With Shares Trading down at $81.97 (BMRN) FDA Grants Breakthrough Therapy…

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BioMarin Pharmaceutical Inc. (NASDAQ:BMRN):

FDA Grants Breakthrough Therapy Designation for BioMarin’s Valoctocogene Roxaparvovec (formerly BMN 270), an Investigational Gene Therapy for Hemophilia A.

In the market the company is trading down since yesterday’s close of 83.15.

BioMarin Pharmaceutical Inc., launched on October 25, 1996, is a biotechnology company. The Company develops and commercializes pharmaceuticals for various diseases and medical conditions. As of December 31, 2016, the Business’s therapy portfolio consisted of five products, and multiple clinical and pre-clinical product candidates. Its commercial products include Aldurazyme (laronidase) for Mucopolysaccharidosis I (MPS I), Firdapse (amifampridine phosphate) for Lambert Eaton Myasthenic Syndrome (LEMS), Kuvan (sapropterin dihydrochloride) for phenylketonuria (PKU), Naglazyme (galsulfase) for Mucopolysaccharidosis VI (MPS VI) and Vimizim (elosulfase alpha) for Mucopolysaccharidosis IV Type A (MPS IV A)..

Shares last traded at $81.97 significantly lower than $91.43, the 50 day moving average and a tad below the 200 day moving average of $89.94. The 50 day moving average moved down $-9.46 and the 200 day average went down $-7.97 or -8.86%.

As of the last earnings report the EPS was $-1.07 and is expected to be $-0.70 for the current year with 175,268,000 shares outstanding. Analysts expect next quarter’s EPS to be $-0.14 with next year’s EPS projected to be $-0.23.

Traders are feeling more bearish on shares of the company lately as indicated by the motion in short interest. The firm experienced a rise in short interest of 2.34% between September 15, 2017 and September 29, 2017. Short interest grew 205,182 over that period. Days to cover increased from 6.0 to 7.0 and the percentage of shorted shares is 0.05% as of September 29.

Brokerage firms have released ratings on BioMarin Pharmaceutical Inc.. On July 27, 2017 Bernstein began coverage setting a rating of “Market Perform”. Evercore ISI Group initiated coverage on the stock by announcing an initial rating of “Outperform”.

On September 14 analysts at PiperJaffray released its first research report on the stock with an initial rating of “Overweight”. On October 19 Credit Suisse maintained a company rating of “Outperform” and raised the price expectation to $142.00 from $109.00.

October 19 investment analysts at Leerink Swann made no change to the stock rating of “Outperform” and moved up the price target from $120.00 to $142.00. On October 27 Stifel Nicolaus maintained a stock rating of “Buy” but lowered the price target to $105.00 from $107.00.