BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) Forecasted to Post FY2023 Earnings of $1.19 Per Share

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) – Analysts at Cantor Fitzgerald cut their FY2023 earnings per share estimates for shares of BioMarin Pharmaceutical in a research note issued on Thursday, November 2nd. Cantor Fitzgerald analyst O. Brayer now anticipates that the biotechnology company will post earnings of $1.19 per share for the year, down from their prior estimate of $1.25. Cantor Fitzgerald currently has a “Overweight” rating and a $100.00 target price on the stock. The consensus estimate for BioMarin Pharmaceutical’s current full-year earnings is $1.25 per share. Cantor Fitzgerald also issued estimates for BioMarin Pharmaceutical’s FY2024 earnings at $3.51 EPS.

A number of other equities research analysts have also commented on BMRN. Bank of America reduced their price target on BioMarin Pharmaceutical to $185.00 and set a “buy” rating on the stock in a research report on Friday, July 21st. Royal Bank of Canada restated a “sector perform” rating and set a $100.00 target price on shares of BioMarin Pharmaceutical in a research report on Wednesday, September 13th. Stifel Nicolaus cut their target price on BioMarin Pharmaceutical from $118.00 to $108.00 and set a “buy” rating on the stock in a research report on Tuesday, August 1st. Truist Financial restated a “buy” rating and set a $140.00 target price on shares of BioMarin Pharmaceutical in a research report on Monday, September 25th. Finally, UBS Group assumed coverage on BioMarin Pharmaceutical in a research report on Monday, September 18th. They set a “buy” rating and a $120.00 target price on the stock. Nine equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $114.43.

BioMarin Pharmaceutical Price Performance

Shares of BMRN opened at $79.59 on Monday. BioMarin Pharmaceutical has a 12-month low of $76.02 and a 12-month high of $117.77. The business has a 50-day simple moving average of $87.26 and a two-hundred day simple moving average of $89.75. The company has a quick ratio of 3.31, a current ratio of 4.94 and a debt-to-equity ratio of 0.23. The stock has a market cap of $14.98 billion, a PE ratio of 103.36 and a beta of 0.37.

Institutional Trading of BioMarin Pharmaceutical

Institutional investors and hedge funds have recently modified their holdings of the business. Caprock Group LLC increased its position in BioMarin Pharmaceutical by 6.1% in the first quarter. Caprock Group LLC now owns 2,065 shares of the biotechnology company’s stock worth $201,000 after buying an additional 118 shares during the last quarter. CWM LLC increased its position in BioMarin Pharmaceutical by 10.0% in the third quarter. CWM LLC now owns 1,301 shares of the biotechnology company’s stock worth $115,000 after buying an additional 118 shares during the last quarter. Howe & Rusling Inc. increased its position in BioMarin Pharmaceutical by 0.4% in the fourth quarter. Howe & Rusling Inc. now owns 36,279 shares of the biotechnology company’s stock worth $3,755,000 after buying an additional 128 shares during the last quarter. Integrated Advisors Network LLC increased its position in BioMarin Pharmaceutical by 4.1% in the first quarter. Integrated Advisors Network LLC now owns 3,302 shares of the biotechnology company’s stock worth $321,000 after buying an additional 130 shares during the last quarter. Finally, First Trust Direct Indexing L.P. increased its position in BioMarin Pharmaceutical by 2.3% in the first quarter. First Trust Direct Indexing L.P. now owns 5,873 shares of the biotechnology company’s stock worth $571,000 after buying an additional 132 shares during the last quarter. 92.78% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at BioMarin Pharmaceutical

In other news, EVP Jeffrey Robert Ajer sold 5,000 shares of the stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $90.00, for a total value of $450,000.00. Following the completion of the sale, the executive vice president now directly owns 60,804 shares of the company’s stock, valued at $5,472,360. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, EVP George Eric Davis sold 11,000 shares of the stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $89.42, for a total transaction of $983,620.00. Following the completion of the sale, the executive vice president now directly owns 69,474 shares of the company’s stock, valued at $6,212,365.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jeffrey Robert Ajer sold 5,000 shares of the stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $90.00, for a total value of $450,000.00. Following the sale, the executive vice president now directly owns 60,804 shares of the company’s stock, valued at $5,472,360. The disclosure for this sale can be found here. Insiders sold a total of 28,000 shares of company stock valued at $2,518,780 over the last ninety days. 1.84% of the stock is currently owned by insiders.

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.