Analyst Downgrades: BP Plc, BioMarin, and Finisar

Analysts downwardly revised their ratings and price targets on BP plc (ADR) (NYSE:BP), BioMarin Pharmaceutical Inc. (NASDAQ:BMRN), and Finisar Corporation (NASDAQ:FNSR)

Jun 19, 2015 at 9:48 AM
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Analysts are weighing in today on oil giant BP plc (ADR) (NYSE:BP), biotech stock BioMarin Pharmaceutical Inc. (NASDAQ:BMRN), and optical components specialist Finisar Corporation (NASDAQ:FNSR). Here's a quick roundup of today's bearish brokerage notes on BP, BMRN, and FNSR. 

  • BP is up fractionally this morning at $41.27, following a downgrade to "sector perform" from "outperform" at RBC. After an underwhelming 2014, the stock has picked up the pace, adding over 8% year-to-date. In the meantime, call buying has hit a near-annual-high clip. That is, at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), BP plc's 10-day call/put volume ratio stands at 35.89, which is only 1 percentage point from an annual bullish high.

  • It's been an interesting morning for BMRN, which is off 2.4% to trade at $135.27. First, Baird cut its outlook to "neutral," but raised its price target to $133 from $125. Plus, Wedbush raised its price target to $130. Obviously, both of these price targets represent a discount to current trading levels for the stock, which has easily doubled in value during the past 12 months. What's more, BMRN touched an all-time high of $140.49 just yesterday, thanks to well-received drug news and a round of upbeat analyst attention. Today's mixed analyst notes echo the withstanding sentiment. For example, 12 of 14 brokerage firms rate BioMarin Pharmaceutical Inc. a "buy" or better, while short interest rose over 16% during the two most recent reporting periods.

  • FNSR has fallen 8.6% this morning to trade at $20.25, as the Street responds to the company's fiscal fourth-quarter earnings numbers. No fewer than six brokerage firms have weighed in on the stock, but most have actually raised their price targets. Not Raymond James and Jefferies, though. The former lowered FNSR to "outperform," while the latter reduced its target price to $21 from $22.  The shares have been strong since touching an annual low of $14.22 on Oct. 13, adding 42.4%. Still Finisar Corporation remains heavily shorted. The 9% of the stock's float controlled by short sellers represents over three weeks' worth of buying power, at normal daily volumes. 
 

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