BioMarin Pharmaceutical (NASDAQ:BMRN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Friday.
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.”
BMRN has been the topic of a number of other research reports. Wedbush boosted their price objective on shares of BioMarin Pharmaceutical from $112.00 to $115.00 and gave the stock an “outperform” rating in a research report on Friday, May 25th. Morgan Stanley boosted their price objective on shares of BioMarin Pharmaceutical from $113.00 to $115.00 and gave the stock an “overweight” rating in a research report on Friday, August 3rd. TheStreet raised shares of BioMarin Pharmaceutical from a “d+” rating to a “c-” rating in a research report on Friday, August 17th. Credit Suisse Group boosted their price objective on shares of BioMarin Pharmaceutical from $116.00 to $120.00 and gave the stock an “outperform” rating in a research report on Friday, May 25th. Finally, JPMorgan Chase & Co. reissued a “buy” rating on shares of BioMarin Pharmaceutical in a research report on Wednesday, June 20th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. BioMarin Pharmaceutical currently has an average rating of “Buy” and a consensus price target of $116.28.
Shares of BMRN stock traded up $1.74 during trading on Friday, reaching $97.90. The company’s stock had a trading volume of 30,987 shares, compared to its average volume of 888,106. The company has a quick ratio of 2.24, a current ratio of 2.83 and a debt-to-equity ratio of 0.28. The firm has a market cap of $17.16 billion, a PE ratio of -146.09 and a beta of 1.63. BioMarin Pharmaceutical has a one year low of $75.81 and a one year high of $106.20.
BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings data on Thursday, August 2nd. The biotechnology company reported ($0.09) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.06) by ($0.03). The business had revenue of $372.80 million during the quarter, compared to the consensus estimate of $359.25 million. BioMarin Pharmaceutical had a negative return on equity of 3.00% and a negative net margin of 8.68%. The business’s revenue for the quarter was up 17.4% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.21) EPS. equities analysts predict that BioMarin Pharmaceutical will post -0.24 earnings per share for the current fiscal year.
In related news, insider Henry J. Fuchs sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $99.50, for a total value of $2,487,500.00. Following the completion of the transaction, the insider now owns 142,667 shares in the company, valued at approximately $14,195,366.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Jean Jacques Bienaime sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, July 23rd. The shares were 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 owns 286,790 shares of the company’s stock, valued at approximately $29,163,675.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 111,074 shares of company stock valued at $10,752,424. 1.90% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of BMRN. BDO Wealth Advisors LLC bought a new position in BioMarin Pharmaceutical in the 2nd quarter valued at approximately $127,000. Financial Gravity Wealth Inc. bought a new position in BioMarin Pharmaceutical in the 1st quarter valued at approximately $195,000. Allen Investment Management LLC bought a new position in BioMarin Pharmaceutical in the 2nd quarter valued at approximately $203,000. Jump Trading LLC bought a new position in BioMarin Pharmaceutical in the 1st quarter valued at approximately $240,000. Finally, Reilly Financial Advisors LLC bought a new position in BioMarin Pharmaceutical in the 2nd quarter valued at approximately $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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