BioMarin Pharmaceutical (NASDAQ:BMRN) Rating Reiterated by Canaccord Genuity Group

BioMarin Pharmaceutical (NASDAQ:BMRN)‘s stock had its “hold” rating reaffirmed by research analysts at Canaccord Genuity Group in a research note issued on Friday, Benzinga reports. They presently have a $93.00 price objective on the biotechnology company’s stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 10.15% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. Robert W. Baird downgraded shares of BioMarin Pharmaceutical from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $104.00 to $72.00 in a research note on Friday, May 17th. Piper Sandler lifted their price target on shares of BioMarin Pharmaceutical from $107.00 to $122.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. Truist Financial decreased their price target on shares of BioMarin Pharmaceutical from $140.00 to $118.00 and set a “buy” rating for the company in a research note on Thursday, September 5th. TD Cowen decreased their price target on shares of BioMarin Pharmaceutical from $125.00 to $120.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $110.00 price target on shares of BioMarin Pharmaceutical in a research note on Monday. Eight equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $106.30.

BioMarin Pharmaceutical Trading Up 0.1 %

BMRN traded up $0.05 on Friday, hitting $84.43. The company had a trading volume of 477,327 shares, compared to its average volume of 1,832,585. The company has a market cap of $16.03 billion, a PE ratio of 78.91, a PEG ratio of 1.03 and a beta of 0.32. BioMarin Pharmaceutical has a 12-month low of $73.68 and a 12-month high of $99.56. The company has a quick ratio of 1.95, a current ratio of 3.05 and a debt-to-equity ratio of 0.11. The business’s fifty day simple moving average is $86.77 and its 200 day simple moving average is $84.92.

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

Institutional Investors Weigh In On BioMarin Pharmaceutical

Institutional investors have recently modified their holdings of the company. Capital Research Global Investors increased its stake in BioMarin Pharmaceutical by 79.0% in the fourth 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 period. Norges Bank acquired a new position in BioMarin Pharmaceutical in the fourth quarter valued at $324,098,000. Principal Financial Group Inc. increased its stake in BioMarin Pharmaceutical by 1,858.6% in the second quarter. Principal Financial Group Inc. now owns 649,460 shares of the biotechnology company’s stock valued at $53,470,000 after purchasing an additional 616,301 shares during the period. Avoro Capital Advisors LLC increased its stake in BioMarin Pharmaceutical by 11.7% in the fourth quarter. Avoro Capital Advisors LLC now owns 4,300,000 shares of the biotechnology company’s stock valued at $414,606,000 after purchasing an additional 450,000 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its stake in BioMarin Pharmaceutical by 33.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,605,983 shares of the biotechnology company’s stock valued at $154,850,000 after purchasing an additional 401,152 shares during the period. 98.71% of the stock is owned by hedge funds and other institutional investors.

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.