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

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target cut by stock analysts at 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 target price suggests a potential upside of 10.00% from the company’s current price.

BMRN has been the subject of several other research reports. Citigroup dropped their target price on shares of BioMarin Pharmaceutical from $94.00 to $91.00 and set a “neutral” rating for the company in a report on Thursday. Piper Sandler decreased their price target on shares of BioMarin Pharmaceutical from $115.00 to $107.00 and set an “overweight” rating for the company in a research report on Friday, February 23rd. Royal Bank of Canada reissued a “sector perform” rating and issued a $100.00 price target on shares of BioMarin Pharmaceutical in a research report on Friday, February 23rd. Robert W. Baird decreased their price target on shares of BioMarin Pharmaceutical from $127.00 to $104.00 and set an “outperform” rating for the company in a research report on Tuesday, January 30th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $110.00 price target on shares of BioMarin Pharmaceutical in a research report on Thursday. Seven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $107.50.

BioMarin Pharmaceutical Stock Down 1.5 %

BioMarin Pharmaceutical stock opened at $80.91 on Friday. BioMarin Pharmaceutical has a fifty-two week low of $76.02 and a fifty-two week high of $99.56. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.57 and a current ratio of 2.51. The firm has a 50 day moving average price of $87.58 and a 200 day moving average price of $89.14. The company has a market capitalization of $15.27 billion, a PE ratio of 75.62, a price-to-earnings-growth ratio of 1.51 and a beta of 0.31.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its 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 net margin of 8.31% and a return on equity of 5.39%. The firm had revenue of $646.21 million during the quarter, compared to the consensus estimate of $639.53 million. During the same quarter last year, the firm earned $0.11 EPS. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. Research analysts expect that BioMarin Pharmaceutical will post 1.85 earnings per share for the current year.

Insider Transactions at BioMarin Pharmaceutical

In other news, insider Henry J. Fuchs sold 35,341 shares of BioMarin Pharmaceutical stock in a transaction on 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 sale, the insider now directly owns 212,117 shares of the company’s stock, valued at approximately $18,068,126.06. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CAO Erin Burkhart sold 2,286 shares of BioMarin Pharmaceutical stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $90.00, for a total transaction of $205,740.00. Following the sale, the chief accounting officer now directly owns 16,156 shares in the company, valued at approximately $1,454,040. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Henry J. Fuchs sold 35,341 shares of BioMarin Pharmaceutical stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $85.18, for a total transaction of $3,010,346.38. Following the sale, the insider now owns 212,117 shares in the company, valued at $18,068,126.06. The disclosure for this sale can be found here. In the last three months, insiders sold 103,229 shares of company stock valued at $9,062,967. Insiders own 1.84% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of BMRN. Capital Research Global Investors increased its stake in BioMarin Pharmaceutical by 79.0% in the fourth quarter. Capital Research Global Investors now owns 10,774,641 shares of the biotechnology company’s stock valued at $1,038,907,000 after purchasing an additional 4,756,671 shares during the period. Norges Bank acquired a new position in BioMarin Pharmaceutical in the fourth quarter valued at $324,098,000. Barclays PLC increased its stake in BioMarin Pharmaceutical by 31.6% in the third quarter. Barclays PLC now owns 5,573,157 shares of the biotechnology company’s stock valued at $493,111,000 after purchasing an additional 1,336,886 shares during the period. Toronto Dominion Bank increased its stake in BioMarin Pharmaceutical by 1,832.5% in the third quarter. Toronto Dominion Bank now owns 907,754 shares of the biotechnology company’s stock valued at $80,318,000 after purchasing an additional 860,782 shares during the period. Finally, Avoro Capital Advisors LLC increased its stake in BioMarin Pharmaceutical by 11.7% in the fourth quarter. Avoro Capital Advisors LLC now owns 4,300,000 shares of the biotechnology company’s stock valued at $414,606,000 after purchasing an additional 450,000 shares during the period. 98.71% of the stock is currently owned by institutional investors and hedge funds.

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.