BioMarin Pharmaceutical (BMRN) Set to Announce Earnings on Wednesday

BioMarin Pharmaceutical (NASDAQ:BMRN) is scheduled to post its quarterly earnings results after the market closes on Wednesday, April 24th. Analysts expect BioMarin Pharmaceutical to post earnings of $0.60 per share for the quarter. BioMarin Pharmaceutical has set its FY24 guidance at $2.60-2.80 EPS and its FY 2024 guidance at 2.600-2.800 EPS.Investors that are interested in registering for the company’s conference call can do so using this link.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its quarterly earnings results on Thursday, February 22nd. The biotechnology company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.05. The company had revenue of $646.21 million during the quarter, compared to the consensus estimate of $639.53 million. BioMarin Pharmaceutical had a return on equity of 5.01% and a net margin of 6.93%. BioMarin Pharmaceutical’s revenue was up 20.2% on a year-over-year basis. During the same period last year, the company earned $0.11 earnings per share. On average, analysts expect BioMarin Pharmaceutical to post $2 EPS for the current fiscal year and $3 EPS for the next fiscal year.

BioMarin Pharmaceutical Stock Down 0.7 %

Shares of BMRN opened at $90.87 on Wednesday. The company has a market cap of $17.15 billion, a PE ratio of 103.26, a P/E/G ratio of 1.76 and a beta of 0.31. The business has a fifty day moving average of $87.55 and a 200 day moving average of $89.10. BioMarin Pharmaceutical has a 52-week low of $76.02 and a 52-week high of $100.38. The company has a quick ratio of 1.57, a current ratio of 2.51 and a debt-to-equity ratio of 0.12.

Analysts Set New Price Targets

A number of analysts recently issued reports on BMRN shares. Piper Sandler lowered their price target on BioMarin Pharmaceutical from $115.00 to $107.00 and set an “overweight” rating for the company in a research report on Friday, February 23rd. Canaccord Genuity Group reiterated a “hold” rating and issued a $91.00 target price on shares of BioMarin Pharmaceutical in a research note on Thursday, February 29th. Stifel Nicolaus reiterated a “buy” rating and issued a $101.00 target price on shares of BioMarin Pharmaceutical in a research note on Thursday, December 21st. Robert W. Baird reduced their target price on BioMarin Pharmaceutical from $127.00 to $104.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 30th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $100.00 target price on shares of BioMarin Pharmaceutical in a research note on Friday, February 23rd. Seven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $107.61.

Insider Buying and Selling at BioMarin Pharmaceutical

In other BioMarin Pharmaceutical news, Director Jean Jacques Bienaime sold 20,000 shares of BioMarin Pharmaceutical 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 transaction, the director now owns 474,994 shares in the company, valued at $43,347,952.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other BioMarin Pharmaceutical news, EVP Jeffrey Robert Ajer sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $87.07, for a total value of $348,280.00. Following the completion of the sale, the executive vice president now owns 94,047 shares of the company’s stock, valued at $8,188,672.29. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, 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 completion of the sale, the director now directly owns 474,994 shares of the company’s stock, valued at approximately $43,347,952.44. The disclosure for this sale can be found here. Insiders have sold 103,229 shares of company stock worth $9,062,967 over the last quarter. Insiders own 1.84% of the company’s stock.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Institutional investors and hedge funds have recently modified their holdings of the company. ICA Group Wealth Management LLC acquired a new stake in shares of BioMarin Pharmaceutical during the fourth quarter worth about $31,000. Acadian Asset Management LLC raised its position in BioMarin Pharmaceutical by 395.4% during the first quarter. Acadian Asset Management LLC now owns 431 shares of the biotechnology company’s stock valued at $32,000 after acquiring an additional 344 shares in the last quarter. MayTech Global Investments LLC purchased a new position in BioMarin Pharmaceutical during the fourth quarter valued at approximately $36,000. Dark Forest Capital Management LP purchased a new position in BioMarin Pharmaceutical during the first quarter valued at approximately $37,000. Finally, State of Wyoming purchased a new position in BioMarin Pharmaceutical during the fourth quarter valued at approximately $41,000. Institutional investors and hedge funds own 98.71% of the company’s stock.

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.