Bank of America Cuts BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $115.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price objective decreased by Bank of America from $130.00 to $115.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. Bank of America‘s price objective suggests a potential upside of 64.61% from the company’s previous close.

Other equities research analysts also recently issued research reports about the company. Scotiabank lifted their price objective on BioMarin Pharmaceutical from $86.00 to $95.00 and gave the company a “sector perform” rating in a research report on Thursday, September 5th. StockNews.com upgraded BioMarin Pharmaceutical from a “hold” rating to a “buy” rating in a report on Thursday, August 8th. Wells Fargo & Company increased their price objective on shares of BioMarin Pharmaceutical from $110.00 to $115.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Evercore ISI boosted their target price on shares of BioMarin Pharmaceutical from $113.00 to $115.00 and gave the company an “outperform” rating in a report on Tuesday, August 6th. Finally, Canaccord Genuity Group reaffirmed a “hold” rating and set a $93.00 price target on shares of BioMarin Pharmaceutical in a research report on Friday. Eight equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, BioMarin Pharmaceutical currently has a consensus rating of “Moderate Buy” and a consensus target price of $104.15.

BioMarin Pharmaceutical Price Performance

Shares of NASDAQ:BMRN opened at $69.86 on Tuesday. 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 business’s fifty day moving average price is $86.58 and its two-hundred day moving average price is $84.71. The stock has a market cap of $13.27 billion, a PE ratio of 65.29, a price-to-earnings-growth ratio of 1.03 and a beta of 0.32. BioMarin Pharmaceutical has a one year low of $69.60 and a one year high of $99.56.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings data on Monday, August 5th. The biotechnology company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.39. BioMarin Pharmaceutical had a net margin of 9.91% and a return on equity of 6.91%. The business had revenue of $712.03 million during the quarter, compared to analyst estimates of $660.51 million. On average, analysts forecast that BioMarin Pharmaceutical will post 2.4 EPS for the current fiscal year.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Several hedge funds have recently modified their holdings of the stock. Primecap Management Co. CA raised its position in shares of 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 purchasing an additional 76,190 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of BioMarin Pharmaceutical by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 18,117,108 shares of the biotechnology company’s stock valued at $1,582,348,000 after purchasing an additional 67,046 shares in the last quarter. Capital Research Global Investors lifted its position in shares of BioMarin Pharmaceutical by 79.0% during the fourth quarter. Capital Research Global Investors now owns 10,774,641 shares of the biotechnology company’s stock worth $1,038,907,000 after purchasing an additional 4,756,671 shares during the last quarter. Avoro Capital Advisors LLC grew 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 worth $375,212,000 after buying an additional 192,416 shares during the last quarter. Finally, Norges Bank acquired a new stake in BioMarin Pharmaceutical in the fourth quarter worth $324,098,000. 98.71% of the stock is currently owned by hedge funds and other 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.