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January 27, 2014
08:14 EDTBMRNBioMarin price target raised to $84 from $78 at Leerink
Leerink raised its price target for BioMarin shares to $84 after its physician survey indicated a more rapid uptake of Vimizim for Morquio syndrome than it had modeled. The firm keeps an Outperform rating on the stock.
News For BMRN From The Last 14 Days
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February 27, 2015
16:22 EDTBMRNStocks have another winning week after Greek deal, Yellen reassurance
Stocks ended higher this week after the euro zone sealed its deal to extend Greece's bailout and Fed chair Janet Yellen reiterated that the central bank would take a patient approach to raising interest rates. MACRO NEWS: Last Friday afternoon, Greece reached a framework deal with its euro zone partners to extend its bailout by four months, contingent on a reform proposal being accepted. The proposals were accepted by the EU early this week... In testimony before Congress, Janet Yellen reiterated that the Federal Reserve can remain patient in deciding when to hike interest rates... U.S. economic data was mixed, as the Q4 GDP growth revision, durable goods orders for January, and an index of consumer sentiment beat expectations, but weekly jobless claims and existing home sales for January missed expectations... Somewhat positive economic data came out of China, as the flash HSBC/Markit Purchasing Managers' Index was 50.1, representing a four month high. However, China's export orders declined at the fastest rate in 20 months. COMPANY NEWS: Drug maker Valeant (VRX) agreed to buy Salix (SLXP), which develops gastrointestinal products, for $158 per share. In another development on the M&A front, Bloomberg reported that HP (HPQ) is in talks to make its biggest acquisition in several years by potentially acquiring Aruba Networks (ARUN), which provides Wi-Fi products. Additionally, PTC Therapeutics (PTCT) rose after Reuters said the company is working with financial advisers to explore a potential sale after receiving takeover interest from several companies including Shire (SHPG) and BioMarin (BMRN)... Solar energy company SunPower (SPWR) was one of this week's big winners after its quarterly results topped expectations, and the company announced that it's in advanced talks to form a joint YieldCo vehicle with peer First Solar (FSLR). First Solar also rallied after the news... Among the noteworthy losers this week was Lumber Liquidators (LL), after the company reported Q4 earnings per share and revenue that missed consensus expectations. The flooring retailer also warned on its associated call that an upcoming "60 Minutes" piece may cast the company in an unfavorable light and disclosed in its annual report that the Department of Justice indicated in recent communications that it is contemplating seeking criminal charges under the Lacey Act... Companies that rose after reporting their quarterly results included Home Depot (HD) and Gap (GPS), while HP, TASER (TASR), and J.C. Penney (JCP) dropped after reporting their results. INDEXES: For the week, the Dow was down 0.04% to 18,132.70, the Nasdaq was up 0.15% to 4,963.53, and the S&P 500 was down 0.27% to 2,104.50.
February 26, 2015
11:20 EDTBMRNBioMarin advances after pipeline optimism fuels price target hikes
The shares of BioMarin (BMRN) are climbing after the drug maker last night reported stronger than expected fourth quarter results, and expressed optimism about the outlook for products from Prosensa, which it acquired in January. The company also said that it expects to become profitable in 2017. A number of analysts responded to the news today by raising their price targets on BioMarin's stock, citing optimism about the company's product pipeline. BACKGROUND: BioMarin last night reported a lower than expected fourth quarter loss and higher than expected revenue.The company said that the acquisition of Prosensa had added "exciting potential products" to its rare disease portfolio. BioMarin said that it expects to submit Prosensa's drisapersen, a treatment for Duchenne Muscular Dystrophy, to the FDA for approval in April. "We believe the near-term approval of drisapersen in either the U.S. or Europe will drive us to profitability on a non-GAAP basis in 2017," BioMarin stated. ANALYST REACTION: Piper analyst Jioshua Schimmer raised his price target on BioMarin to $123 from $96. The company reported "very strong" fourth quarter results, Schimmer believes. The company should have "a very catalyst rich 2015," as several important data points on its drugs are slated to be announced, and regulators are expected make several important decisions regarding its products, the analyst wrote. The outlook for its BMN-111 drug for achondroplasia remains upbeat, and its hemophilia A gene therapy program also looks poised to generate positive results, according to Schimmer. Moreover, the analyst is optimistic that the FDA will approve drisapersen. He kept an Overweight rating on the shares. Leerink Swann analyst Joseph Schwartz hiked his price target on BioMarin to $136 from $107. Schwartz believes that the company has matured into a commercial company with a diversified revenue stream. He noted that BioMarin is "encouraged" by its recent interactions with the FDA on drisapersen. The analyst kept an Outperform rating on the shares. Also upbeat on the stock was Cowen analyst Phil Nadeau, who raised his price target on the shares to $125 from $115. Calling the stock "a core biotech holding," the analyst believes that BioMarin's pipeline continues to progress and remains one of the best among medium size biotech companies. He kept an Outperform rating on the shares. PRICE ACTION: In late morning trading, BioMarin climbed 0.4% to $108.
08:19 EDTBMRNBioMarin price target raised to $125 from $115 at Cowen
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07:42 EDTBMRNBioMarin price target raised to $123 from $96 at Piper Jaffray
Piper Jaffray raised its price target for BioMarin to $123 saying the company's Q4 showed "strong" contribution from all products. Piper sees a "catalyst rich" 2015 for BioMarin and reiterates an Overweight rating on the stock.
