Wedbush Upgrades BioMarin Pharmaceutical (NASDAQ:BMRN) to “Strong-Buy”

BioMarin Pharmaceutical (NASDAQ:BMRN) was upgraded by Wedbush to a “strong-buy” rating in a research report issued on Monday, Zacks.com reports.

Several other equities analysts have also weighed in on BMRN. Royal Bank of Canada reissued a “sector perform” rating and issued a $80.00 price objective on shares of BioMarin Pharmaceutical in a research report on Wednesday, October 30th. Raymond James reaffirmed an “outperform” rating and issued a $79.00 target price on shares of BioMarin Pharmaceutical in a research report on Thursday, October 10th. Stifel Nicolaus lowered their price objective on BioMarin Pharmaceutical from $115.00 to $87.00 and set a “buy” rating on the stock in a research report on Tuesday, September 17th. Truist Financial reduced their target price on shares of BioMarin Pharmaceutical from $118.00 to $90.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. Finally, Bank of America dropped their price objective on shares of BioMarin Pharmaceutical from $130.00 to $115.00 and set a “buy” rating for the company in a research note on Tuesday, September 17th. Seven 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. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $94.16.

BioMarin Pharmaceutical Stock Up 0.0 %

BioMarin Pharmaceutical stock opened at $66.04 on Monday. The company has a debt-to-equity ratio of 0.11, a current ratio of 4.27 and a quick ratio of 2.62. The company’s 50-day moving average is $74.16 and its 200-day moving average is $80.20. The firm has a market capitalization of $12.59 billion, a PE ratio of 39.54, a P/E/G ratio of 0.66 and a beta of 0.31. BioMarin Pharmaceutical has a fifty-two week low of $65.35 and a fifty-two week high of $99.56.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings results on Tuesday, October 29th. The biotechnology company reported $0.55 earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.23). BioMarin Pharmaceutical had a return on equity of 8.53% and a net margin of 11.71%. The business had revenue of $746.00 million for the quarter, compared to analyst estimates of $703.37 million. During the same period last year, the firm earned $0.26 EPS. BioMarin Pharmaceutical’s quarterly revenue was up 28.4% compared to the same quarter last year. Sell-side analysts anticipate that BioMarin Pharmaceutical will post 2.47 earnings per share for the current year.

Institutional Investors Weigh In On BioMarin Pharmaceutical

A number of hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. grew its stake in shares of BioMarin Pharmaceutical by 1,858.6% during the second quarter. Principal Financial Group Inc. now owns 649,460 shares of the biotechnology company’s stock worth $53,470,000 after buying an additional 616,301 shares during the last quarter. Assenagon Asset Management S.A. grew its position in BioMarin Pharmaceutical by 11,107.4% during the 2nd quarter. Assenagon Asset Management S.A. now owns 352,474 shares of the biotechnology company’s stock worth $29,019,000 after acquiring an additional 349,329 shares during the last quarter. Rhumbline Advisers increased its holdings in BioMarin Pharmaceutical by 122.1% in the 2nd quarter. Rhumbline Advisers now owns 551,553 shares of the biotechnology company’s stock worth $45,409,000 after purchasing an additional 303,207 shares in the last quarter. Swedbank AB bought a new position in BioMarin Pharmaceutical in the first quarter valued at about $25,864,000. Finally, Dimensional Fund Advisors LP boosted its stake in shares of BioMarin Pharmaceutical by 38.9% during the second quarter. Dimensional Fund Advisors LP now owns 1,034,457 shares of the biotechnology company’s stock valued at $85,178,000 after purchasing an additional 289,953 shares in the last quarter. 98.71% of the stock is currently owned by institutional investors and hedge funds.

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.