Analyst Update: BioMarin Pharmaceutical Inc., Anthem Inc, and Tesla Motors Inc

Analysts revised their ratings and price targets on BioMarin Pharmaceutical Inc. (NASDAQ:BMRN), Anthem Inc (NYSE:ANTM), and Tesla Motors Inc (NASDAQ:TSLA)

by Josh Selway

Published on Jul 28, 2016 at 3:39 PM

Analysts are weighing in on gene therapy specialist BioMarin Pharmaceutical Inc. (NASDAQ:BMRN), health insurer Anthem Inc (NYSE:ANTM), and auto stock Tesla Motors Inc (NASDAQ:TSLA)Here's a quick roundup of today's brokerage notes on BMRN, ANTM, and TSLA. 

  • Analysts are quickly raising their expectations on ​BMRN​, after the company yesterday provided promising data on its gene therapy for hemophilia. Credit Suisse, Baird, William Blair, and BMO all raised their price targets on the stock, with the last firm providing the loftiest target at $118. With BioMarin Pharmaceutical Inc. trading up 0.3% at $98.42, this represents upside of 20% -- an ambitious prediction, considering the stock's 32% decline over the past 12 months. This bullish attention is far from unusual, however, as 14 of 15 brokerage firms consider BMRN a "buy" or "strong buy." Looking ahead, the company is scheduled to report earnings a week from today. 
  • Elsewhere, a series of events has ANTM 0.7% lower at $132.96. First off, Moody's late yesterday confirmed its rating on the company, suggesting it sees little chance of the insurance company merging with CIGNA Corporation (NYSE:CI), following a lawsuit from the Department of Justice (DOJ). A round of bearish notes has hit Anthem Inc since Wednesday's close, too. At least six brokerage firms reduced their price targets, including a cut to $151 from $158 at Barclays. Put traders have also been pounding the stock, which is down almost 5% in 2016. ANTM's 10-day put/call volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) comes in at 3.03 -- higher than roughly four-fifths of similar readings from the past year. 
  • TSLA was last seen 0.7% higher at $230.07, following upbeat comments at Fidelity. Gavin Baker, who manages the firm's over-the-counter (OTC) portfolio that invests in Tesla, said, "We foresee fruitful synergies between Tesla and any company in search of superior battery technology, and we modestly increased our position this quarter." Still, Tesla Motors Inc shares remain in the red on a year-to-date basis, and are battling resistance at their 320-day moving average. Speculators remain upbeat, though, as call buying has outpaced put buying during the past two weeks at the ISE, CBOE, and PHLX. Looking ahead, TSLA is slated to reported earnings next Wednesday night.
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