“. We are initiating coverage of Overweight rating and a $126 12-month PT. The year 2019 is a very important one for BMRN, and we see the potential for significant upside into two late-stage readouts. If Phase 3 data readouts from Valrox and Vosoritide are both successful, we think the shares may end 2019 at $150-160/sh+, up ~50-60% (a gain of ~ $9-11B in cap). We looked closely at Valrox and Vosoritide, and we think that both programs may surprise to the upside in 2019. Our call: taking a long-term perspective, we have a strong conviction about BioMarin because we think the base business alone justifies the stock’s current valuation.”
Currently, the analyst consensus on BioMarin is a Strong Buy with an average price target of $117.33, which is a 19.8% upside from current levels. In a report issued on September 13, Wedbush also reiterated a Buy rating on the stock with a $120 price target.
Based on BioMarin’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $16.79 million. In comparison, last year the company had a GAAP net loss of $36.83 million.
Based on the recent corporate insider activity of 116 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.
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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.