company’s stock worth $29,953,000 after purchasing an additional 15,414 shares during the last quarter. Creative Planning raised its position in BioMarin Pharmaceutical by 52.4% during the 4th quarter. Creative Planning now owns 6,192 shares of the biotechnology company’s stock worth $552,000 after purchasing an additional 2,129 shares during the last quarter. Finally, Gateway Investment Advisers LLC bought a new position in BioMarin Pharmaceutical during the 4th quarter worth $863,000. 99.15% of the stock is owned by institutional investors and hedge funds.
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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