BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) Receives $106.37 Consensus Price Target from Analysts

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) has received a consensus recommendation of “Moderate Buy” from the twenty-one ratings firms that are currently covering the firm, MarketBeat reports. Nine investment analysts have rated the stock with a hold recommendation and twelve have given a buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $106.37.

BMRN has been the topic of several recent research reports. Baird R W downgraded BioMarin Pharmaceutical from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 17th. Wells Fargo & Company increased their target price on BioMarin Pharmaceutical from $110.00 to $115.00 and gave the stock an “overweight” rating in a research report on Thursday. Robert W. Baird downgraded BioMarin Pharmaceutical from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $104.00 to $72.00 in a research report on Friday, May 17th. Canaccord Genuity Group lowered their price objective on BioMarin Pharmaceutical from $91.00 to $89.00 and set a “hold” rating on the stock in a research report on Friday, April 26th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $110.00 price objective on shares of BioMarin Pharmaceutical in a research report on Thursday, April 25th.

Insider Activity

In other news, CAO Erin Burkhart sold 2,286 shares of the firm’s stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $90.00, for a total transaction of $205,740.00. Following the transaction, the chief accounting officer now directly owns 16,156 shares of the company’s stock, valued at $1,454,040. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Jean Jacques Bienaime sold 20,000 shares of the firm’s stock in a transaction dated Friday, April 12th. The stock was sold at an average price of $91.26, for a total value of $1,825,200.00. Following the sale, the director now directly owns 474,994 shares of the company’s stock, valued at $43,347,952.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Erin Burkhart sold 2,286 shares of the firm’s stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $90.00, for a total value of $205,740.00. Following the completion of the sale, the chief accounting officer now directly owns 16,156 shares in the company, valued at $1,454,040. The disclosure for this sale can be found here. Over the last three months, insiders have sold 89,986 shares of company stock valued at $7,240,292. 1.85% of the stock is currently owned by insiders.

Institutional Trading of BioMarin Pharmaceutical

Several large investors have recently modified their holdings of the business. Capital Research Global Investors lifted its holdings in BioMarin Pharmaceutical by 79.0% in the fourth quarter. Capital Research Global Investors now owns 10,774,641 shares of the biotechnology company’s stock worth $1,038,907,000 after buying an additional 4,756,671 shares during the period. Norges Bank purchased a new stake in BioMarin Pharmaceutical in the fourth quarter worth about $324,098,000. Avoro Capital Advisors LLC lifted its holdings in BioMarin Pharmaceutical by 11.7% in the fourth quarter. Avoro Capital Advisors LLC now owns 4,300,000 shares of the biotechnology company’s stock worth $414,606,000 after buying an additional 450,000 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in BioMarin Pharmaceutical by 33.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,605,983 shares of the biotechnology company’s stock worth $154,850,000 after buying an additional 401,152 shares during the period. Finally, Third Point LLC purchased a new stake in BioMarin Pharmaceutical in the fourth quarter worth about $37,122,000. 98.71% of the stock is owned by institutional investors.

BioMarin Pharmaceutical Price Performance

Shares of NASDAQ BMRN opened at $82.33 on Friday. The stock has a fifty day simple moving average of $81.37 and a two-hundred day simple moving average of $87.23. BioMarin Pharmaceutical has a 1-year low of $73.68 and a 1-year high of $99.56. The firm has a market cap of $15.63 billion, a price-to-earnings ratio of 76.94, a price-to-earnings-growth ratio of 1.17 and a beta of 0.31. The company has a current ratio of 2.74, a quick ratio of 1.70 and a debt-to-equity ratio of 0.12.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its earnings results on Wednesday, April 24th. The biotechnology company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.12. The firm had revenue of $648.83 million for the quarter, compared to the consensus estimate of $649.75 million. BioMarin Pharmaceutical had a return on equity of 5.34% and a net margin of 8.31%. Analysts anticipate that BioMarin Pharmaceutical will post 1.99 earnings per share for the current year.

About BioMarin Pharmaceutical

BioMarin Pharmaceutical Inc develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. Its commercial products include Vimizim, an enzyme replacement therapy for the treatment of mucopolysaccharidosis (MPS) IV type A, a lysosomal storage disorder; Naglazyme, a recombinant form of N-acetylgalactosamine 4-sulfatase for patients with MPS VI; and Kuvan, a proprietary synthetic oral form of 6R-BH4 that is used to treat patients with phenylketonuria (PKU), an inherited metabolic disease.