BioMarin Pharmaceutical (NASDAQ:BMRN) Upgraded by Canaccord Genuity Group to “Buy” Rating

Canaccord Genuity Group upgraded shares of BioMarin Pharmaceutical (NASDAQ:BMRN) from a hold rating to a buy rating in a report published on Tuesday morning, MarketBeat Ratings reports. Canaccord Genuity Group currently has $98.00 price objective on the biotechnology company’s stock, up from their previous price objective of $84.00.

BMRN has been the subject of a number of other research reports. Wells Fargo & Company dropped their target price on shares of BioMarin Pharmaceutical from $90.00 to $70.00 and set an “overweight” rating for the company in a report on Tuesday, October 28th. Sanford C. Bernstein dropped their price objective on shares of BioMarin Pharmaceutical from $95.00 to $88.00 and set an “outperform” rating for the company in a research note on Monday, November 3rd. Wolfe Research reiterated an “outperform” rating on shares of BioMarin Pharmaceutical in a report on Tuesday, October 28th. Morgan Stanley dropped their price target on BioMarin Pharmaceutical from $104.00 to $98.00 and set an “overweight” rating for the company in a research note on Tuesday, October 28th. Finally, Tudor Pickering set a $88.00 price objective on BioMarin Pharmaceutical in a research report on Monday, November 3rd. Seventeen analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $90.04.

BioMarin Pharmaceutical Stock Up 3.2%

BioMarin Pharmaceutical stock opened at $56.31 on Tuesday. The company’s 50-day moving average price is $56.08 and its two-hundred day moving average price is $56.02. The company has a quick ratio of 3.10, a current ratio of 4.83 and a debt-to-equity ratio of 0.10. The stock has a market cap of $10.82 billion, a P/E ratio of 21.17, a P/E/G ratio of 0.60 and a beta of 0.27. BioMarin Pharmaceutical has a twelve month low of $50.76 and a twelve month high of $73.51.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings data on Monday, October 27th. The biotechnology company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.20). The business had revenue of $776.13 million during the quarter, compared to the consensus estimate of $782.42 million. BioMarin Pharmaceutical had a net margin of 16.82% and a return on equity of 9.53%. The business’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.91 EPS. BioMarin Pharmaceutical has set its FY 2025 guidance at 3.500-3.600 EPS. As a group, analysts expect that BioMarin Pharmaceutical will post 3.15 EPS for the current year.

Institutional Trading of BioMarin Pharmaceutical

Hedge funds and other institutional investors have recently bought and sold shares of the business. V Square Quantitative Management LLC bought a new position in shares of BioMarin Pharmaceutical in the second quarter valued at approximately $25,000. Quent Capital LLC bought a new position in BioMarin Pharmaceutical during the 3rd quarter valued at $28,000. Smartleaf Asset Management LLC lifted its stake in BioMarin Pharmaceutical by 92.5% during the 3rd quarter. Smartleaf Asset Management LLC now owns 749 shares of the biotechnology company’s stock valued at $40,000 after acquiring an additional 360 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in BioMarin Pharmaceutical during the 3rd quarter worth $40,000. Finally, Parallel Advisors LLC grew its stake in shares of BioMarin Pharmaceutical by 62.2% in the 3rd quarter. Parallel Advisors LLC now owns 769 shares of the biotechnology company’s stock worth $42,000 after acquiring an additional 295 shares in the last quarter. Institutional investors own 98.71% of the company’s stock.

About BioMarin Pharmaceutical

BioMarin Pharmaceutical Inc is a biopharmaceutical company specializing in the development and commercialization of therapies for rare genetic and metabolic diseases. The company focuses on addressing unmet medical needs by leveraging enzyme replacement therapy, small molecule pharmacological chaperones and gene therapy technologies. Headquartered in Novato, California, BioMarin operates research and development facilities in the United States and Europe.

The company’s commercial portfolio includes several approved therapies targeting inherited disorders.