BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target Cut to $112.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its target price decreased by Morgan Stanley from $115.00 to $112.00 in a report released on Friday, Benzinga reports. The firm presently has an “overweight” rating on the biotechnology company’s stock. Morgan Stanley’s target price would suggest a potential upside of 38.43% from the stock’s current price.

Other analysts have also recently issued reports about the company. Piper Sandler dropped their price target on BioMarin Pharmaceutical from $115.00 to $107.00 and set an “overweight” rating for the company in a report on Friday, February 23rd. Cantor Fitzgerald reissued an “overweight” rating and set a $110.00 price target on shares of BioMarin Pharmaceutical in a report on Thursday. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $100.00 price objective on shares of BioMarin Pharmaceutical in a report on Friday, February 23rd. Canaccord Genuity Group dropped their price objective on BioMarin Pharmaceutical from $91.00 to $89.00 and set a “hold” rating for the company in a report on Friday. Finally, Citigroup dropped their price objective on BioMarin Pharmaceutical from $94.00 to $91.00 and set a “neutral” rating for the company 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 company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $107.50.

BioMarin Pharmaceutical Stock Performance

Shares of NASDAQ BMRN opened at $80.91 on Friday. The company has a market capitalization of $15.27 billion, a P/E ratio of 75.62, a P/E/G ratio of 1.51 and a beta of 0.31. The stock has a 50 day moving average of $87.58 and a 200-day moving average of $89.14. The company has a current ratio of 2.51, a quick ratio of 1.57 and a debt-to-equity ratio of 0.12. BioMarin Pharmaceutical has a 12 month low of $76.02 and a 12 month 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, topping the consensus estimate of $0.44 by $0.05. The business had revenue of $646.21 million during the quarter, compared to analysts’ expectations of $639.53 million. BioMarin Pharmaceutical had a return on equity of 5.39% and a net margin of 8.31%. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period last year, the firm posted $0.11 EPS. As a group, equities research analysts predict that BioMarin Pharmaceutical will post 1.85 EPS for the current year.

Insider Activity

In other news, Director Jean Jacques Bienaime sold 15,000 shares of BioMarin Pharmaceutical stock in a transaction on Friday, February 9th. The stock was sold at an average price of $88.28, for a total value of $1,324,200.00. Following the transaction, the director now owns 419,602 shares in the company, valued at approximately $37,042,464.56. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Jean Jacques Bienaime sold 15,000 shares of the business’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $88.28, for a total transaction of $1,324,200.00. Following the sale, the director now owns 419,602 shares in the company, valued at approximately $37,042,464.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Erin Burkhart sold 2,286 shares of the business’s stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $90.00, for a total value of $205,740.00. Following the sale, the chief accounting officer now owns 16,156 shares in the company, valued at approximately $1,454,040. The disclosure for this sale can be found here. In the last quarter, insiders have sold 103,229 shares of company stock worth $9,062,967. Insiders own 1.84% of the company’s stock.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Hedge funds and other institutional investors have recently bought and sold shares of the company. Capital Research Global Investors grew its position in shares of BioMarin Pharmaceutical by 79.0% in the 4th quarter. Capital Research Global Investors now owns 10,774,641 shares of the biotechnology company’s stock valued at $1,038,907,000 after buying an additional 4,756,671 shares during the last quarter. Norges Bank bought a new stake in shares of BioMarin Pharmaceutical in the 4th quarter valued at about $324,098,000. Barclays PLC grew its position in shares of BioMarin Pharmaceutical by 31.6% in the 3rd quarter. Barclays PLC now owns 5,573,157 shares of the biotechnology company’s stock valued at $493,111,000 after buying an additional 1,336,886 shares during the last quarter. Toronto Dominion Bank grew its position in shares of BioMarin Pharmaceutical by 1,832.5% in the 3rd quarter. Toronto Dominion Bank now owns 907,754 shares of the biotechnology company’s stock valued at $80,318,000 after buying an additional 860,782 shares during the last quarter. Finally, Avoro Capital Advisors LLC grew its position in shares of BioMarin Pharmaceutical by 11.7% in the 4th quarter. Avoro Capital Advisors LLC now owns 4,300,000 shares of the biotechnology company’s stock valued at $414,606,000 after buying an additional 450,000 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.