Royal Bank of Canada Reaffirms Sector Perform Rating for BioMarin Pharmaceutical (NASDAQ:BMRN)

BioMarin Pharmaceutical (NASDAQ:BMRN)‘s stock had its “sector perform” rating reaffirmed by equities researchers at Royal Bank of Canada in a note issued to investors on Thursday,Benzinga reports. They presently have a $70.00 price target on the biotechnology company’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 1.66% from the company’s current price.

BMRN has been the subject of a number of other reports. UBS Group boosted their price target on shares of BioMarin Pharmaceutical from $109.00 to $113.00 and gave the company a “buy” rating in a research report on Thursday. Bank of America boosted their target price on BioMarin Pharmaceutical from $99.00 to $103.00 and gave the company a “buy” rating in a report on Thursday. Canaccord Genuity Group cut their price target on BioMarin Pharmaceutical from $93.00 to $84.00 and set a “hold” rating on the stock in a research report on Wednesday, October 30th. William Blair downgraded BioMarin Pharmaceutical from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. cut their target price on shares of BioMarin Pharmaceutical from $110.00 to $109.00 and set an “overweight” rating on the stock in a report on Wednesday, October 30th. Seven research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $93.65.

BioMarin Pharmaceutical Stock Up 5.0 %

Shares of BMRN traded up $3.25 during mid-day trading on Thursday, reaching $68.86. The company’s stock had a trading volume of 1,587,377 shares, compared to its average volume of 1,507,363. The company has a debt-to-equity ratio of 0.11, a current ratio of 4.27 and a quick ratio of 2.62. BioMarin Pharmaceutical has a 12-month low of $60.63 and a 12-month high of $94.85. The stock has a market cap of $13.12 billion, a PE ratio of 41.31, a price-to-earnings-growth ratio of 0.57 and a beta of 0.28. The company’s 50 day moving average is $64.79 and its 200 day moving average is $71.06.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings results on Wednesday, February 19th. The biotechnology company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.54 by $0.18. The company had revenue of $747.31 million for the quarter, compared to analyst estimates of $711.05 million. BioMarin Pharmaceutical had a net margin of 11.71% and a return on equity of 8.53%. Equities analysts anticipate that BioMarin Pharmaceutical will post 2.5 EPS for the current fiscal year.

Hedge Funds Weigh In On BioMarin Pharmaceutical

A number of large investors have recently modified their holdings of the business. Oregon Public Employees Retirement Fund boosted its stake in shares of BioMarin Pharmaceutical by 0.4% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 38,738 shares of the biotechnology company’s stock valued at $2,546,000 after buying an additional 164 shares in the last quarter. Fifth Third Bancorp lifted its holdings in BioMarin Pharmaceutical by 13.9% in the fourth quarter. Fifth Third Bancorp now owns 1,351 shares of the biotechnology company’s stock valued at $89,000 after acquiring an additional 165 shares during the period. Tokio Marine Asset Management Co. Ltd. boosted its position in shares of BioMarin Pharmaceutical by 0.8% during the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 21,105 shares of the biotechnology company’s stock worth $1,483,000 after purchasing an additional 173 shares in the last quarter. Advisors Asset Management Inc. grew its stake in shares of BioMarin Pharmaceutical by 1.6% during the 3rd quarter. Advisors Asset Management Inc. now owns 11,451 shares of the biotechnology company’s stock worth $805,000 after purchasing an additional 180 shares during the period. Finally, Freedom Investment Management Inc. increased its holdings in shares of BioMarin Pharmaceutical by 3.8% in the 4th quarter. Freedom Investment Management Inc. now owns 5,022 shares of the biotechnology company’s stock valued at $330,000 after purchasing an additional 184 shares in the last quarter. 98.71% of the stock is 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.