Cantor Fitzgerald Reiterates a Buy Rating on BioMarin (BMRN)

Cantor Fitzgerald analyst Eliana Merle reiterated a Buy rating on BioMarin (NASDAQ: BMRN) yesterday and set a price target of $126. The company’s shares closed yesterday at $99.45.

Merle observed:

“. We reiterate our Overweight rating and $126 12-month PT. We are forecasting an in-line 3Q for BMRN. We expect Palynziq launch trends and color to be the focus for the call. We do not expect the stock to move significantly on earnings (10/25) based on our estimates. We expect most clinical updates to be at the company’s R&D day on 11/7.”

Merle has an average return of 1.8% when recommending BioMarin.

According to TipRanks.com, Merle is ranked #3529 out of 4887 analysts.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for BioMarin with a $118.20 average price target, representing a 18.9% upside. In a report issued on October 1, J.P. Morgan also maintained a Buy rating on the stock with a $135 price target.

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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 $12.53 million.

Based on the recent corporate insider activity of 118 insiders, corporate insider sentiment is negative on the stock. Last 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.