BioMarin Pharmaceutical (BMRN) Set to Announce Earnings on Wednesday

BioMarin Pharmaceutical (NASDAQ:BMRN) is scheduled to post its quarterly earnings results after the market closes on Wednesday, April 24th. Analysts expect BioMarin Pharmaceutical to post earnings of $0.60 per share for the quarter. BioMarin Pharmaceutical has set its FY24 guidance at $2.60-2.80 EPS and its FY 2024 guidance at 2.600-2.800 EPS.Individual that are interested in registering for the company’s earnings conference call can do so using this link.

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 company had revenue of $646.21 million during the quarter, compared to the consensus estimate of $639.53 million. BioMarin Pharmaceutical had a return on equity of 5.01% and a net margin of 6.93%. BioMarin Pharmaceutical’s revenue was up 20.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.11 earnings per share. On average, analysts expect BioMarin Pharmaceutical to post $2 EPS for the current fiscal year and $3 EPS for the next fiscal year.

BioMarin Pharmaceutical Stock Performance

BioMarin Pharmaceutical stock opened at $90.87 on Wednesday. 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 stock has a fifty day moving average of $87.55 and a two-hundred day moving average of $89.10. The company has a market capitalization of $17.15 billion, a price-to-earnings ratio of 103.26, a PEG ratio of 1.76 and a beta of 0.31. BioMarin Pharmaceutical has a fifty-two week low of $76.02 and a fifty-two week high of $100.38.

Analyst Ratings Changes

Several research firms have weighed in on BMRN. Royal Bank of Canada reissued a “sector perform” rating and set a $100.00 price target on shares of BioMarin Pharmaceutical in a research report on Friday, February 23rd. 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 research report on Friday, February 23rd. Canaccord Genuity Group reissued a “hold” rating and set a $91.00 price target on shares of BioMarin Pharmaceutical in a research report on Thursday, February 29th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $100.00 price objective on shares of BioMarin Pharmaceutical in a research report on Friday, February 23rd. Finally, Robert W. Baird lowered their price objective on BioMarin Pharmaceutical from $127.00 to $104.00 and set an “outperform” rating for the company in a research report on Tuesday, January 30th. Seven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $107.61.

Insiders Place Their Bets

In other news, CAO Erin Burkhart sold 2,286 shares of BioMarin Pharmaceutical stock in a transaction dated Wednesday, April 10th. The stock was 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 of the company’s stock, valued at $1,454,040. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CAO Erin Burkhart sold 2,286 shares of BioMarin Pharmaceutical stock in a transaction dated Wednesday, April 10th. The stock was 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 of the company’s stock, valued at $1,454,040. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Jean Jacques Bienaime sold 20,000 shares of the business’s stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $91.26, for a total value of $1,825,200.00. Following the completion of the sale, the director now directly owns 474,994 shares of the company’s stock, valued at $43,347,952.44. The disclosure for this sale can be found here. Insiders have sold a total of 103,229 shares of company stock worth $9,062,967 over the last quarter. 1.84% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On BioMarin Pharmaceutical

Several institutional investors have recently made changes to their positions in the stock. SageView Advisory Group LLC bought a new position in shares of BioMarin Pharmaceutical during the fourth quarter valued at approximately $264,000. Public Employees Retirement System of Ohio boosted its position in shares of BioMarin Pharmaceutical by 0.8% during the fourth quarter. Public Employees Retirement System of Ohio now owns 85,749 shares of the biotechnology company’s stock worth $8,268,000 after buying an additional 722 shares during the period. Virtus ETF Advisers LLC boosted its position in shares of BioMarin Pharmaceutical by 3.8% during the fourth quarter. Virtus ETF Advisers LLC now owns 3,342 shares of the biotechnology company’s stock worth $322,000 after buying an additional 121 shares during the period. Legal & General Group Plc boosted its position in shares of BioMarin Pharmaceutical by 14.3% during the fourth quarter. Legal & General Group Plc now owns 1,390,526 shares of the biotechnology company’s stock worth $134,075,000 after buying an additional 173,874 shares during the period. Finally, Vanguard Group Inc. boosted its position in shares of BioMarin Pharmaceutical by 2.0% during the fourth quarter. Vanguard Group Inc. now owns 18,050,062 shares of the biotechnology company’s stock worth $1,740,387,000 after buying an additional 348,852 shares during the period. 98.71% of the stock is owned by 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.