BioMarin Pharmaceutical (NASDAQ:BMRN) PT Lowered to $85.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its target price decreased by equities research analysts at Royal Bank of Canada from $100.00 to $85.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has a “sector perform” rating on the biotechnology company’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 19.48% from the company’s previous close.

Several other research analysts have also commented on BMRN. Cantor Fitzgerald reissued an “overweight” rating and issued a $110.00 price objective on shares of BioMarin Pharmaceutical in a research note on Monday, September 9th. Evercore ISI raised their price target on shares of BioMarin Pharmaceutical from $113.00 to $115.00 and gave the company an “outperform” rating in a research report on Tuesday, August 6th. TD Cowen cut their price objective on BioMarin Pharmaceutical from $125.00 to $120.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Stifel Nicolaus reduced their price objective on BioMarin Pharmaceutical from $115.00 to $87.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Wells Fargo & Company boosted their target price on BioMarin Pharmaceutical from $110.00 to $115.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Eight investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, BioMarin Pharmaceutical presently has an average rating of “Moderate Buy” and an average target price of $98.84.

BioMarin Pharmaceutical Stock Up 0.8 %

BioMarin Pharmaceutical stock opened at $71.14 on Tuesday. The company has a market capitalization of $13.51 billion, a PE ratio of 66.49, a price-to-earnings-growth ratio of 1.03 and a beta of 0.32. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.95 and a current ratio of 3.05. BioMarin Pharmaceutical has a fifty-two week low of $68.83 and a fifty-two week high of $99.56. The firm has a 50 day moving average price of $86.11 and a 200 day moving average price of $84.49.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its quarterly earnings data on Monday, August 5th. The biotechnology company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.39. BioMarin Pharmaceutical had a return on equity of 6.91% and a net margin of 9.91%. The business had revenue of $712.03 million during the quarter, compared to analysts’ expectations of $660.51 million. Research analysts expect that BioMarin Pharmaceutical will post 2.4 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Capital Research Global Investors lifted its position 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 valued at $1,038,907,000 after acquiring an additional 4,756,671 shares during the last quarter. Norges Bank acquired a new stake in shares of BioMarin Pharmaceutical during the fourth quarter worth about $324,098,000. Principal Financial Group Inc. lifted its holdings in shares of BioMarin Pharmaceutical by 1,858.6% in the 2nd quarter. Principal Financial Group Inc. now owns 649,460 shares of the biotechnology company’s stock valued at $53,470,000 after purchasing an additional 616,301 shares during the last quarter. Avoro Capital Advisors LLC boosted its position in shares of BioMarin Pharmaceutical by 11.7% in the 4th quarter. Avoro Capital Advisors LLC now owns 4,300,000 shares of the biotechnology company’s stock valued at $414,606,000 after purchasing an additional 450,000 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its stake in BioMarin Pharmaceutical by 33.3% during the 4th 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 last quarter. Institutional investors and hedge funds own 98.71% of the company’s stock.

BioMarin Pharmaceutical Company Profile

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.