BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) – Wedbush upped their FY2017 earnings estimates for BioMarin Pharmaceutical in a research report issued on Thursday. Wedbush analyst L. Moussatos now forecasts that the biotechnology company will post earnings of ($0.50) per share for the year, up from their prior forecast of ($0.64). Wedbush has a “Outperform” rating on the stock. Wedbush also issued estimates for BioMarin Pharmaceutical’s Q4 2017 earnings at ($0.12) EPS, Q1 2018 earnings at ($0.17) EPS, Q2 2018 earnings at ($0.02) EPS, Q3 2018 earnings at ($0.04) EPS, Q4 2018 earnings at $0.02 EPS, FY2018 earnings at ($0.21) EPS, FY2019 earnings at $0.60 EPS and FY2020 earnings at $1.42 EPS.
A number of other research analysts have also weighed in on BMRN. BidaskClub raised shares of BioMarin Pharmaceutical from a “strong sell” rating to a “sell” rating in a research note on Saturday. Jefferies Group reissued a “buy” rating and issued a $116.00 target price on shares of BioMarin Pharmaceutical in a research note on Tuesday, September 26th. Piper Jaffray Companies reissued a “buy” rating and issued a $113.00 target price on shares of BioMarin Pharmaceutical in a research note on Thursday, September 21st. SunTrust Banks set a $115.00 target price on shares of BioMarin Pharmaceutical and gave the stock a “buy” rating in a research note on Thursday, October 19th. Finally, BMO Capital Markets reissued a “buy” rating and issued a $117.00 target price on shares of BioMarin Pharmaceutical in a research note on Friday, October 20th. Three analysts have rated the stock with a sell rating, seven have given a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $112.35.
BioMarin Pharmaceutical (NASDAQ:BMRN) last released its earnings results on Thursday, October 26th. The biotechnology company reported ($0.07) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.13) by $0.06. BioMarin Pharmaceutical had a negative net margin of 12.45% and a negative return on equity of 4.60%. The business had revenue of $334.18 million for the quarter, compared to analyst estimates of $347.38 million. During the same period last year, the company posted $0.02 EPS. The business’s revenue was up 19.4% on a year-over-year basis.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Global X Management Co. LLC raised its position in BioMarin Pharmaceutical by 16.8% in the second quarter. Global X Management Co. LLC now owns 1,935 shares of the biotechnology company’s stock valued at $176,000 after purchasing an additional 279 shares during the period. Toronto Dominion Bank raised its position in BioMarin Pharmaceutical by 12.9% in the second quarter. Toronto Dominion Bank now owns 2,124 shares of the biotechnology company’s stock valued at $193,000 after purchasing an additional 243 shares during the period. Commerce Bank purchased a new stake in BioMarin Pharmaceutical in the third quarter valued at approximately $209,000. Cambridge Investment Research Advisors Inc. acquired a new position in shares of BioMarin Pharmaceutical in the second quarter worth $213,000. Finally, Teacher Retirement System of Texas acquired a new position in shares of BioMarin Pharmaceutical in the third quarter worth $220,000. 99.25% of the stock is currently owned by institutional investors.
In other BioMarin Pharmaceutical news, EVP Jeffrey Robert Ajer sold 3,521 shares of the business’s stock in a transaction that occurred on Friday, September 22nd. The stock was sold at an average price of $95.00, for a total value of $334,495.00. Following the sale, the executive vice president now owns 49,299 shares of the company’s stock, valued at $4,683,405. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Robert Baffi sold 18,415 shares of the business’s stock in a transaction that occurred on Thursday, September 28th. The shares were sold at an average price of $92.43, for a total value of $1,702,098.45. Following the completion of the sale, the executive vice president now directly owns 129,083 shares in the company, valued at approximately $11,931,141.69. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 23,136 shares of company stock worth $2,139,361. Corporate insiders own 1.85% of the company’s stock.
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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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