BioMarin Pharmaceutical (BMRN) Shares Gap Up After Analyst Upgrade

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)’s share price gapped up prior to trading on Tuesday after SunTrust Banks raised their price target on the stock to $130.00. The stock had previously closed at $74.49, but opened at $81.99. SunTrust Banks currently has a buy rating on the stock. BioMarin Pharmaceutical shares last traded at $88.11, with a volume of 4137600 shares.

Other equities analysts have also issued reports about the stock. Evercore ISI assumed coverage on shares of BioMarin Pharmaceutical in a report on Wednesday, August 16th. They issued an “outperform” rating and a $100.00 price target on the stock. Leerink Swann reissued an “outperform” rating and set a $142.00 price objective (up from $136.00) on shares of BioMarin Pharmaceutical in a report on Thursday, October 19th. Piper Jaffray Companies reissued a “buy” rating and set a $113.00 price objective on shares of BioMarin Pharmaceutical in a report on Thursday, September 21st. BMO Capital Markets reissued a “buy” rating on shares of BioMarin Pharmaceutical in a report on Friday, September 15th. Finally, Jefferies Group set a $116.00 price objective on shares of BioMarin Pharmaceutical and gave the company a “buy” rating in a report on Friday, August 25th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $112.35.

In related news, EVP Jeffrey Robert Ajer sold 3,521 shares of the business’s stock in a transaction on Friday, September 22nd. The shares were sold at an average price of $95.00, for a total transaction of $334,495.00. Following the completion of the transaction, the executive vice president now directly owns 49,299 shares in the company, valued at $4,683,405. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP George Eric Davis sold 1,200 shares of the business’s stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $85.64, for a total transaction of $102,768.00. The disclosure for this sale can be found here. Insiders have sold 41,886 shares of company stock valued at $3,839,086 over the last 90 days. 1.85% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Americafirst Capital Management LLC acquired a new position in BioMarin Pharmaceutical during the third quarter valued at $702,000. IFM Investors Pty Ltd acquired a new position in BioMarin Pharmaceutical during the third quarter valued at $448,000. Piedmont Investment Advisors LLC acquired a new position in BioMarin Pharmaceutical during the third quarter valued at $561,000. California Public Employees Retirement System lifted its position in BioMarin Pharmaceutical by 1.6% during the third quarter. California Public Employees Retirement System now owns 332,500 shares of the biotechnology company’s stock valued at $30,946,000 after purchasing an additional 5,100 shares during the period. Finally, Virtu Financial LLC acquired a new position in shares of BioMarin Pharmaceutical in the third quarter worth about $388,000. Institutional investors own 99.25% of the company’s stock.

The company has a debt-to-equity ratio of 0.41, a current ratio of 4.91 and a quick ratio of 3.81.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its quarterly earnings data on Thursday, October 26th. The biotechnology company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.06. The business had revenue of $334.18 million during the quarter, compared to the consensus estimate of $347.38 million. BioMarin Pharmaceutical had a negative net margin of 12.45% and a negative return on equity of 4.60%. The company’s revenue was up 19.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.02 earnings per share. sell-side analysts anticipate that BioMarin Pharmaceutical Inc. will post -0.65 EPS for the current year.

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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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