How Analysts Changed Views on BioMarin After Earnings
Investors really took to BioMarin Pharmaceuticals stock and there was a favorable jump after the fourth-quarter earnings report.
BioMarin Pharmaceuticals Inc. (NASDAQ: BMRN) reported its fourth-quarter financial results after the markets closed Thursday. Investors really took to this stock and there was a favorable jump after the report. However, analysts took a slightly different perspective and cut their price targets.
The company said it had $0.40 in earnings per share (EPS) on $227.9 million in revenue, which compared to consensus estimates from Thomson Reuters of $0.99 in EPS on revenue of $224.38 million. The same period from last year had a net loss of $0.47 per share on $230.85 million in revenue.
In terms of guidance for 2016, the company expects to have a non-GAP net loss of in the range of $75 million to $100 million, as well as total revenues in the range of $1.05 billion to $1.10 million. The consensus estimates for the full year call for a net loss of $2.27 per share on $1.15 billion in revenue.
A few analysts weighed in on BioMarin after earnings:
- JPMorgan has an Overweight rating and lowered its price target to $117 from $121.
- Piper Jaffray has an Overweight rating and lowered its price target to $107 from $118.
- Jefferies has a Buy rating and lowered its price target from $132 to $120.
- RBC has an Outperform rating and lowered its price target to $125 from $155.
- Goldman Sachs lowered its price target to $129 from $131.
So far in 2016, BioMarin has underperformed the broad markets, with the stock down 27%. Over the past 52 weeks, the stock fell 28%.
Shares of BioMarin ended last week at $80.14, with a consensus analyst price target of $127.84 and a 52-week trading range of $62.12 to $151.75.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
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