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 yesterday at $98.61.

Merle commented:

“. We reiterate our Overweight rating and $126 price target. Today (11/28), ASND (Not Covered) released Ph1 (healthy volunteer) data from its achondroplasia program (competitor to BMRN’s vosoritide). The Ph1 data were in line with expectations: they achieved target engagement, supportive of weekly dosing, and were safe. Although early, ASND’s program appears promising. However, as it relates to BMRN shares, we think expectations for vosoritide are relatively low, which we think is a compelling setup into Ph3 data in 2H19.”

According to TipRanks.com, Merle is a 1-star analyst with an average return of -4.5% and a 25.0% success rate. Merle covers the Healthcare sector, focusing on stocks such as Vertex Pharmaceuticals, AnaptysBio Inc, and ProQR.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for BioMarin with a $123 average price target, implying a 24.7% upside from current levels. In a report issued on November 14, Wedbush also reiterated a Buy rating on the stock with a $127 price target.

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Based on BioMarin’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $12.62 million. In comparison, last year the company had a GAAP net loss of $12.53 million.

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

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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.