BioMarin Pharmaceutical Inc. (BMRN) Stock Rating Reaffirmed by Morgan Stanley

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)‘s stock had its “overweight” rating restated by Morgan Stanley in a report issued on Friday. They currently have a $117.00 price objective on the biotechnology company’s stock, up from their prior price objective of $115.00. Morgan Stanley’s target price points to a potential upside of 23.40% from the stock’s previous close.

A number of other brokerages have also recently commented on BMRN. Sanford C. Bernstein started coverage on BioMarin Pharmaceutical in a research note on Thursday, July 27th. They set a “market perform” rating and a $89.00 price objective for the company. Evercore ISI started coverage on BioMarin Pharmaceutical in a research note on Wednesday, August 16th. They set an “outperform” rating and a $100.00 price objective for the company. Royal Bank Of Canada started coverage on BioMarin Pharmaceutical in a research note on Thursday, September 14th. They set a “sector perform” rating and a $93.00 price objective for the company. SunTrust Banks, Inc. reaffirmed a “buy” rating and set a $115.00 price objective on shares of BioMarin Pharmaceutical in a research note on Friday, July 14th. Finally, Barclays PLC reaffirmed an “equal weight” rating and set a $100.00 price objective (down from $105.00) on shares of BioMarin Pharmaceutical in a research note on Saturday, July 22nd. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and sixteen have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $110.21.

Shares of BioMarin Pharmaceutical (NASDAQ:BMRN) opened at 94.81 on Friday. The stock’s 50 day moving average price is $89.79 and its 200 day moving average price is $89.72. BioMarin Pharmaceutical has a one year low of $78.42 and a one year high of $100.51. The stock’s market capitalization is $16.62 billion.

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

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In related news, EVP Robert Baffi sold 18,415 shares of the company’s stock in a transaction dated Thursday, September 28th. The stock was sold at an average price of $92.43, for a total transaction of $1,702,098.45. Following the sale, the executive vice president now owns 129,083 shares in the company, valued at $11,931,141.69. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Henry J. Fuchs sold 15,000 shares of the company’s stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $90.50, for a total value of $1,357,500.00. Following the sale, the insider now owns 141,422 shares in the company, valued at approximately $12,798,691. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 40,686 shares of company stock worth $3,736,318. Corporate insiders own 1.85% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BMRN. Comerica Bank raised its holdings in BioMarin Pharmaceutical by 2.6% during the first quarter. Comerica Bank now owns 7,282 shares of the biotechnology company’s stock worth $701,000 after acquiring an additional 183 shares in the last quarter. Mutual of America Capital Management LLC raised its holdings in BioMarin Pharmaceutical by 20.0% during the first quarter. Mutual of America Capital Management LLC now owns 2,066 shares of the biotechnology company’s stock worth $181,000 after acquiring an additional 344 shares in the last quarter. Prudential Financial Inc. raised its holdings in BioMarin Pharmaceutical by 5.8% during the first quarter. Prudential Financial Inc. now owns 141,144 shares of the biotechnology company’s stock worth $12,389,000 after acquiring an additional 7,699 shares in the last quarter. Neuberger Berman Group LLC raised its holdings in BioMarin Pharmaceutical by 1.4% during the first quarter. Neuberger Berman Group LLC now owns 161,196 shares of the biotechnology company’s stock worth $14,150,000 after acquiring an additional 2,298 shares in the last quarter. Finally, United Services Automobile Association raised its holdings in BioMarin Pharmaceutical by 3.9% during the first quarter. United Services Automobile Association now owns 33,611 shares of the biotechnology company’s stock worth $2,950,000 after acquiring an additional 1,253 shares in the last quarter. Institutional investors and hedge funds own 97.47% of the company’s stock.

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).

Analyst Recommendations for BioMarin Pharmaceutical (NASDAQ:BMRN)

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