Citigroup Cuts BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $91.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its target price lowered by Citigroup from $94.00 to $91.00 in a research note published on Thursday, Benzinga reports. The brokerage currently has a neutral rating on the biotechnology company’s stock.

Several other equities research analysts have also recently issued reports on BMRN. Canaccord Genuity Group reaffirmed a hold rating and set a $91.00 price target on shares of BioMarin Pharmaceutical in a research note on Thursday, February 29th. Royal Bank of Canada reaffirmed a sector perform rating and set a $100.00 price target on shares of BioMarin Pharmaceutical in a research note on Friday, February 23rd. Wells Fargo & Company raised their price target on shares of BioMarin Pharmaceutical from $100.00 to $110.00 and gave the stock an overweight rating in a research note on Thursday. Piper Sandler decreased their price target on shares of BioMarin Pharmaceutical from $115.00 to $107.00 and set an overweight rating on the stock in a research note on Friday, February 23rd. Finally, Scotiabank increased their price objective on shares of BioMarin Pharmaceutical from $83.00 to $85.00 and gave the stock a sector perform rating in a report on Thursday. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $107.50.

BioMarin Pharmaceutical Price Performance

Shares of NASDAQ BMRN opened at $80.91 on Thursday. The stock has a market cap of $15.27 billion, a price-to-earnings ratio of 75.62, a PEG ratio of 1.51 and a beta of 0.31. BioMarin Pharmaceutical has a 52 week low of $76.02 and a 52 week high of $99.56. The company’s 50-day moving average price is $87.58 and its 200 day moving average price is $89.14. The company has a current ratio of 2.51, a quick ratio of 1.57 and a debt-to-equity ratio of 0.12.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings results on Thursday, February 22nd. The biotechnology company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.05. BioMarin Pharmaceutical had a net margin of 8.31% and a return on equity of 5.39%. The company had revenue of $646.21 million for the quarter, compared to analysts’ expectations of $639.53 million. During the same period last year, the company earned $0.11 EPS. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, research analysts forecast that BioMarin Pharmaceutical will post 1.85 earnings per share for the current fiscal year.

Insider Activity at BioMarin Pharmaceutical

In related news, Director Jean Jacques Bienaime sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, April 12th. The shares were sold at an average price of $91.26, for a total value of $1,825,200.00. Following the transaction, the director now owns 474,994 shares in the company, valued at $43,347,952.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other BioMarin Pharmaceutical news, insider Henry J. Fuchs sold 35,341 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $85.18, for a total value of $3,010,346.38. Following the completion of the sale, the insider now owns 212,117 shares of the company’s stock, valued at $18,068,126.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jean Jacques Bienaime sold 20,000 shares of the stock in a transaction that occurred on Friday, April 12th. The shares were sold at an average price of $91.26, for a total transaction of $1,825,200.00. Following the completion of the sale, the director now directly owns 474,994 shares of the company’s stock, valued at approximately $43,347,952.44. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 103,229 shares of company stock worth $9,062,967. Company insiders own 1.84% of the company’s stock.

Institutional Trading of BioMarin Pharmaceutical

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in BioMarin Pharmaceutical by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 18,050,062 shares of the biotechnology company’s stock valued at $1,740,387,000 after acquiring an additional 348,852 shares in the last quarter. Capital Research Global Investors grew its position 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 acquiring an additional 4,756,671 shares in the last quarter. Barclays PLC grew its position in BioMarin Pharmaceutical by 31.6% in the third quarter. Barclays PLC now owns 5,573,157 shares of the biotechnology company’s stock valued at $493,111,000 after acquiring an additional 1,336,886 shares in the last quarter. Ameriprise Financial Inc. grew its position in BioMarin Pharmaceutical by 5.6% in the third quarter. Ameriprise Financial Inc. now owns 5,163,949 shares of the biotechnology company’s stock valued at $456,906,000 after acquiring an additional 275,436 shares in the last quarter. Finally, Avoro Capital Advisors LLC grew its position 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 acquiring an additional 450,000 shares in the last quarter. Institutional investors and hedge funds own 98.71% of the company’s stock.

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.