Guggenheim Reiterates “Buy” Rating for BioMarin Pharmaceutical (NASDAQ:BMRN)

BioMarin Pharmaceutical (NASDAQ:BMRN)‘s stock had its “buy” rating restated by equities researchers at Guggenheim in a research note issued on Wednesday, Benzinga reports. They presently have a $110.00 target price on the biotechnology company’s stock. Guggenheim’s price objective would indicate a potential upside of 25.46% from the company’s current price.

Other analysts also recently issued research reports about the stock. Robert W. Baird reiterated an “outperform” rating and issued a $127.00 target price on shares of BioMarin Pharmaceutical in a report on Friday, June 30th. 500.com reiterated a “reiterates” rating on shares of BioMarin Pharmaceutical in a report on Friday, June 30th. Stifel Nicolaus lowered their target price on shares of BioMarin Pharmaceutical from $118.00 to $108.00 and set a “buy” rating for the company in a report on Tuesday, August 1st. Scotiabank initiated coverage on shares of BioMarin Pharmaceutical in a report on Thursday, July 27th. They issued a “sector perform” rating and a $95.00 target price for the company. Finally, Wedbush lowered their target price on shares of BioMarin Pharmaceutical from $73.00 to $70.00 and set a “neutral” rating for the company in a report on Tuesday, August 1st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, BioMarin Pharmaceutical presently has an average rating of “Moderate Buy” and a consensus price target of $115.40.

BioMarin Pharmaceutical Stock Performance

BMRN opened at $87.68 on Wednesday. The company has a current ratio of 4.94, a quick ratio of 3.31 and a debt-to-equity ratio of 0.23. The company’s fifty day moving average price is $89.40 and its two-hundred day moving average price is $92.24. BioMarin Pharmaceutical has a 1-year low of $80.53 and a 1-year high of $117.77. The company has a market cap of $16.50 billion, a price-to-earnings ratio of 168.62 and a beta of 0.36.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings data on Monday, July 31st. The biotechnology company reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.10. BioMarin Pharmaceutical had a net margin of 4.47% and a return on equity of 4.03%. The firm had revenue of $595.28 million for the quarter, compared to the consensus estimate of $591.46 million. On average, analysts expect that BioMarin Pharmaceutical will post 1.25 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Jean Jacques Bienaime sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $88.10, for a total value of $352,400.00. Following the completion of the transaction, the chief executive officer now directly owns 428,732 shares in the company, valued at $37,771,289.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Jean Jacques Bienaime sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $88.10, for a total value of $352,400.00. Following the completion of the transaction, the chief executive officer now directly owns 428,732 shares in the company, valued at $37,771,289.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Henry J. Fuchs sold 12,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $90.43, for a total transaction of $1,085,160.00. Following the completion of the transaction, the insider now owns 176,187 shares of the company’s stock, valued at $15,932,590.41. The disclosure for this sale can be found here. Insiders sold 32,000 shares of company stock worth $2,871,180 over the last quarter. 1.84% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On BioMarin Pharmaceutical

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in shares of BioMarin Pharmaceutical by 0.9% during the first quarter. Vanguard Group Inc. now owns 16,502,243 shares of the biotechnology company’s stock worth $1,272,322,000 after acquiring an additional 151,212 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of BioMarin Pharmaceutical by 5.9% during the first quarter. Ameriprise Financial Inc. now owns 4,938,346 shares of the biotechnology company’s stock worth $480,205,000 after acquiring an additional 274,718 shares in the last quarter. Avoro Capital Advisors LLC raised its stake in shares of BioMarin Pharmaceutical by 11.0% during the first quarter. Avoro Capital Advisors LLC now owns 3,945,000 shares of the biotechnology company’s stock worth $383,612,000 after acquiring an additional 389,445 shares in the last quarter. Norges Bank purchased a new position in shares of BioMarin Pharmaceutical during the fourth quarter worth approximately $285,013,000. Finally, Geode Capital Management LLC raised its stake in shares of BioMarin Pharmaceutical by 1.8% during the second quarter. Geode Capital Management LLC now owns 2,711,025 shares of the biotechnology company’s stock worth $234,597,000 after acquiring an additional 48,902 shares in the last quarter. 92.78% of the stock is owned by hedge funds and other institutional investors.

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.