BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) Receives $94.20 Average Price Target from Analysts

Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) have been given an average rating of “Moderate Buy” by the twenty-three ratings firms that are presently covering the stock, MarketBeat.com reports. Seven research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $94.20.

Several brokerages have recently issued reports on BMRN. Barclays reduced their target price on shares of BioMarin Pharmaceutical from $110.00 to $86.00 and set an “overweight” rating on the stock in a research note on Friday, October 4th. Wells Fargo & Company cut their price target on BioMarin Pharmaceutical from $115.00 to $90.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 17th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $80.00 price objective on shares of BioMarin Pharmaceutical in a research note on Wednesday, October 30th. Bank of America cut their target price on BioMarin Pharmaceutical from $130.00 to $115.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. Finally, TD Cowen decreased their target price on BioMarin Pharmaceutical from $125.00 to $120.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th.

BioMarin Pharmaceutical Stock Performance

BMRN stock opened at $65.42 on Monday. The company has a 50 day moving average price of $67.93 and a 200 day moving average price of $78.10. BioMarin Pharmaceutical has a fifty-two week low of $61.15 and a fifty-two week high of $99.56. 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 stock has a market capitalization of $12.47 billion, a PE ratio of 39.17, a price-to-earnings-growth ratio of 0.64 and a beta of 0.31.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its 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). The firm had revenue of $746.00 million for the quarter, compared to the consensus estimate of $703.37 million. BioMarin Pharmaceutical had a return on equity of 8.53% and a net margin of 11.71%. The company’s revenue was up 28.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.26 EPS. Analysts forecast that BioMarin Pharmaceutical will post 2.49 EPS for the current year.

Insider Transactions at BioMarin Pharmaceutical

In other news, EVP Charles Greg Guyer sold 5,278 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $66.37, for a total transaction of $350,300.86. Following the sale, the executive vice president now owns 68,909 shares in the company, valued at $4,573,490.33. This represents a 7.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 1.85% of the stock is owned by insiders.

Hedge Funds Weigh In On BioMarin Pharmaceutical

A number of institutional investors have recently added to or reduced their stakes in the company. Erste Asset Management GmbH acquired a new position in shares of BioMarin Pharmaceutical during the 3rd quarter worth about $48,527,000. Principal Financial Group Inc. increased its position in 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. Vestal Point Capital LP bought a new stake in BioMarin Pharmaceutical in the third quarter valued at approximately $28,116,000. Assenagon Asset Management S.A. lifted its position in shares of BioMarin Pharmaceutical by 11,107.4% in the second quarter. Assenagon Asset Management S.A. now owns 352,474 shares of the biotechnology company’s stock valued at $29,019,000 after buying an additional 349,329 shares during the last quarter. Finally, Clearline Capital LP acquired a new stake in shares of BioMarin Pharmaceutical in the third quarter valued at approximately $22,477,000. 98.71% of the stock is currently owned by institutional investors and hedge funds.

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.