BioMarin Pharmaceutical’s (BMRN) Outperform Rating Reaffirmed at Wedbush

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Wedbush reissued their outperform rating on shares of BioMarin Pharmaceutical (NASDAQ:BMRN) in a research note released on Wednesday, 24/7 WallStreet reports. They currently have a $128.00 target price on the biotechnology company’s stock.

BMRN has been the topic of a number of other reports. Raymond James reaffirmed a hold rating on shares of Snc-Lavalin Group in a research report on Tuesday, April 9th. ValuEngine lowered shares of Zumiez from a hold rating to a sell rating in a research note on Thursday, March 21st. TheStreet upgraded shares of Rent-A-Center from a c rating to a b- rating in a research note on Tuesday, May 7th. Citigroup lowered shares of Barrick Gold to a neutral rating in a research note on Thursday, May 23rd. Finally, JPMorgan Chase & Co. reiterated a buy rating on shares of BioMarin Pharmaceutical in a research note on Sunday, June 2nd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and thirteen have assigned a buy rating to the company. BioMarin Pharmaceutical has a consensus rating of Buy and an average price target of $115.54.

BMRN stock traded down $2.39 during midday trading on Wednesday, reaching $82.72. 1,166,900 shares of the company’s stock traded hands, compared to its average volume of 1,167,235. The company has a market cap of $14.91 billion, a P/E ratio of -250.67 and a beta of 1.36. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.83 and a quick ratio of 2.76. BioMarin Pharmaceutical has a fifty-two week low of $79.13 and a fifty-two week high of $106.74. The stock’s 50-day simple moving average is $83.90.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings results on Thursday, April 25th. The biotechnology company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.02. The firm had revenue of $400.70 million for the quarter, compared to analysts’ expectations of $389.95 million. BioMarin Pharmaceutical had a negative net margin of 5.90% and a negative return on equity of 2.97%. BioMarin Pharmaceutical’s revenue was up 7.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.12 earnings per share. Equities analysts expect that BioMarin Pharmaceutical will post -0.05 earnings per share for the current year.

In related news, CEO Jean Jacques Bienaime sold 3,000 shares of BioMarin Pharmaceutical stock in a transaction on Friday, April 26th. The shares were sold at an average price of $82.88, for a total value of $248,640.00. Following the completion of the sale, the chief executive officer now owns 329,211 shares in the company, valued at $27,285,007.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director V Bryan Lawlis sold 3,750 shares of BioMarin Pharmaceutical stock in a transaction on Monday, June 17th. The stock was sold at an average price of $81.08, for a total transaction of $304,050.00. Following the completion of the sale, the director now owns 27,340 shares of the company’s stock, valued at approximately $2,216,727.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 24,750 shares of company stock valued at $2,063,010. Insiders own 1.97% of the company’s stock.

Large investors have recently modified their holdings of the stock. Norges Bank acquired a new position in BioMarin Pharmaceutical in the fourth quarter worth $101,134,000. Jennison Associates LLC boosted its holdings in BioMarin Pharmaceutical by 7.0% in the first quarter. Jennison Associates LLC now owns 12,412,593 shares of the biotechnology company’s stock worth $1,102,611,000 after purchasing an additional 812,133 shares during the period. Thrivent Financial for Lutherans boosted its holdings in BioMarin Pharmaceutical by 196.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 965,535 shares of the biotechnology company’s stock worth $82,215,000 after purchasing an additional 639,531 shares during the period. First Trust Advisors LP boosted its holdings in BioMarin Pharmaceutical by 16.0% in the first quarter. First Trust Advisors LP now owns 1,261,908 shares of the biotechnology company’s stock worth $112,095,000 after purchasing an additional 174,499 shares during the period. Finally, Sofinnova Investments Inc. acquired a new position in BioMarin Pharmaceutical in the fourth quarter worth $11,968,000. Institutional investors and hedge funds own 98.48% of the company’s stock.

BioMarin Pharmaceutical Company Profile

BioMarin Pharmaceutical Inc, a biotechnology company, develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. Its commercial products include Aldurazyme to treat mucopolysaccharidosis I, a genetic disease; Brineura for the treatment of late infantile neuronal ceroid lipofuscinosis type 2, a form of Batten disease; and Kuvan, a proprietary synthetic oral form of 6R-BH4 that is used to treat patients with phenylketonuria (PKU), an inherited metabolic disease.

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Analyst Recommendations for BioMarin Pharmaceutical (NASDAQ:BMRN)

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