Piper Jaffray started coverage on shares of BioMarin Pharmaceutical (NASDAQ:BMRN) in a research report sent to investors on Tuesday morning, TheFlyOnTheWall.com reports. The firm issued an overweight rating and a $87.00 price target on the stock.
“We are resuming coverage of BMRN with an Overweight rating and $87 PT. The company’s attractive pipeline continues to march forward as Vimizim is expected to launch in 2014 (PDUFA Feb 28th). PEG-PAL (for PKU), BMN-763 (for germline BRCA breast cancer) and BMN-701(for Pompe) are all in or entering Phase III and are steadily making their way into consensus estimates. But one product stands out to us still as conceptually de-risked and likely to become clinically de-risked by the end of 2014, namely BMN-111 for achondroplastic dwarfism. We believe the existing data from preclinical models with bridging human genetic observations make this program highly likely to succeed. We believe this program can add $1B of high-margin revenue to BMRN’s portfolio by addressing an important unmet need.,” Piper Jaffray’s analyst commented.
A number of other firms have also recently commented on BMRN. Analysts at Barclays reiterated a buy rating on shares of BioMarin Pharmaceutical in a research note to investors on Wednesday, November 20th. They now have a $75.00 price target on the stock. Separately, analysts at Wells Fargo & Co. reiterated a positive rating on shares of BioMarin Pharmaceutical in a research note to investors on Tuesday, November 19th. Finally, analysts at Zacks reiterated a neutral rating on shares of BioMarin Pharmaceutical in a research note to investors on Monday, October 28th. They now have a $70.00 price target on the stock. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. BioMarin Pharmaceutical presently has an average rating of Buy and an average target price of $73.78.
BioMarin Pharmaceutical (NASDAQ:BMRN) traded down 0.55% on Tuesday, hitting $70.14. 688,089 shares of the company’s stock traded hands. BioMarin Pharmaceutical has a 52-week low of $46.53 and a 52-week high of $80.67. The stock’s 50-day moving average is $66.06 and its 200-day moving average is $65.24. The company’s market cap is $9.975 billion.
BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its earnings results on Thursday, October 24th. The company reported ($0.38) EPS for the quarter, missing the Thomson Reuters consensus estimate of ($0.30) by $0.08. The company had revenue of $136.90 million for the quarter, compared to the consensus estimate of $140.00 million. During the same quarter in the prior year, the company posted ($0.04) earnings per share. The company’s quarterly revenue was up 6.9% on a year-over-year basis. Analysts expect that BioMarin Pharmaceutical will post $-1.18 EPS for the current fiscal year.
BioMarin Pharmaceutical Inc (NASDAQ:BMRN) develops and commercializes pharmaceuticals for serious diseases and medical conditions.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.