BioMarin Pharmaceutical’s (BMRN) Overweight Rating Reaffirmed at Cantor Fitzgerald

BioMarin Pharmaceutical (NASDAQ:BMRN)‘s stock had its “overweight” rating reissued by equities researchers at Cantor Fitzgerald in a research note issued to investors on Thursday, Benzinga reports. They currently have a $110.00 price target on the biotechnology company’s stock. Cantor Fitzgerald’s price target points to a potential upside of 34.47% from the company’s previous close.

A number of other research firms have also weighed in on BMRN. Canaccord Genuity Group reissued a “hold” rating and issued a $91.00 target price on shares of BioMarin Pharmaceutical in a report on Thursday, February 29th. Wells Fargo & Company raised their target price on shares of BioMarin Pharmaceutical from $100.00 to $110.00 and gave the company an “overweight” rating in a report on Thursday. Robert W. Baird cut their target price on shares of BioMarin Pharmaceutical from $127.00 to $104.00 and set an “outperform” rating for the company in a report on Tuesday, January 30th. Piper Sandler cut their target price on shares of BioMarin Pharmaceutical from $115.00 to $107.00 and set an “overweight” rating for the company in a report on Friday, February 23rd. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $100.00 target price on shares of BioMarin Pharmaceutical in a report on Friday, February 23rd. Seven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $108.72.

BioMarin Pharmaceutical Stock Performance

NASDAQ BMRN traded down $9.40 on Thursday, reaching $81.80. 3,567,889 shares of the stock were exchanged, compared to its average volume of 1,376,624. The firm has a market capitalization of $15.44 billion, a PE ratio of 93.36, a PEG ratio of 1.70 and a beta of 0.31. 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 has a one year low of $76.02 and a one year high of $99.56. The company’s 50-day simple moving average is $87.86 and its two-hundred day simple moving average is $89.23.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings data on Thursday, February 22nd. The biotechnology company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.05. The firm had revenue of $646.21 million for the quarter, compared to analysts’ expectations of $639.53 million. BioMarin Pharmaceutical had a net margin of 6.93% and a return on equity of 5.01%. The company’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.11 earnings per share. Analysts expect that BioMarin Pharmaceutical will post 1.85 EPS for the current fiscal year.

Insiders Place Their Bets

In other BioMarin Pharmaceutical news, insider Henry J. Fuchs sold 35,341 shares of the company’s stock in a transaction that occurred 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 sale, the insider now owns 212,117 shares in the company, valued at approximately $18,068,126.06. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider Henry J. Fuchs sold 35,341 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $85.18, for a total transaction of $3,010,346.38. Following the completion of the transaction, the insider now directly owns 212,117 shares of the company’s stock, valued at approximately $18,068,126.06. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Jean Jacques Bienaime sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $85.51, for a total value of $85,510.00. Following the transaction, the director now directly owns 561,203 shares of the company’s stock, valued at $47,988,468.53. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 103,229 shares of company stock worth $9,062,967. Corporate insiders own 1.84% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in BMRN. KB Financial Partners LLC raised its stake in BioMarin Pharmaceutical by 51.3% in the 3rd quarter. KB Financial Partners LLC now owns 348 shares of the biotechnology company’s stock valued at $31,000 after purchasing an additional 118 shares during the last quarter. Lindbrook Capital LLC increased its stake in shares of BioMarin Pharmaceutical by 259.8% in the 4th quarter. Lindbrook Capital LLC now owns 385 shares of the biotechnology company’s stock worth $37,000 after acquiring an additional 278 shares during the last quarter. Castleview Partners LLC acquired a new stake in shares of BioMarin Pharmaceutical in the 3rd quarter worth $35,000. Benjamin F. Edwards & Company Inc. increased its stake in shares of BioMarin Pharmaceutical by 135.3% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 433 shares of the biotechnology company’s stock worth $42,000 after acquiring an additional 249 shares during the last quarter. Finally, Jones Financial Companies Lllp acquired a new stake in shares of BioMarin Pharmaceutical in the 4th quarter worth $43,000. 98.71% of the stock is owned by institutional investors and hedge funds.

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.