SunTrust Banks, Inc. restated their buy rating on shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) in a research report released on Friday. SunTrust Banks, Inc. currently has a $115.00 price target on the biotechnology company’s stock.
Several other brokerages have also recently weighed in on BMRN. Vetr raised BioMarin Pharmaceutical from a buy rating to a strong-buy rating and set a $100.06 target price for the company in a research note on Monday, March 27th. UBS AG assumed coverage on BioMarin Pharmaceutical in a research report on Wednesday, March 29th. They issued a neutral rating and a $92.00 price target for the company. Cowen and Company reiterated an outperform rating and issued a $150.00 price target on shares of BioMarin Pharmaceutical in a research report on Tuesday, April 18th. Credit Suisse Group reiterated an outperform rating and issued a $112.00 price target on shares of BioMarin Pharmaceutical in a research report on Tuesday, April 18th. Finally, BMO Capital Markets reduced their price objective on BioMarin Pharmaceutical from $112.00 to $105.00 and set an outperform rating for the company in a research note on Monday, April 24th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. BioMarin Pharmaceutical currently has a consensus rating of Buy and an average price target of $111.29.
BioMarin Pharmaceutical (BMRN) traded down 0.36% during mid-day trading on Friday, reaching $86.67. 1,856,370 shares of the company’s stock were exchanged. BioMarin Pharmaceutical has a 52 week low of $78.42 and a 52 week high of $102.49. The company’s 50 day moving average price is $90.64 and its 200-day moving average price is $89.40. The company’s market capitalization is $15.12 billion.
BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings results on Thursday, May 4th. The biotechnology company reported $0.03 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.30) by $0.33. The business had revenue of $303.70 million for the quarter, compared to analyst estimates of $292.58 million. BioMarin Pharmaceutical had a negative return on equity of 22.71% and a negative net margin of 48.43%. The business’s revenue was up 28.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.53) EPS. On average, equities research analysts expect that BioMarin Pharmaceutical will post ($0.82) earnings per share for the current fiscal year.
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In other BioMarin Pharmaceutical news, EVP George Eric Davis sold 9,844 shares of the firm’s stock in a transaction that occurred on Friday, June 23rd. The stock was sold at an average price of $96.60, for a total value of $950,930.40. Following the sale, the executive vice president now owns 93,425 shares of the company’s stock, valued at approximately $9,024,855. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Brian Mueller sold 2,671 shares of the firm’s 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 completion of the sale, the senior vice president now directly owns 15,556 shares in the company, valued at approximately $1,555,600. The disclosure for this sale can be found here. Insiders sold a total of 92,024 shares of company stock worth $8,536,526 in the last ninety days. Insiders own 2.50% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in BioMarin Pharmaceutical by 3.7% in the first quarter. Vanguard Group Inc. now owns 13,702,404 shares of the biotechnology company’s stock worth $1,202,796,000 after buying an additional 495,118 shares during the period. Jennison Associates LLC raised its stake in shares of BioMarin Pharmaceutical by 6.7% in the first quarter. Jennison Associates LLC now owns 9,871,207 shares of the biotechnology company’s stock valued at $866,495,000 after buying an additional 617,001 shares during the last quarter. Primecap Management Co. CA raised its stake in shares of BioMarin Pharmaceutical by 10.5% in the first quarter. Primecap Management Co. CA now owns 8,712,268 shares of the biotechnology company’s stock valued at $764,763,000 after buying an additional 826,320 shares during the last quarter. State Street Corp raised its stake in shares of BioMarin Pharmaceutical by 6.9% in the first quarter. State Street Corp now owns 4,001,529 shares of the biotechnology company’s stock valued at $351,249,000 after buying an additional 258,417 shares during the last quarter. Finally, Palo Alto Investors LLC raised its stake in shares of BioMarin Pharmaceutical by 21.5% in the first quarter. Palo Alto Investors LLC now owns 2,382,619 shares of the biotechnology company’s stock valued at $209,146,000 after buying an additional 422,400 shares during the last quarter. 96.50% of the stock is currently owned by hedge funds and other institutional investors.
BioMarin Pharmaceutical Company Profile
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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