Stocks: Wedbush Reaffirms “Hold” Rating for BioMarin Pharmaceutical Inc. (BMRN)

Stocks: Wedbush Reaffirms “Hold” Rating for BioMarin Pharmaceutical Inc. (BMRN)

Wedbush restated their hold rating on shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) in a research note published on Monday. Wedbush currently has a $108.00 price objective on the biotechnology company’s stock.

“The Wedbush View: While we see meaningful clinical, regulatory and commercial progress this year, we remain NEUTRAL on BMRN as we believe the stock is relatively expensive as it consistently trades at the top of peers.”,” the firm’s analyst wrote.

A number of other equities analysts also recently issued reports on BMRN. Robert W. Baird set a $115.00 price target on shares of BioMarin Pharmaceutical and gave the company a buy rating in a report on Monday, January 9th. Zacks Investment Research downgraded shares of BioMarin Pharmaceutical from a buy rating to a hold rating in a report on Tuesday, January 17th. Credit Suisse Group AG started coverage on shares of BioMarin Pharmaceutical in a report on Monday, January 23rd. They issued an outperform rating and a $107.00 price target for the company. Morgan Stanley started coverage on shares of BioMarin Pharmaceutical in a report on Tuesday, February 7th. They issued an overweight rating and a $110.00 price target for the company. Finally, Gabelli reiterated a buy rating on shares of BioMarin Pharmaceutical in a report on Friday, February 10th. Eight analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. The company has an average rating of Buy and an average price target of $111.77.

Shares of BioMarin Pharmaceutical (NASDAQ:BMRN) opened at 89.31 on Monday. The stock’s market capitalization is $15.58 billion. BioMarin Pharmaceutical has a one year low of $73.45 and a one year high of $102.49. The firm has a 50-day moving average of $90.68 and a 200 day moving average of $88.06.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings results on Thursday, May 4th. The biotechnology company reported $0.03 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.30) by $0.33. The business had revenue of $303.70 million during the quarter, compared to the consensus estimate of $292.58 million. BioMarin Pharmaceutical had a negative net margin of 46.22% and a negative return on equity of 8.54%. The business’s revenue was up 28.3% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.53) EPS. On average, equities research analysts predict that BioMarin Pharmaceutical will post ($0.81) EPS for the current year.

In related news, Director V Bryan Lawlis sold 7,500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 1st. The shares were sold at an average price of $95.00, for a total value of $712,500.00. Following the sale, the director now directly owns 21,360 shares of the company’s stock, valued at $2,029,200. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Brian Mueller sold 7,482 shares of the firm’s stock in a transaction that occurred on Monday, May 8th. The stock was sold at an average price of $91.87, for a total transaction of $687,371.34. Following the completion of the sale, the senior vice president now directly owns 18,350 shares in the company, valued at $1,685,814.50. The disclosure for this sale can be found here. Insiders have sold a total of 125,702 shares of company stock worth $11,658,145 over the last ninety days. 2.50% of the stock is owned by corporate insiders.

Several large investors have recently added to or reduced their stakes in the company. Nikko Asset Management Americas Inc. bought a new stake in BioMarin Pharmaceutical during the first quarter valued at about $114,000. Toronto Dominion Bank boosted its stake in BioMarin Pharmaceutical by 27.1% in the first quarter. Toronto Dominion Bank now owns 1,881 shares of the biotechnology company’s stock valued at $165,000 after buying an additional 401 shares in the last quarter. Mutual of America Capital Management LLC boosted its stake in BioMarin Pharmaceutical by 20.0% in the first quarter. Mutual of America Capital Management LLC now owns 2,066 shares of the biotechnology company’s stock valued at $181,000 after buying an additional 344 shares in the last quarter. Howard Hughes Medical Institute boosted its stake in BioMarin Pharmaceutical by 175.0% in the first quarter. Howard Hughes Medical Institute now owns 2,280 shares of the biotechnology company’s stock valued at $200,000 after buying an additional 1,451 shares in the last quarter. Finally, Ardsley Advisory Partners bought a new stake in BioMarin Pharmaceutical during the third quarter valued at about $231,000. 97.78% of the stock is currently owned by institutional investors and hedge funds.

About BioMarin Pharmaceutical

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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