BioMarin Pharmaceutical (NASDAQ:BMRN) Releases FY 2024 Earnings Guidance

BioMarin Pharmaceutical (NASDAQ:BMRN) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided EPS guidance of 3.100-3.250 for the period, compared to the consensus EPS estimate of 2.870. The company issued revenue guidance of $2.8 billion-$2.8 billion, compared to the consensus revenue estimate of $2.7 billion. BioMarin Pharmaceutical also updated its FY24 guidance to $3.10-3.25 EPS.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Citigroup cut their target price on BioMarin Pharmaceutical from $94.00 to $91.00 and set a neutral rating on the stock in a research note on Thursday, April 25th. Wells Fargo & Company raised their target price on shares of BioMarin Pharmaceutical from $110.00 to $115.00 and gave the company an overweight rating in a research report on Thursday, June 27th. Morgan Stanley cut their price target on shares of BioMarin Pharmaceutical from $115.00 to $112.00 and set an overweight rating on the stock in a research report on Friday, April 26th. Canaccord Genuity Group restated a hold rating and issued a $89.00 price objective on shares of BioMarin Pharmaceutical in a report on Thursday, July 25th. Finally, Baird R W lowered BioMarin Pharmaceutical from a strong-buy rating to a hold rating in a report on Friday, May 17th. Nine investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $102.00.

BioMarin Pharmaceutical Price Performance

NASDAQ BMRN traded down $3.73 on Monday, hitting $80.47. 2,229,636 shares of the company’s stock were exchanged, compared to its average volume of 1,864,912. The stock has a 50-day moving average of $82.53 and a 200-day moving average of $85.06. The stock has a market cap of $15.28 billion, a price-to-earnings ratio of 76.24, a P/E/G ratio of 1.20 and a beta of 0.32. BioMarin Pharmaceutical has a 52 week low of $73.68 and a 52 week high of $99.56. The company has a current ratio of 2.74, a quick ratio of 1.70 and a debt-to-equity ratio of 0.12.

Insider Activity at BioMarin Pharmaceutical

In related news, EVP George Eric Davis sold 40,850 shares of the business’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $74.51, for a total value of $3,043,733.50. Following the sale, the executive vice president now owns 56,157 shares of the company’s stock, valued at $4,184,258.07. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CFO Brian Mueller sold 5,000 shares of the company’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $75.19, for a total transaction of $375,950.00. Following the transaction, the chief financial officer now owns 72,159 shares in the company, valued at $5,425,635.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP George Eric Davis sold 40,850 shares of the stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $74.51, for a total value of $3,043,733.50. Following the completion of the transaction, the executive vice president now owns 56,157 shares in the company, valued at $4,184,258.07. The disclosure for this sale can be found here. Insiders have sold 65,850 shares of company stock valued at $5,052,084 over the last ninety days. 1.85% of the stock is owned by corporate insiders.

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.