BioMarin Pharmaceutical Inc. (BMRN) Issues Earnings Results
BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) posted its quarterly earnings data on Thursday. The company reported ($0.26) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.13. BioMarin Pharmaceutical had a negative return on equity of 11.99% and a negative net margin of 54.53%. The company earned $279.90 million during the quarter, compared to analysts’ expectations of $289.70 million. During the same period last year, the firm earned ($0.60) EPS. The firm’s revenue for the quarter was up 34.0% on a year-over-year basis. BioMarin Pharmaceutical updated its FY16 guidance to ($0.06)-(0.18) EPS.
Shares of BioMarin Pharmaceutical (NASDAQ:BMRN) traded down 0.89% during midday trading on Thursday, hitting $81.02. The company’s market cap is $13.24 billion. BioMarin Pharmaceutical has a 12-month low of $62.12 and a 12-month high of $118.48. The firm has a 50 day moving average price of $91.56 and a 200-day moving average price of $89.48.
A number of research firms have weighed in on BMRN. Vetr cut BioMarin Pharmaceutical from a “buy” rating to a “hold” rating and set a $103.86 price objective for the company. in a research report on Monday, August 1st. Barclays PLC increased their price objective on BioMarin Pharmaceutical from $105.00 to $125.00 and gave the stock an “overweight” rating in a research report on Friday, August 5th. Stifel Nicolaus raised their price target on BioMarin Pharmaceutical from $107.00 to $113.00 and gave the company a “buy” rating in a report on Friday, August 5th. Piper Jaffray Cos. raised their price target on BioMarin Pharmaceutical from $107.00 to $120.00 and gave the company an “overweight” rating in a report on Friday, August 5th. Finally, Jefferies Group raised their price target on BioMarin Pharmaceutical from $116.00 to $120.00 and gave the company a “buy” rating in a report on Friday, August 5th. Three investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. BioMarin Pharmaceutical presently has a consensus rating of “Buy” and an average target price of $118.31.
In other news, VP Brian Mueller sold 287 shares of the stock in a transaction on Monday, August 1st. The stock was sold at an average price of $100.00, for a total transaction of $28,700.00. Following the completion of the sale, the vice president now owns 14,260 shares in the company, valued at approximately $1,426,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jean Jacques Bienaime sold 41,666 shares of the stock in a transaction on Monday, October 17th. The shares were sold at an average price of $84.39, for a total value of $3,516,193.74. Following the sale, the chief executive officer now owns 365,034 shares of the company’s stock, valued at approximately $30,805,219.26. The disclosure for this sale can be found here. Insiders own 2.50% of the company’s stock.
Several large investors have recently made changes to their positions in BMRN. Adage Capital Partners GP L.L.C. increased its stake in shares of BioMarin Pharmaceutical by 316.3% in the first quarter. Adage Capital Partners GP L.L.C. now owns 1,052,900 shares of the company’s stock worth $86,843,000 after buying an additional 800,000 shares during the period. Candriam Luxembourg S.C.A. increased its stake in shares of BioMarin Pharmaceutical by 18.5% in the second quarter. Candriam Luxembourg S.C.A. now owns 247,100 shares of the company’s stock worth $19,225,000 after buying an additional 38,628 shares during the period. ING Groep NV bought a new stake in shares of BioMarin Pharmaceutical during the second quarter worth approximately $57,357,000. Strs Ohio increased its stake in shares of BioMarin Pharmaceutical by 50.7% in the second quarter. Strs Ohio now owns 491,556 shares of the company’s stock worth $38,243,000 after buying an additional 165,472 shares during the period. Finally, Commerzbank Aktiengesellschaft FI increased its stake in shares of BioMarin Pharmaceutical by 205.1% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 177,243 shares of the company’s stock worth $13,790,000 after buying an additional 119,149 shares during the period. Institutional investors own 93.08% of the company’s stock.
BioMarin Pharmaceutical Company Profile
BioMarin Pharmaceutical Inc (BioMarin) develops and commercializes pharmaceuticals for various diseases and medical conditions. The Company’s product portfolio consists of approximately five approved products, and multiple clinical and pre-clinical product candidates. Its approved products include Vimizim (elosulfase alpha), Naglazyme (galsulfase), Kuvan (sapropterin dihydrochloride), Aldurazyme (laronidase) and Firdapse (amifampridine phosphate).
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