BioMarin Pharmaceutical (NASDAQ:BMRN) Coverage Initiated by Analysts at SunTrust Banks

SunTrust Banks started coverage on shares of BioMarin Pharmaceutical (NASDAQ:BMRN) in a research note released on Tuesday morning, 24/7 WallStreet reports. The brokerage issued a buy rating and a $110.00 target price on the biotechnology company’s stock.

A number of other brokerages have also weighed in on BMRN. Bank of America began coverage on shares of BioMarin Pharmaceutical in a research report on Wednesday, October 16th. They issued a buy rating and a $90.00 target price on the stock. Wedbush raised their target price on shares of BioMarin Pharmaceutical from $128.00 to $152.00 and gave the company an outperform rating in a research report on Friday, October 25th. Stifel Nicolaus set a $108.00 target price on shares of BioMarin Pharmaceutical and gave the company a buy rating in a research report on Friday, September 13th. Citigroup restated a buy rating and issued a $95.00 target price (down previously from $120.00) on shares of BioMarin Pharmaceutical in a research report on Wednesday, October 30th. Finally, Nomura cut their target price on shares of BioMarin Pharmaceutical from $93.00 to $77.00 in a research report on Thursday, October 24th. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. BioMarin Pharmaceutical has an average rating of Buy and an average target price of $106.53.

BioMarin Pharmaceutical stock traded down $0.54 during trading hours on Tuesday, hitting $75.04. The company had a trading volume of 1,980,500 shares, compared to its average volume of 1,602,160. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.77 and a quick ratio of 2.53. The firm has a market cap of $13.68 billion, a PE ratio of -227.39, a PEG ratio of 144.20 and a beta of 1.30. The firm has a 50-day moving average of $70.21 and a 200 day moving average of $77.91. BioMarin Pharmaceutical has a one year low of $62.88 and a one year high of $100.13.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings results on Wednesday, October 23rd. The biotechnology company reported $0.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.25. BioMarin Pharmaceutical had a negative net margin of 2.65% and a negative return on equity of 1.35%. The business had revenue of $461.10 million for the quarter, compared to analyst estimates of $455.78 million. During the same quarter last year, the business posted ($0.07) EPS. The firm’s revenue for the quarter was up 17.7% on a year-over-year basis. As a group, research analysts expect that BioMarin Pharmaceutical will post 0.01 earnings per share for the current year.

In other news, CEO Jean Jacques Bienaime sold 5,000 shares of BioMarin Pharmaceutical stock in a transaction on Friday, October 25th. The shares were sold at an average price of $69.55, for a total transaction of $347,750.00. Following the transaction, the chief executive officer now owns 332,520 shares in the company, valued at $23,126,766. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director V Bryan Lawlis sold 3,750 shares of BioMarin Pharmaceutical stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $74.47, for a total transaction of $279,262.50. Following the transaction, the director now owns 27,340 shares in the company, valued at approximately $2,036,009.80. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by insiders.

Several large investors have recently modified their holdings of the company. BB&T Securities LLC lifted its holdings in shares of BioMarin Pharmaceutical by 4.0% during the second quarter. BB&T Securities LLC now owns 3,447 shares of the biotechnology company’s stock worth $295,000 after purchasing an additional 132 shares during the period. Meeder Asset Management Inc. raised its stake in BioMarin Pharmaceutical by 73.6% during the third quarter. Meeder Asset Management Inc. now owns 408 shares of the biotechnology company’s stock worth $27,000 after buying an additional 173 shares during the last quarter. Avestar Capital LLC raised its stake in BioMarin Pharmaceutical by 36.9% during the second quarter. Avestar Capital LLC now owns 750 shares of the biotechnology company’s stock worth $44,000 after buying an additional 202 shares during the last quarter. First Mercantile Trust Co. raised its stake in BioMarin Pharmaceutical by 2.6% during the second quarter. First Mercantile Trust Co. now owns 8,116 shares of the biotechnology company’s stock worth $695,000 after buying an additional 206 shares during the last quarter. Finally, Doyle Wealth Management bought a new position in BioMarin Pharmaceutical during the second quarter worth $26,000. Institutional investors own 97.62% 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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