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BOSTON (TheStreet) -- TheStreet.com's stock-rating model upgraded BioMarin Pharmaceutical(BMRN) to "hold." The company develops treatments for genetic diseases.
The numbers: Second-quarter revenue increased 29% to $83 million, but net income dropped 66% to $1.3 million and earnings per share fell 75% to 1 cent, hurt by a higher share count. Its operating margin deteriorated from 7% to 5% and its net margin declined from 6% to 2%. The company has ample liquidity, with $200 million of cash, amounting to a high quick ratio of 7.2. But a debt-to-equity ratio of 1.8 indicates excessive leverage.
The stock: BioMarin is down 8% this year, underperforming major U.S. indices. The stock trades at a price-to-earnings ratio of 204, which reflects lofty growth expectations, and doesn't pay dividends. ...
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