BioMarin (BMRN) Received its Third Buy in a Row

After Cowen & Co. and J.P. Morgan gave BioMarin (NASDAQ: BMRN) a Buy rating last month, the company received another Buy, this time from Cantor Fitzgerald. Analyst Eliana Merle reiterated a Buy rating on BioMarin yesterday and set a price target of $126. The company’s shares closed on Friday at $96.03.

Merle commented:

“. We reiterate our Overweight rating and $126 12-month price target. Not much new from ASH in the hemophilia A gene therapy space; long-term data will be key. This afternoon (12/2) at the ASH meeting, competitor hemophilia A gene therapy programs, Spark’s (ONCE, OW, covered by Elemer Freeline presented updated data from their Phase 1/2 ongoing trials. Overall, we think the data from these studies were in line with data from the abstracts. We think (and our doc checks support) it is early to make real comparisons among the various programs.”

According to TipRanks.com, Merle is a 1-star analyst with an average return of -3.9% and a 25.0% success rate. Merle covers the Healthcare sector, focusing on stocks such as Vertex Pharmaceuticals, AnaptysBio Inc, and ProQR.

Currently, the analyst consensus on BioMarin is a Strong Buy with an average price target of $123.

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The company has a one-year high of $106.74 and a one-year low of $75.81. Currently, BioMarin has an average volume of 1.16M.

Based on the recent corporate insider activity of 123 insiders, corporate insider sentiment is neutral on the stock. Last month, Jean Jacques Bienaime, the CEO of BMRN bought 1,000 shares for a total of $14,390.

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BioMarin Pharmaceutical, Inc. is a biotechnology company, which develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. Its products include BioMarin, Brineura, Firdapse, Kuvan, Naglazyme, and Vimizim.