BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target Cut to $85.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price objective decreased by equities researchers at Royal Bank of Canada from $100.00 to $85.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has a “sector perform” rating on the biotechnology company’s stock. Royal Bank of Canada’s target price suggests a potential upside of 21.67% from the company’s current price.

Several other equities analysts have also recently issued reports on BMRN. Wells Fargo & Company lifted their price objective on BioMarin Pharmaceutical from $110.00 to $115.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Bank of America dropped their price target on BioMarin Pharmaceutical from $130.00 to $115.00 and set a “buy” rating for the company in a research report on Tuesday. JPMorgan Chase & Co. raised their price target on BioMarin Pharmaceutical from $111.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. Piper Sandler raised their price target on BioMarin Pharmaceutical from $107.00 to $122.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. Finally, Evercore ISI raised their price target on BioMarin Pharmaceutical from $113.00 to $115.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 6th. Eight research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $103.40.

BioMarin Pharmaceutical Stock Performance

BioMarin Pharmaceutical stock remained flat at $69.86 during mid-day trading on Tuesday. The company’s stock had a trading volume of 439,481 shares, compared to its average volume of 1,877,680. BioMarin Pharmaceutical has a 52 week low of $68.83 and a 52 week high of $99.56. The stock has a fifty day moving average price of $86.58 and a 200-day moving average price of $84.71. The company has a current ratio of 3.05, a quick ratio of 1.95 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $13.27 billion, a price-to-earnings ratio of 64.78, a PEG ratio of 1.03 and a beta of 0.32.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings results on Monday, August 5th. The biotechnology company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.38 by $0.39. The business had revenue of $712.03 million during the quarter, compared to analysts’ expectations of $660.51 million. BioMarin Pharmaceutical had a return on equity of 6.91% and a net margin of 9.91%. As a group, equities research analysts anticipate that BioMarin Pharmaceutical will post 2.4 EPS for the current year.

Institutional Investors Weigh In On BioMarin Pharmaceutical

A number of hedge funds have recently bought and sold shares of BMRN. Primecap Management Co. CA grew its holdings in BioMarin Pharmaceutical by 0.4% in the 2nd quarter. Primecap Management Co. CA now owns 18,790,085 shares of the biotechnology company’s stock valued at $1,546,988,000 after buying an additional 76,190 shares during the last quarter. Vanguard Group Inc. increased its position in BioMarin Pharmaceutical by 0.4% during the first quarter. Vanguard Group Inc. now owns 18,117,108 shares of the biotechnology company’s stock worth $1,582,348,000 after acquiring an additional 67,046 shares during the period. Capital Research Global Investors raised its stake in BioMarin Pharmaceutical by 79.0% during the 4th quarter. Capital Research Global Investors now owns 10,774,641 shares of the biotechnology company’s stock valued at $1,038,907,000 after purchasing an additional 4,756,671 shares during the last quarter. Avoro Capital Advisors LLC raised its stake in BioMarin Pharmaceutical by 4.4% during the 2nd quarter. Avoro Capital Advisors LLC now owns 4,557,416 shares of the biotechnology company’s stock valued at $375,212,000 after purchasing an additional 192,416 shares during the last quarter. Finally, Norges Bank bought a new stake in BioMarin Pharmaceutical in the 4th quarter valued at $324,098,000. 98.71% of the stock is currently 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.