Scotiabank Boosts BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $85.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price objective raised by Scotiabank from $83.00 to $85.00 in a research note released on Thursday morning, Benzinga reports. Scotiabank currently has a sector perform rating on the biotechnology company’s stock.

Other analysts have also recently issued reports about the company. Robert W. Baird lowered their target price on BioMarin Pharmaceutical from $127.00 to $104.00 and set an outperform rating on the stock in a research report on Tuesday, January 30th. Cantor Fitzgerald restated an overweight rating and issued a $110.00 target price on shares of BioMarin Pharmaceutical in a research report on Thursday. Canaccord Genuity Group restated a hold rating and issued a $91.00 target price on shares of BioMarin Pharmaceutical in a research report on Thursday, February 29th. Wells Fargo & Company raised their target price on BioMarin Pharmaceutical from $100.00 to $110.00 and gave the company an overweight rating in a research report on Thursday. Finally, Royal Bank of Canada restated a sector perform rating and issued a $100.00 target price on shares of BioMarin Pharmaceutical in a research report on Friday, February 23rd. Seven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, BioMarin Pharmaceutical has a consensus rating of Moderate Buy and an average price target of $107.50.

BioMarin Pharmaceutical Trading Down 1.5 %

Shares of NASDAQ BMRN opened at $80.91 on Thursday. The company has a market cap of $15.27 billion, a price-to-earnings ratio of 75.62, a price-to-earnings-growth ratio of 1.51 and a beta of 0.31. BioMarin Pharmaceutical has a 12-month low of $76.02 and a 12-month high of $99.56. The company has a current ratio of 2.51, a quick ratio of 1.57 and a debt-to-equity ratio of 0.12. The stock’s 50 day simple moving average is $87.58 and its 200 day simple moving average is $89.14.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced 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 return on equity of 5.39% and a net margin of 8.31%. The business had revenue of $646.21 million for the quarter, compared to the consensus estimate of $639.53 million. During the same quarter last year, the business posted $0.11 EPS. The business’s revenue was up 20.2% on a year-over-year basis. Equities research analysts expect that BioMarin Pharmaceutical will post 1.85 EPS for the current year.

Insider Buying and Selling

In related news, insider Henry J. Fuchs sold 35,341 shares of BioMarin Pharmaceutical stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $85.18, for a total value of $3,010,346.38. Following the transaction, the insider now directly owns 212,117 shares in the company, valued at approximately $18,068,126.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Jeffrey Robert Ajer sold 4,000 shares of the firm’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $87.07, for a total value of $348,280.00. Following the completion of the sale, the executive vice president now owns 94,047 shares of the company’s stock, valued at $8,188,672.29. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Henry J. Fuchs sold 35,341 shares of the firm’s stock in a transaction on Tuesday, March 5th. The stock was 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 directly owns 212,117 shares of the company’s stock, valued at approximately $18,068,126.06. The disclosure for this sale can be found here. Insiders have sold 103,229 shares of company stock worth $9,062,967 in the last three months. 1.84% of the stock is currently owned by insiders.

Institutional Trading of BioMarin Pharmaceutical

Several hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of BioMarin Pharmaceutical by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 18,050,062 shares of the biotechnology company’s stock worth $1,740,387,000 after buying an additional 348,852 shares during the period. Capital Research Global Investors boosted its position in BioMarin Pharmaceutical by 79.0% during 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 last quarter. Barclays PLC boosted its position in BioMarin Pharmaceutical by 31.6% during the third quarter. Barclays PLC now owns 5,573,157 shares of the biotechnology company’s stock valued at $493,111,000 after purchasing an additional 1,336,886 shares during the last quarter. Ameriprise Financial Inc. boosted its position in BioMarin Pharmaceutical by 5.6% during the third quarter. Ameriprise Financial Inc. now owns 5,163,949 shares of the biotechnology company’s stock valued at $456,906,000 after purchasing an additional 275,436 shares during the last quarter. Finally, Avoro Capital Advisors LLC boosted its position in BioMarin Pharmaceutical by 11.7% during 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 last quarter. Institutional investors and hedge funds own 98.71% of the company’s stock.

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.