BioMarin Pharmaceutical (NASDAQ:BMRN) Stock Rating Upgraded by Canaccord Genuity Group

BioMarin Pharmaceutical (NASDAQ:BMRN) was upgraded by equities researchers at Canaccord Genuity Group from a “hold” rating to a “buy” rating in a report released on Tuesday, MarketBeat Ratings reports. The firm presently has a $98.00 price target on the biotechnology company’s stock, up from their prior price target of $84.00. Canaccord Genuity Group’s price objective indicates a potential upside of 72.63% from the stock’s previous close.

BMRN has been the subject of several other research reports. Morgan Stanley reduced their price objective on shares of BioMarin Pharmaceutical from $104.00 to $98.00 and set an “overweight” rating for the company in a research note on Tuesday, October 28th. Truist Financial increased their target price on shares of BioMarin Pharmaceutical from $80.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, December 23rd. Leerink Partners downgraded shares of BioMarin Pharmaceutical from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $82.00 to $60.00 in a research report on Wednesday, December 3rd. Wolfe Research restated an “outperform” rating on shares of BioMarin Pharmaceutical in a report on Tuesday, October 28th. Finally, HC Wainwright lifted their price objective on BioMarin Pharmaceutical from $55.00 to $60.00 and gave the stock a “neutral” rating in a report on Monday, December 22nd. Seventeen equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $90.04.

BioMarin Pharmaceutical Stock Up 0.8%

BMRN opened at $56.77 on Tuesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.83 and a quick ratio of 3.10. BioMarin Pharmaceutical has a 12 month low of $50.76 and a 12 month high of $73.51. The stock has a market capitalization of $10.91 billion, a P/E ratio of 21.34, a P/E/G ratio of 0.62 and a beta of 0.27. The business has a 50 day simple moving average of $56.11 and a 200-day simple moving average of $56.03.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings data on Monday, October 27th. The biotechnology company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.20). BioMarin Pharmaceutical had a return on equity of 9.53% and a net margin of 16.82%.The business had revenue of $776.13 million for the quarter, compared to analyst estimates of $782.42 million. During the same period in the prior year, the company earned $0.91 EPS. The company’s revenue was up 4.1% on a year-over-year basis. BioMarin Pharmaceutical has set its FY 2025 guidance at 3.500-3.600 EPS. On average, equities analysts anticipate that BioMarin Pharmaceutical will post 3.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On BioMarin Pharmaceutical

A number of institutional investors have recently made changes to their positions in the stock. NewEdge Advisors LLC boosted its stake in shares of BioMarin Pharmaceutical by 11.5% during the first quarter. NewEdge Advisors LLC now owns 3,769 shares of the biotechnology company’s stock valued at $266,000 after acquiring an additional 388 shares during the last quarter. Empowered Funds LLC raised its stake in BioMarin Pharmaceutical by 207.4% in the 1st quarter. Empowered Funds LLC now owns 12,023 shares of the biotechnology company’s stock valued at $850,000 after purchasing an additional 8,112 shares during the last quarter. Focus Partners Wealth lifted its holdings in BioMarin Pharmaceutical by 70.2% in the 1st quarter. Focus Partners Wealth now owns 11,817 shares of the biotechnology company’s stock valued at $835,000 after purchasing an additional 4,876 shares in the last quarter. Sivia Capital Partners LLC boosted its stake in shares of BioMarin Pharmaceutical by 33.0% during the 2nd quarter. Sivia Capital Partners LLC now owns 4,439 shares of the biotechnology company’s stock worth $244,000 after purchasing an additional 1,102 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in shares of BioMarin Pharmaceutical by 66.8% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 74,381 shares of the biotechnology company’s stock worth $4,277,000 after purchasing an additional 29,797 shares during the last quarter. 98.71% of the stock is owned by institutional investors and hedge funds.

BioMarin Pharmaceutical Company Profile

BioMarin Pharmaceutical Inc is a biopharmaceutical company specializing in the development and commercialization of therapies for rare genetic and metabolic diseases. The company focuses on addressing unmet medical needs by leveraging enzyme replacement therapy, small molecule pharmacological chaperones and gene therapy technologies. Headquartered in Novato, California, BioMarin operates research and development facilities in the United States and Europe.

The company’s commercial portfolio includes several approved therapies targeting inherited disorders.