BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target Cut to $84.00 by Analysts at Canaccord Genuity Group

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target decreased by analysts at Canaccord Genuity Group from $93.00 to $84.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a “hold” rating on the biotechnology company’s stock. Canaccord Genuity Group’s target price indicates a potential upside of 23.86% from the stock’s current price.

Several other research analysts have also recently commented on BMRN. StockNews.com upgraded shares of BioMarin Pharmaceutical from a “hold” rating to a “buy” rating in a report on Thursday, August 8th. UBS Group raised their target price on shares of BioMarin Pharmaceutical from $104.00 to $106.00 and gave the stock a “buy” rating in a report on Wednesday. JPMorgan Chase & Co. decreased their target price on shares of BioMarin Pharmaceutical from $110.00 to $109.00 and set an “overweight” rating for the company in a report on Wednesday. TD Cowen decreased their target price on shares of BioMarin Pharmaceutical from $125.00 to $120.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Finally, Piper Sandler raised their target price on shares of BioMarin Pharmaceutical from $107.00 to $122.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. Eight equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat, BioMarin Pharmaceutical currently has a consensus rating of “Moderate Buy” and an average price target of $94.14.

BioMarin Pharmaceutical Price Performance

Shares of NASDAQ:BMRN traded down $2.09 during trading hours on Wednesday, hitting $67.82. 1,511,052 shares of the company’s stock traded hands, compared to its average volume of 1,842,827. BioMarin Pharmaceutical has a 52 week low of $65.78 and a 52 week high of $99.56. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.95 and a current ratio of 3.05. The company’s fifty day simple moving average is $76.60 and its two-hundred day simple moving average is $81.04. The company has a market cap of $12.88 billion, a price-to-earnings ratio of 63.43, a price-to-earnings-growth ratio of 0.81 and a beta of 0.31.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings data on Tuesday, October 29th. The biotechnology company reported $0.55 earnings per share for the quarter, missing the consensus estimate of $0.78 by ($0.23). BioMarin Pharmaceutical had a net margin of 9.91% and a return on equity of 6.91%. The business had revenue of $746.00 million for the quarter, compared to the consensus estimate of $703.37 million. During the same quarter last year, the business posted $0.26 EPS. The business’s revenue for the quarter was up 28.4% on a year-over-year basis. As a group, equities analysts anticipate that BioMarin Pharmaceutical will post 2.39 EPS for the current fiscal year.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Several institutional investors and hedge funds have recently made changes to their positions in the company. Principal Financial Group Inc. raised its holdings in shares of BioMarin Pharmaceutical by 11.6% in the first quarter. Principal Financial Group Inc. now owns 33,159 shares of the biotechnology company’s stock valued at $2,896,000 after buying an additional 3,453 shares during the last quarter. Commonwealth Equity Services LLC raised its holdings in shares of BioMarin Pharmaceutical by 6.6% in the first quarter. Commonwealth Equity Services LLC now owns 7,290 shares of the biotechnology company’s stock valued at $637,000 after buying an additional 454 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of BioMarin Pharmaceutical by 6.5% in the first quarter. Van ECK Associates Corp now owns 142,837 shares of the biotechnology company’s stock valued at $12,475,000 after buying an additional 8,741 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of BioMarin Pharmaceutical by 110.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 108,081 shares of the biotechnology company’s stock valued at $9,834,000 after buying an additional 56,784 shares during the last quarter. Finally, Nordea Investment Management AB raised its holdings in shares of BioMarin Pharmaceutical by 17.9% in the first quarter. Nordea Investment Management AB now owns 13,675 shares of the biotechnology company’s stock valued at $1,207,000 after buying an additional 2,081 shares during the last quarter. Institutional investors and hedge funds 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.