BioMarin Pharmaceutical (NASDAQ:BMRN) PT Lowered to $89.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target cut by Canaccord Genuity Group from $91.00 to $89.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has a “hold” rating on the biotechnology company’s stock. Canaccord Genuity Group’s price target would indicate a potential upside of 10.00% from the stock’s current price.

A number of other brokerages have also recently commented on BMRN. Citigroup decreased their target price on BioMarin Pharmaceutical from $94.00 to $91.00 and set a “neutral” rating on the stock in a report on Thursday. Scotiabank raised their target price on BioMarin Pharmaceutical from $83.00 to $85.00 and gave the stock a “sector perform” rating in a report on Thursday. Piper Sandler decreased their target price on BioMarin Pharmaceutical from $115.00 to $107.00 and set an “overweight” rating on the stock in a report on Friday, February 23rd. Robert W. Baird decreased their target price on BioMarin Pharmaceutical from $127.00 to $104.00 and set an “outperform” rating on the stock in a report on Tuesday, January 30th. Finally, Wells Fargo & Company raised their target price on BioMarin Pharmaceutical from $100.00 to $110.00 and gave the stock an “overweight” rating in a report on Thursday. Seven investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $107.50.

BioMarin Pharmaceutical Price Performance

NASDAQ BMRN opened at $80.91 on Friday. The business’s fifty day moving average price is $87.58 and its 200-day moving average price is $89.14. The stock has a market capitalization of $15.27 billion, a price-to-earnings ratio of 75.62, a PEG ratio of 1.51 and a beta of 0.31. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.51 and a quick ratio of 1.57. BioMarin Pharmaceutical has a 1-year low of $76.02 and a 1-year high of $99.56.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings results on Thursday, February 22nd. The biotechnology company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.05. BioMarin Pharmaceutical had a return on equity of 5.39% and a net margin of 8.31%. The firm had revenue of $646.21 million for the quarter, compared to analysts’ expectations of $639.53 million. During the same period in the prior year, the firm earned $0.11 EPS. The company’s revenue was up 20.2% compared to the same quarter last year. On average, equities analysts predict that BioMarin Pharmaceutical will post 1.85 earnings per share for the current year.

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 completion of the transaction, the chief accounting officer now owns 16,156 shares in the company, valued at $1,454,040. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 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 completion of the transaction, the chief accounting officer now owns 16,156 shares in the company, valued at $1,454,040. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Henry J. Fuchs sold 35,341 shares of the stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $85.18, for a total transaction of $3,010,346.38. Following the completion of the transaction, the insider now directly owns 212,117 shares of the company’s stock, valued at approximately $18,068,126.06. The disclosure for this sale can be found here. Insiders sold a total of 103,229 shares of company stock worth $9,062,967 over the last 90 days. Corporate insiders own 1.84% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Stratos Wealth Partners LTD. lifted its holdings in shares of BioMarin Pharmaceutical by 2.1% in the 4th quarter. Stratos Wealth Partners LTD. now owns 5,709 shares of the biotechnology company’s stock valued at $550,000 after acquiring an additional 115 shares during the last quarter. CWM LLC lifted its holdings in shares of BioMarin Pharmaceutical by 10.0% in the 3rd quarter. CWM LLC now owns 1,301 shares of the biotechnology company’s stock valued at $115,000 after acquiring an additional 118 shares during the last quarter. KB Financial Partners LLC lifted its holdings in shares of BioMarin Pharmaceutical by 51.3% in the 3rd quarter. KB Financial Partners LLC now owns 348 shares of the biotechnology company’s stock valued at $31,000 after acquiring an additional 118 shares during the last quarter. First Horizon Advisors Inc. lifted its holdings in shares of BioMarin Pharmaceutical by 33.3% in the 4th quarter. First Horizon Advisors Inc. now owns 576 shares of the biotechnology company’s stock valued at $56,000 after acquiring an additional 144 shares during the last quarter. Finally, Atria Wealth Solutions Inc. lifted its holdings in shares of BioMarin Pharmaceutical by 1.6% in the 4th quarter. Atria Wealth Solutions Inc. now owns 9,729 shares of the biotechnology company’s stock valued at $938,000 after acquiring an additional 153 shares during the last quarter. Institutional investors 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.