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Stock Market & Financial Investment News

News Breaks
March 20, 2013
08:35 EDTBMRNBioMarin should be bought on any weakness, says RW Baird
Baird recommends taking advantage of any weakness in BioMarin following its positive announcement the BMN-701 met the criteria to advance to Phase ll/lll. The firm believes the announcement was tempered by the proposed path to registration and clinical endpoints but could still be meaningfully differentiated from its existing competitor. Shares are Outperform rated with a $63 price target.
News For BMRN From The Last 14 Days
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November 24, 2014
16:34 EDTBMRNOn The Fly: Closing Wrap
Stocks on Wall Street opened in quiet fashion and trading remained that way throughout the day. The Dow and S&P moved in a narrow range and hugged the flat line, while the Nasdaq drifted steadily higher and added nearly 1% by the close of trade. ECONOMIC EVENTS: In the U.S., the Chicago Fed national activity index fell to 0.14 in October, versus expectations for a reading of 0.33. Markit's services PMI fell to 56.3 in the flash reading for November, versus expectations for a slight increase to 57.3 from its prior reading of 57.1. The Dallas Fed manufacturing index was steady at 10.5 in November, versus expectations for a 9.0 reading. Overseas, the euro area’s largest economy, Germany, saw a business climate index advance to 104.7 in November from 103.2 in October, beating economists' prediction for a decline to a reading of 103. COMPANY NEWS: Apple (AAPL) had a role in the Nasdaq's outperformance, as the tech giant climbed after a number of research firms, including Susquehanna, Cantor and KGI Research, were upbeat on the outlook for the company's performance during the holiday season. The iPhone maker's stock rose $2.15, or 1.85%, to close at $118.62 to close just below the 52-week high of $118.77 it hit late in the session... United Technologies (UTX) fell $1.51, or 1.37%, to $108.79 after the Dow member announced that Louis Chenevert had retired as Chairman and CEO, effective immediately. The company reaffirmed its expectations for 2014 earnings per share and sales, but provided little information regarding the abrupt exit of the executive. MAJOR MOVERS: Among the notable gainers was Prosensa (RNA), which surged $7.16, or 62.59%, to $18.60 after the small drugmaker agreed to be acquired by larger BioMarin (BMRN). After the deal announcement BioMarin shares also rose $2.11, or 2.46%, to $87.94, while Sarepta Therapeutics (SRPT), which is working on a Duchenne muscular dystrophy treatment to rival Prosensa's, advanced 88c, or 5.59%, to $16.61. Also higher was Cimatron (CIMT), which jumped $2.57, or 42.27%, to $8.65 after 3D Systems (DDD) agreed to buy the company for approximately $97M, or $8.97 per share, in cash. Among the noteworthy losers was Ring Energy (REI), which fell $1.28, or 9.54%, to $12.14 after Canaccord downgraded the stock to Hold from Buy, citing the the recent decline in crude oil prices and the potential need for the company to raise capital. Also lower were shares of Potash (POT), which fell $2.23, or 6.09%, to $34.40, and Mosaic (MOS), which slid $1.75, or 3.71%, to $45.46 after Russia's Uralkali, the world's largest potash producer, was reported to be set to start repair work at part of its damaged mine. INDEXES: The Dow added 7.84, or 0.04%, to 17,817.90, the Nasdaq rose 41.92, or 0.89%, to 4,754.89, and the S&P 500 gained 5.91, or 0.29%, to 2,069.41.
15:44 EDTBMRNBioMarin upgraded to Buy from Neutral at Nomura
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12:59 EDTBMRNOn The Fly: Midday Wrap
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12:21 EDTBMRNBioMarin rises after agreeing to buy DMD drug maker Prosensa
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09:48 EDTBMRNBioMarin price target raised to $96 from $85 at Piper Jaffray
Piper Jaffray raised its price target for BioMarin (BMRN) shares to $96 saying the acquisition of Prosensa (RNA), while introducing new risk, makes sense given its expertise in Orphan Drug approvals. Piper keeps an Overweight rating on BioMarin.
09:23 EDTBMRNOn The Fly: Pre-market Movers
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09:20 EDTBMRNProsensa buyout not good for Sarepta, says Piper Jaffray
Piper Jaffray says it views the Prosensa (RNA) acquisition by BioMarin (BMRN) as bad for Sarepta (SRPT) since the company now has to compete with a "significantly more experienced and better funded orphan drug player." Piper adds that the takeover announced this morning has no impact on Sarepta's current drug filing process for its Duchenne muscular dystrophy drug eteplirsen. It keeps a Neutral rating on Sarepta with a $20 price target. The stock is trading up 9% in pre-market trading to $17.16 after BioMarin paid a healthy premium to acquire its peer Prosensa.
09:20 EDTBMRNBioMarin says Prosensa deal does not reflect deterioration of pipeline
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08:12 EDTBMRNSarepta rises after DMD competitor acquired at significant premium
Shares of Sarepta Therapeutics (SRPT) are up 9.5% to $17.23 in early pre-market trading after rival drugmaker Prosensa (RNA) agreed to be acquired by BioMarin (BMRN). BioMarin has offered to purchase all of the outstanding ordinary shares of Prosensa for $17.75 per share, for a total up front consideration of approximately $680M. In addition, two approximately $80M contingent milestones are payable for the approval of drisapersen in the U.S. and Europe. Drisapersen is Prosensa's lead exon-skipping drug candidate for treating Duchenne muscular dystrophy, or DMD. Sarepta is at work on eteplirsen, its own exon-skipping therapeutic candidate for the treatment of DMD. Prosensa closed trading Friday at $11.44 and are up about 65% to $18.90 in pre-market trading following the deal announcement.
06:44 EDTBMRNBioMarin to host conference call
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06:02 EDTBMRNBioMarin agrees to purchase all shares of Prosensa for $17.75 per share
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November 12, 2014
07:53 EDTBMRNLeerink to hold a tour
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November 10, 2014
10:04 EDTBMRNOn The Fly: Analyst Upgrade Summary
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06:02 EDTBMRNBioMarin upgraded to Buy from Neutral at Goldman
Goldman upgraded BioMarin to Buy based on increased confidence in BMN-111 for achondroplasia with expected proof-of-concept data in Q2 2015. The firm now sees a greater than 50% probability of success and peak sales of $900M. Price target raised to $104 from $78.

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