BioMarin Pharmaceutical (NASDAQ:BMRN) Issues FY24 Earnings Guidance

BioMarin Pharmaceutical (NASDAQ:BMRN) updated its FY24 earnings guidance on Wednesday. The company provided EPS guidance of $2.75-2.95 for the period, compared to the consensus EPS estimate of $2.59. The company issued revenue guidance of $2.7-2.8 billion, compared to the consensus revenue estimate of $2.75 billion. BioMarin Pharmaceutical also updated its FY 2024 guidance to 2.750-2.950 EPS.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BMRN. Wells Fargo & Company raised their price target on BioMarin Pharmaceutical from $100.00 to $110.00 and gave the stock an overweight rating in a research note on Thursday. Citigroup decreased their target price on BioMarin Pharmaceutical from $94.00 to $91.00 and set a neutral rating for the company in a research report on Thursday. Morgan Stanley decreased their target price on BioMarin Pharmaceutical from $115.00 to $112.00 and set an overweight rating for the company in a research report on Friday. Royal Bank of Canada reaffirmed a sector perform rating and set a $100.00 target price on shares of BioMarin Pharmaceutical in a research report on Friday, February 23rd. Finally, Scotiabank lifted their target price on BioMarin Pharmaceutical from $83.00 to $85.00 and gave the company a sector perform rating in a research report on Thursday. Seven research 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, BioMarin Pharmaceutical has an average rating of Moderate Buy and a consensus price target of $107.50.

BioMarin Pharmaceutical Stock Down 0.7 %

BMRN stock traded down $0.54 on Friday, hitting $81.63. 1,298,692 shares of the company’s stock were exchanged, compared to its average volume of 1,434,695. BioMarin Pharmaceutical has a 12-month low of $76.02 and a 12-month high of $99.56. The firm has a 50 day moving average price of $87.74 and a two-hundred day moving average price of $89.18. 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 market cap of $15.41 billion, a P/E ratio of 76.07, a price-to-earnings-growth ratio of 1.68 and a beta of 0.31.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its 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. BioMarin Pharmaceutical had a return on equity of 5.39% and a net margin of 8.31%. The firm had revenue of $646.21 million for the quarter, compared to the consensus estimate of $639.53 million. During the same period in the previous year, the business earned $0.11 EPS. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. As a group, equities research analysts expect that BioMarin Pharmaceutical will post 1.85 EPS for the current fiscal year.

Insider Buying and Selling at BioMarin Pharmaceutical

In other BioMarin Pharmaceutical news, EVP Jeffrey Robert Ajer sold 4,000 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $87.07, for a total transaction of $348,280.00. Following the sale, the executive vice president now owns 94,047 shares in the company, valued at approximately $8,188,672.29. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CAO Erin Burkhart sold 2,286 shares of the business’s stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $90.00, for a total value of $205,740.00. Following the completion of the transaction, the chief accounting officer now owns 16,156 shares of the company’s stock, valued at approximately $1,454,040. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Jeffrey Robert Ajer sold 4,000 shares of the business’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $87.07, for a total value of $348,280.00. Following the completion of the transaction, the executive vice president now directly owns 94,047 shares of the company’s stock, valued at approximately $8,188,672.29. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 103,229 shares of company stock worth $9,062,967. 1.84% of the stock is currently owned by insiders.

BioMarin Pharmaceutical Company Profile

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.