BioMarin Pharmaceutical (BMRN) Rating Increased to Conviction-Buy at Goldman Sachs Group

BioMarin Pharmaceutical (NASDAQ:BMRN) was upgraded by analysts at Goldman Sachs Group from a “buy” rating to a “conviction-buy” rating in a note issued to investors on Friday.

A number of other equities research analysts have also recently weighed in on BMRN. BidaskClub cut BioMarin Pharmaceutical from a “sell” rating to a “strong sell” rating in a report on Thursday, August 17th. Jefferies Group set a $116.00 price target on BioMarin Pharmaceutical and gave the stock a “buy” rating in a report on Friday, August 25th. Citigroup began coverage on BioMarin Pharmaceutical in a report on Thursday, August 31st. They issued a “buy” rating and a $98.00 price target on the stock. Piper Jaffray Companies began coverage on BioMarin Pharmaceutical in a report on Thursday, September 14th. They set an “overweight” rating and a $113.00 target price on the stock. Finally, Royal Bank of Canada began coverage on BioMarin Pharmaceutical in a report on Thursday, September 14th. They set a “sector perform” rating and a $93.00 target price on the stock. Three analysts have rated the stock with a sell rating, seven have given a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $112.35.

Shares of BioMarin Pharmaceutical (NASDAQ:BMRN) opened at $93.02 on Friday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 3.81 and a current ratio of 4.91. BioMarin Pharmaceutical has a fifty-two week low of $80.10 and a fifty-two week high of $100.51.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings results 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 for the quarter, compared to analysts’ expectations of $347.38 million. BioMarin Pharmaceutical had a negative return on equity of 4.60% and a negative net margin of 12.45%. 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 EPS. sell-side analysts predict that BioMarin Pharmaceutical will post -0.64 EPS for the current year.

In other news, EVP George Eric Davis sold 1,200 shares of the firm’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $85.64, for a total transaction of $102,768.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Robert Baffi sold 18,415 shares of the firm’s stock in a transaction on Thursday, September 28th. The stock was sold at an average price of $92.43, for a total value of $1,702,098.45. Following the sale, the executive vice president now owns 129,083 shares in the company, valued at approximately $11,931,141.69. The disclosure for this sale can be found here. Insiders have sold 23,136 shares of company stock worth $2,139,361 in the last 90 days. Insiders own 1.85% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. Global X Management Co. LLC boosted its holdings in shares of BioMarin Pharmaceutical by 16.8% during the second quarter. Global X Management Co. LLC now owns 1,935 shares of the biotechnology company’s stock worth $176,000 after purchasing an additional 279 shares during the last quarter. Toronto Dominion Bank raised its position in shares of BioMarin Pharmaceutical by 12.9% in the 2nd quarter. Toronto Dominion Bank now owns 2,124 shares of the biotechnology company’s stock worth $193,000 after buying an additional 243 shares during the period. Commerce Bank purchased a new position in shares of BioMarin Pharmaceutical in the 3rd quarter worth $209,000. Cambridge Investment Research Advisors Inc. purchased a new position in shares of BioMarin Pharmaceutical in the 2nd quarter worth $213,000. Finally, Teacher Retirement System of Texas purchased a new position in shares of BioMarin Pharmaceutical in the 3rd quarter worth $220,000. Institutional investors and hedge funds own 99.25% of the company’s stock.

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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).

Analyst Recommendations for BioMarin Pharmaceutical (NASDAQ:BMRN)

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