07:34 EDTBMRNBioMarin price target raised to $136 from $107 at Leerink
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05:57 EDTBMRNBioMarin sees non-GAAP profitability in 2017 on drisapersen approval
BioMarin said in last night's earnings release, "The acquisition of Prosensa in January 2015 adds exciting potential products to our rare disease portfolio. Importantly for shareholders, we believe the near-term approval of drisapersen in either the U.S. or Europe will drive us to profitability on a non-GAAP basis in 2017."
05:56 EDTBMRNBioMarin sees NDA submission for drisapersen in April
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February 25, 2015
16:12 EDTBMRNBioMarin sees 2015 revenue $840M-$870M, consensus $880.59M
On a constant currency basis, BioMarin revenue would have been between $885M-$915M. The company sees a 2015 GAAP loss ($360M)-($400M).
16:11 EDTBMRNBioMarin reports Q4 GAAP EPS (47c), consensus (59c)
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15:05 EDTBMRNNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include (CRM), consensus 14c... Avago Technologies (AVGO), consensus $1.94... L Brands (LB), consensus $1.80... Workday (WDAY), consensus (6c)... BioMarin (BMRN), consensus (59c)... Concho Resources (CXO), consensus 84c... Antero Resources (AR), consensus 28c... Medivation (MDVN), consensus $1.34... Transocean (RIG), consensus 77c... Sprouts Farmers Market (SFM), consensus 9c... SINA Corporation (SINA), consensus 18c.
06:14 EDTBMRNPTC Therapeutics takeout price likely tops $100/share, said Credit Suisse
Credit Suisse yesterday raised its price target for PTC Therapeutics (PTCT) shares to $100 from $66 after Reuters reported the drug market is starting a sale process with Shire (SHPG) and Biomarin (BMRN) as possible suitors. The firm believes a takeout is a likely outcome before or after data the Phase III data expected to be announced in October. PTC has Translarna Phase III trials ongoing in Duchenne muscular dystrophy and cystic fibrosis to support full approval in the U.S. Credit Suisse said yesterday in a note to investors that a takeout value for the company likely exceeds $100 per share. It believes PTC would be a good fit for Vertex (VRTX), Biogen (BIIB), Roche (RHHBY) and others. The firm kept an Outperform rating on the stock. PTC Therapeutics shares closed yesterday up $6.20 to $71.16.
February 23, 2015
16:27 EDTBMRNOn The Fly: Closing Wrap
Stocks on Wall Street began the session in negative territory and remained there for most of the session, with the Nasdaq the lone index to post a small gain. The Dow was weighed down by shares of Boeing (BA), which slid after the stock received a downgrade. There was little in the way of positive economic news, as the most notable report showed existing homes were lower than expected due to a shortage of inventory. The averages drifted for most of the session, as investors may be waiting on the sidelines ahead of tomorrow’s banking panel testimony by Fed Chair Janet Yellen. ECONOMIC EVENTS: In the U.S., the Chicago Fed national activity index rebounded to 0.13 in January, which was nearly in-line with expectations. Existing home sales dropped 4.9% to a 4.82M rate in January, which was much worse than the expected 1.8% drop to a 4.95M unit rate. In Europe, the Ifo Institute’s measure of German business confidence rose to 106.8 in February, which was up a tenth of a percentage point from the previous month but below the 107.7 consensus forecast. Also, the Bank of Israel became the latest central bank to cut rates this year, lowering its main interest rate to 0.1% from 0.25%. COMPANY NEWS: The shares of a number of health insurers rose after the Centers for Medicare and Medicaid Services, or CMS, issued preliminary 2016 Medicare Advantage rates. According to Credit Suisse, the rates were favorable for the insurers. Following the CMS announcement made late Friday, Humana (HUM) climbed $8.40, or 5.38%, to $164.52, UnitedHealth (UNH) rose $3.78, or 3.36%, to $116.40, and WellCare (WCG) gained $4.68, or 5.53%, to $89.30. MAJOR MOVERS: Among the notable gainers was PTC Therapeutics (PTCT), which jumped $9.77, or 17.7%, to $64.96 after Reuters said the company is working with financial advisers to explore a potential sale after receiving takeover interest from several companies including Shire (SHPG) and BioMarin (BMRN). Also higher was Valeant (VRX), which rose $25.49, or 14.71%, to $198.75 after the company agreed to buy Salix (SLXP) for $158 per share and also reported better-than-forecast earnings. Salix shares, however, fell $2.09, or 1.32%, to $155.76, as a report Friday from CNBC's David Faber telegraphed the deal and suggested Valeant could value Salix around $160 per share. Among the noteworthy losers was Spectrum Pharmaceuticals (SPPI), which dropped $1.18, or 15.82%, to $6.28 after a judge ruled that a drug which could compete with the company's Fusilev treatment does not infringe on the company's intellectual property. Also lower were shares of Boeing, which fell $3.57, or 2.26%, to $154.74 after the stock was downgraded to Sell from Neutral at Goldman Sachs. INDEXES: The Dow fell 23.60, or 0.13%, to 18,116.84, the Nasdaq gained 5.01, or 0.1%, to 4,960.97, and the S&P 500 slipped 0.64, or 0.03%, to 2,109.66.
12:29 EDTBMRNPTC Therapeutics exploring potential sale, Reuters reports
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