BioMarin Pharmaceutical Inc. (BMRN) Lifted to “Strong-Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) from a hold rating to a strong-buy rating in a report published on Monday, July 17th. Zacks Investment Research currently has $105.00 price objective on the biotechnology company’s stock.

According to Zacks, “BioMarin’s orphan disease drugs – Vimizim and Kuvan – are doing well, backed by strong underlying patient demand trends. BioMarin should continue to see growth in both the drugs in 2017, driven by robust patient growth and penetration. Brineura’s FDA and EU approval was a huge boost for BioMarin. Pipeline development is also on track with significant upcoming pipeline news flow. Meanwhile, the stock outperformed the broader industry this year so far. However, BioMarin has suffered few regulatory setbacks related to its pipeline candidates in the past. Delayed approvals or further development setbacks can have a negative impact on the stock. Also, Naglazyme and Vimzin revenues vary on a quarterly basis primarily due infrequent ordering patterns from some countries. Loss estimates have remained stable ahead of Q2 earnings result. However, BioMarin has a positive record of earnings surprises in the recent quarters.”

Several other brokerages also recently issued reports on BMRN. Vetr downgraded shares of BioMarin Pharmaceutical from a strong-buy rating to a buy rating and set a $95.10 price objective on the stock. in a research note on Monday, April 10th. UBS AG assumed coverage on shares of BioMarin Pharmaceutical in a research note on Wednesday, March 29th. They set a neutral rating and a $92.00 price target on the stock. Credit Suisse Group reaffirmed a buy rating and set a $116.00 price target on shares of BioMarin Pharmaceutical in a research note on Friday, April 28th. Cowen and Company reaffirmed an outperform rating and set a $150.00 price target on shares of BioMarin Pharmaceutical in a research note on Tuesday, April 18th. Finally, SunTrust Banks, Inc. reaffirmed a buy rating and set a $115.00 price target on shares of BioMarin Pharmaceutical in a research note on Friday, July 14th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating to the company. The stock has an average rating of Hold and a consensus price target of $110.20.

Shares of BioMarin Pharmaceutical (NASDAQ BMRN) traded up 0.54% during mid-day trading on Monday, hitting $82.40. 1,226,111 shares of the stock were exchanged. The company has a 50-day moving average of $89.00 and a 200 day moving average of $89.99. BioMarin Pharmaceutical has a one year low of $78.42 and a one year high of $102.06. The stock’s market cap is $14.44 billion.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings data on Wednesday, August 2nd. The biotechnology company reported ($0.21) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.22) by $0.01. The business had revenue of $317.50 million for the quarter, compared to the consensus estimate of $311.41 million. BioMarin Pharmaceutical had a negative net margin of 15.54% and a negative return on equity of 5.77%. The company’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($2.61) earnings per share. On average, equities analysts predict that BioMarin Pharmaceutical will post ($0.71) earnings per share for the current year.

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In other news, SVP Brian Mueller sold 2,671 shares of BioMarin Pharmaceutical stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $100.00, for a total value of $267,100.00. Following the transaction, the senior vice president now owns 15,556 shares of the company’s stock, valued at approximately $1,555,600. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jean Jacques Bienaime sold 5,000 shares of BioMarin Pharmaceutical stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $88.38, for a total transaction of $441,900.00. Following the completion of the transaction, the chief executive officer now directly owns 238,564 shares in the company, valued at $21,084,286.32. The disclosure for this sale can be found here. In the last three months, insiders have sold 61,740 shares of company stock worth $5,659,589. 2.50% of the stock is owned by corporate insiders.

Hedge funds have recently bought and sold shares of the company. Comerica Bank bought a new stake in BioMarin Pharmaceutical during the fourth quarter valued at approximately $617,000. Dimensional Fund Advisors LP boosted its stake in BioMarin Pharmaceutical by 4.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 180,646 shares of the biotechnology company’s stock valued at $14,966,000 after buying an additional 7,130 shares in the last quarter. Renaissance Technologies LLC bought a new stake in BioMarin Pharmaceutical during the fourth quarter valued at approximately $3,261,000. Perigon Wealth Management LLC boosted its stake in BioMarin Pharmaceutical by 10.9% in the fourth quarter. Perigon Wealth Management LLC now owns 5,165 shares of the biotechnology company’s stock valued at $485,000 after buying an additional 506 shares in the last quarter. Finally, Opus Point Partners Management LLC boosted its stake in BioMarin Pharmaceutical by 3.1% in the fourth quarter. Opus Point Partners Management LLC now owns 31,579 shares of the biotechnology company’s stock valued at $2,616,000 after buying an additional 940 shares in the last quarter. Institutional investors and hedge funds own 96.82% of the company’s stock.

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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