New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
May 27, 2014
08:40 EDTBMRNBioMarin doses first patient in Phase 3 INSPIRE trial with BMN 701
BioMarin announced that it has dosed the first patient with BMN 701 in the Phase 3 INSPIRE trial for Pompe disease. BMN 701 is a novel fusion protein of insulin-like growth factor 2 and acid alpha glucosidas, designed to target delivery to the lysosomes where the enzyme is most needed. The INSPIRE trial focuses on late onset Pompe disease – an inherited condition caused by a deficiency in the lysosomal enzyme acid alpha glucosidase, which can lead to progressive weakening of the muscles of the body, including the diaphragm, a crucial respiratory muscle. Respiratory impairment is the leading cause of morbidity and mortality in late onset Pompe disease.
News For BMRN From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
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
Subscribe for More Information
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
Subscribe for More Information
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
Subscribe for More Information
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)
Subscribe for More Information
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
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the disclaimer & terms of use