Wedbush Reaffirms “Outperform” Rating for BioMarin Pharmaceutical (BMRN)

Wedbush restated their outperform rating on shares of BioMarin Pharmaceutical (NASDAQ:BMRN) in a report released on Tuesday. Wedbush currently has a $112.00 price target on the biotechnology company’s stock.

A number of other equities research analysts also recently weighed in on BMRN. Zacks Investment Research upgraded BioMarin Pharmaceutical from a hold rating to a buy rating and set a $101.00 target price for the company in a report on Tuesday, January 16th. Credit Suisse Group reiterated an outperform rating and issued a $113.00 target price on shares of BioMarin Pharmaceutical in a report on Thursday, January 18th. Piper Jaffray reiterated a buy rating and issued a $114.00 target price on shares of BioMarin Pharmaceutical in a report on Thursday, January 18th. BidaskClub downgraded BioMarin Pharmaceutical from a sell rating to a strong sell rating in a report on Saturday, January 20th. Finally, JPMorgan Chase lowered their target price on BioMarin Pharmaceutical from $131.00 to $129.00 and set an outperform rating for the company in a report on Wednesday, January 24th. Seven equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. BioMarin Pharmaceutical presently has a consensus rating of Buy and an average target price of $111.15.

Shares of BioMarin Pharmaceutical opened at $88.43 on Tuesday, according to Marketbeat.com. BioMarin Pharmaceutical has a 1 year low of $88.57 and a 1 year high of $89.39. The company has a quick ratio of 2.29, a current ratio of 2.90 and a debt-to-equity ratio of 0.29. The stock has a market cap of $15.82 billion, a PE ratio of -131.99 and a beta of 1.68.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its quarterly earnings data on Thursday, February 22nd. The biotechnology company reported ($0.30) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.24) by ($0.06). BioMarin Pharmaceutical had a negative return on equity of 3.01% and a negative net margin of 10.48%. The company had revenue of $358.31 million for the quarter, compared to the consensus estimate of $346.24 million. research analysts anticipate that BioMarin Pharmaceutical will post -0.12 EPS for the current fiscal year.

In other news, CEO Jean Jacques Bienaime sold 37,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 15th. The stock was sold at an average price of $88.75, for a total transaction of $3,328,125.00. Following the completion of the sale, the chief executive officer now owns 309,350 shares in the company, valued at $27,454,812.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP George Eric Davis sold 2,105 shares of the business’s stock in a transaction that occurred on Monday, March 5th. The shares were sold at an average price of $79.04, for a total value of $166,379.20. Following the sale, the executive vice president now owns 90,089 shares of the company’s stock, valued at approximately $7,120,634.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 149,087 shares of company stock valued at $12,679,085. Corporate insiders own 1.90% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ladenburg Thalmann Financial Services Inc. boosted its position in shares of BioMarin Pharmaceutical by 22.9% during the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,224 shares of the biotechnology company’s stock valued at $287,000 after buying an additional 600 shares during the last quarter. Glenmede Trust Co. NA boosted its position in shares of BioMarin Pharmaceutical by 3.7% during the fourth quarter. Glenmede Trust Co. NA now owns 17,520 shares of the biotechnology company’s stock valued at $1,562,000 after buying an additional 622 shares during the last quarter. First Manhattan Co. boosted its position in shares of BioMarin Pharmaceutical by 104.2% during the fourth quarter. First Manhattan Co. now owns 1,225 shares of the biotechnology company’s stock valued at $109,000 after buying an additional 625 shares during the last quarter. First Light Asset Management LLC boosted its position in shares of BioMarin Pharmaceutical by 2.0% during the first quarter. First Light Asset Management LLC now owns 31,850 shares of the biotechnology company’s stock valued at $2,582,000 after buying an additional 637 shares during the last quarter. Finally, ETRADE Capital Management LLC boosted its position in shares of BioMarin Pharmaceutical by 9.5% during the first quarter. ETRADE Capital Management LLC now owns 7,545 shares of the biotechnology company’s stock valued at $612,000 after buying an additional 653 shares during the last quarter.

About BioMarin Pharmaceutical

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.

Analyst Recommendations for BioMarin Pharmaceutical (NASDAQ:BMRN)

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