BioMarin Pharmaceutical (NASDAQ:BMRN) Upgraded at Canaccord Genuity Group

Canaccord Genuity Group upgraded shares of BioMarin Pharmaceutical (NASDAQ:BMRN) from a hold rating to a buy rating in a research note released on Tuesday morning, MarketBeat Ratings reports. The brokerage currently has $98.00 target price on the biotechnology company’s stock, up from their previous target price of $84.00.

A number of other equities analysts have also recently commented on BMRN. Stifel Nicolaus reissued a “hold” rating and issued a $61.00 price target (down previously from $73.00) on shares of BioMarin Pharmaceutical in a research note on Thursday, November 6th. Wolfe Research reaffirmed an “outperform” rating on shares of BioMarin Pharmaceutical in a report on Tuesday, October 28th. Sanford C. Bernstein dropped their price objective on shares of BioMarin Pharmaceutical from $95.00 to $88.00 and set an “outperform” rating for the company in a report on Monday, November 3rd. Wedbush reissued an “outperform” rating and issued a $94.00 target price on shares of BioMarin Pharmaceutical in a research note on Tuesday, October 28th. Finally, Morgan Stanley lowered their price target on BioMarin Pharmaceutical from $104.00 to $98.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 28th. Seventeen analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $90.04.

BioMarin Pharmaceutical Price Performance

BioMarin Pharmaceutical stock opened at $57.18 on Tuesday. The stock has a market cap of $10.98 billion, a price-to-earnings ratio of 21.50, a PEG ratio of 0.62 and a beta of 0.27. The company has a quick ratio of 3.10, a current ratio of 4.83 and a debt-to-equity ratio of 0.10. The business has a 50-day simple moving average of $56.17 and a 200 day simple moving average of $56.03. BioMarin Pharmaceutical has a 52 week low of $50.76 and a 52 week high of $73.51.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings results on Monday, October 27th. The biotechnology company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.20). BioMarin Pharmaceutical had a net margin of 16.82% and a return on equity of 9.53%. The business had revenue of $776.13 million during the quarter, compared to analysts’ expectations of $782.42 million. During the same period in the previous year, the business earned $0.91 EPS. The business’s revenue was up 4.1% on a year-over-year basis. BioMarin Pharmaceutical has set its FY 2025 guidance at 3.500-3.600 EPS. On average, research analysts forecast that BioMarin Pharmaceutical will post 3.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of BMRN. Financiere des Professionnels Fonds d investissement inc. bought a new stake in shares of BioMarin Pharmaceutical in the 3rd quarter worth approximately $1,047,000. Jump Financial LLC increased its position in BioMarin Pharmaceutical by 530.3% during the 2nd quarter. Jump Financial LLC now owns 291,217 shares of the biotechnology company’s stock valued at $16,008,000 after buying an additional 245,017 shares in the last quarter. AQR Capital Management LLC raised its stake in BioMarin Pharmaceutical by 90.7% during the second quarter. AQR Capital Management LLC now owns 5,580,573 shares of the biotechnology company’s stock valued at $306,429,000 after buying an additional 2,654,768 shares during the last quarter. Rice Hall James & Associates LLC boosted its holdings in BioMarin Pharmaceutical by 1,693.1% in the third quarter. Rice Hall James & Associates LLC now owns 103,425 shares of the biotechnology company’s stock worth $5,601,000 after acquiring an additional 97,657 shares in the last quarter. Finally, Covea Finance grew its stake in shares of BioMarin Pharmaceutical by 27.3% in the second quarter. Covea Finance now owns 135,300 shares of the biotechnology company’s stock worth $7,437,000 after acquiring an additional 29,000 shares during the last quarter. Hedge funds and other institutional investors own 98.71% of the company’s stock.

About BioMarin Pharmaceutical

BioMarin Pharmaceutical Inc is a biopharmaceutical company specializing in the development and commercialization of therapies for rare genetic and metabolic diseases. The company focuses on addressing unmet medical needs by leveraging enzyme replacement therapy, small molecule pharmacological chaperones and gene therapy technologies. Headquartered in Novato, California, BioMarin operates research and development facilities in the United States and Europe.

The company’s commercial portfolio includes several approved therapies targeting inherited disorders.