BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) announced an offering, subject to market and other conditions, of 7,500,000 shares of its common stock in an underwritten public offering. BioMarin has also granted the underwriters a 30-day option to purchase an additional 750,000 shares of common stock. BioMarin intends to use the net proceeds from the offering for general corporate purposes, including clinical trials of its product candidates and the expansion of its manufacturing capacity, particularly with respect to its manufacturing capability for its gene therapy program.
Goldman, Sachs & Co. and BofA Merrill Lynch are acting as joint book-running managers for the offering. (Original Source)
Shares of Biomarin are down nearly 3% to $96.49 in after-hours trading. BMRN has a 1-year high of $140.68 and a 1-year low of $62.12. The stock’s 50-day moving average is $89.35 and its 200-day moving average is $84.26.
On the ratings front, BMRN has been the subject of a number of recent research reports. In a report issued on August 5, Leerink Swann analyst Joseph Schwartz reiterated a Buy rating on BMRN, with a price target of $127, which implies an upside of 28.3% from current levels. Separately, on the same day, Wedbush’s Liana Moussatos maintained a Hold rating on the stock and has a price target of $108.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Joseph Schwartz and Liana Moussatos have a total average return of 11.9% and 7.9% respectively. Schwartz has a success rate of 56.1% and is ranked #181 out of 4019 analysts, while Moussatos has a success rate of 38.7% and is ranked #420.
Overall, 2 research analysts have assigned a Hold rating and 12 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $120.71 which is 21.9% above where the stock opened today.
BioMarin Pharmaceutical, Inc. engages in the development and commercialization of innovative pharmaceuticals for serious diseases and medical conditions. It operates its business through one segment, the biopharmaceutical development and commercialization segment. Its company’s products include Naglazyme, Kuvan, Aldurazyme, Firdapse and VIMIZIM.