J.P. Morgan analyst Cory Kasimov maintained a Buy rating on BioMarin (NASDAQ: BMRN) on August 2 and set a price target of $135. The company’s shares closed on Friday at $99.47.
Kasimov commented:
“BMRN reported an in-line 2Q after the close. Our focus was on early commentary around the Palynziq rollout, which sounds quite favorable relative to prevailing expectations. With solid commercial progress (targeting ~$2B in sales by 2020 pre potential impact of val rox and vosoritide) and major clinical catalysts on the horizon for 2019/20, we continue to have a high level of conviction in the long-term outlook for BMRN. Reiterate OW.”
According to TipRanks.com, Kasimov is a 3-star analyst with an average return of 2.5% and a 41.4% success rate. Kasimov covers the Healthcare sector, focusing on stocks such as ACADIA Pharmaceuticals Inc, Jounce Therapeutics Inc, and Vertex Pharmaceuticals.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for BioMarin with a $118.14 average price target, a 18.8% upside from current levels. In a report issued on July 30, Canaccord Genuity also maintained a Buy rating on the stock with a $113 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 $36.83 million.
Based on the recent corporate insider activity of 107 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of BMRN in relation to earlier this year. Most recently, in June 2018, 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.
