Cowen and Company reissued their outperform rating on shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) in a research note issued to investors on Wednesday morning. Cowen and Company currently has a $150.00 price objective on the stock.
Several other analysts also recently commented on the company. Vetr downgraded BioMarin Pharmaceutical from a buy rating to a hold rating and set a $96.20 price objective for the company. in a research note on Monday, March 13th. Instinet began coverage on BioMarin Pharmaceutical in a research note on Wednesday, March 1st. They set a neutral rating and a $93.00 price objective for the company. Nomura began coverage on BioMarin Pharmaceutical in a research note on Wednesday, March 1st. They set a neutral rating for the company. Wedbush reaffirmed a neutral rating and set a $102.00 price objective on shares of BioMarin Pharmaceutical in a research note on Monday, February 27th. Finally, JPMorgan Chase & Co. set a $123.00 price objective on BioMarin Pharmaceutical and gave the company a buy rating in a research note on Saturday, February 25th. Nine equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The company currently has an average rating of Buy and a consensus price target of $110.49.
BioMarin Pharmaceutical (NASDAQ:BMRN) opened at 90.90 on Wednesday. The stock has a 50 day moving average price of $90.49 and a 200 day moving average price of $88.80. BioMarin Pharmaceutical has a 52-week low of $73.45 and a 52-week high of $102.49. The stock’s market cap is $15.71 billion.
BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings data on Thursday, February 23rd. The company reported ($0.53) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.38) by $0.15. The company had revenue of $300 million for the quarter, compared to analysts’ expectations of $296.54 million. BioMarin Pharmaceutical had a negative net margin of 46.22% and a negative return on equity of 8.54%. The firm’s revenue was up 31.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.39 earnings per share. On average, equities research analysts forecast that BioMarin Pharmaceutical will post ($0.95) EPS for the current year.
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In other news, CFO Daniel K. Spiegelman sold 5,000 shares of the firm’s stock in a transaction dated Monday, January 9th. The stock was sold at an average price of $90.00, for a total transaction of $450,000.00. Following the completion of the sale, the chief financial officer now directly owns 18,100 shares in the company, valued at $1,629,000. 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 8,000 shares of the firm’s stock in a transaction dated Friday, December 30th. The shares were sold at an average price of $83.60, for a total value of $668,800.00. Following the sale, the chief executive officer now owns 174,682 shares of the company’s stock, valued at $14,603,415.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 130,528 shares of company stock valued at $11,827,974. 2.50% of the stock is owned by insiders.
Several hedge funds have recently made changes to their positions in the stock. Capital Research Global Investors increased its stake in shares of BioMarin Pharmaceutical by 27.5% in the third quarter. Capital Research Global Investors now owns 20,216,215 shares of the company’s stock valued at $1,870,404,000 after buying an additional 4,362,912 shares in the last quarter. Jennison Associates LLC increased its position in BioMarin Pharmaceutical by 7.2% in the third quarter. Jennison Associates LLC now owns 9,702,200 shares of the company’s stock worth $897,648,000 after buying an additional 650,956 shares during the period. State Street Corp increased its position in BioMarin Pharmaceutical by 3.0% in the fourth quarter. State Street Corp now owns 3,743,112 shares of the company’s stock worth $310,094,000 after buying an additional 108,065 shares during the period. Palo Alto Investors LLC increased its position in BioMarin Pharmaceutical by 9.5% in the fourth quarter. Palo Alto Investors LLC now owns 1,960,219 shares of the company’s stock worth $162,385,000 after buying an additional 169,320 shares during the period. Finally, Viking Global Investors LP increased its position in BioMarin Pharmaceutical by 185.2% in the fourth quarter. Viking Global Investors LP now owns 1,398,457 shares of the company’s stock worth $115,848,000 after buying an additional 908,153 shares during the period. Institutional investors own 97.78% 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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