BioMarin Pharmaceutical (NASDAQ:BMRN) Given New $89.00 Price Target at Canaccord Genuity Group

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price objective decreased by Canaccord Genuity Group from $91.00 to $89.00 in a report released on Friday, Benzinga reports. The brokerage currently has a “hold” rating on the biotechnology company’s stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 8.31% from the company’s previous close.

A number of other equities research analysts also recently weighed in on BMRN. Wells Fargo & Company lifted their target price on BioMarin Pharmaceutical from $100.00 to $110.00 and gave the stock an “overweight” rating in a research report on Thursday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $110.00 price objective on shares of BioMarin Pharmaceutical in a report on Thursday. Scotiabank lifted their price objective on BioMarin Pharmaceutical from $83.00 to $85.00 and gave the company a “sector perform” rating in a report on Thursday. Citigroup decreased their price objective on BioMarin Pharmaceutical from $94.00 to $91.00 and set a “neutral” rating on the stock in a report on Thursday. Finally, Piper Sandler decreased their price objective on BioMarin Pharmaceutical from $115.00 to $107.00 and set an “overweight” rating on the stock in a report on Friday, February 23rd. Seven equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $107.78.

BioMarin Pharmaceutical Trading Down 9.9 %

BioMarin Pharmaceutical stock opened at $82.17 on Friday. BioMarin Pharmaceutical has a 52 week low of $76.02 and a 52 week high of $99.56. The firm has a market capitalization of $15.51 billion, a PE ratio of 76.80, a PEG ratio of 1.68 and a beta of 0.31. The business’s 50-day simple moving average is $87.74 and its 200-day simple moving average is $89.18. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.57 and a current ratio of 2.51.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its earnings results on Thursday, February 22nd. The biotechnology company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates 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 period last year, the business earned $0.11 earnings per share. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. Equities research analysts forecast that BioMarin Pharmaceutical will post 1.85 earnings per share for the current year.

Insider Transactions at BioMarin Pharmaceutical

In related news, insider Henry J. Fuchs sold 35,341 shares of the firm’s stock in a transaction dated 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 directly owns 212,117 shares in the company, valued at approximately $18,068,126.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Jean Jacques Bienaime sold 20,000 shares of BioMarin Pharmaceutical 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 completion of the sale, the director now directly owns 474,994 shares in the company, valued at $43,347,952.44. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Henry J. Fuchs sold 35,341 shares of BioMarin Pharmaceutical stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $85.18, for a total transaction 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 disclosure for this sale can be found here. Insiders sold a total of 103,229 shares of company stock worth $9,062,967 in the last three months. Insiders own 1.84% of the company’s stock.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Hedge funds and other institutional investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC increased its stake in BioMarin Pharmaceutical by 7,368.7% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 60,571 shares of the biotechnology company’s stock valued at $5,840,000 after acquiring an additional 59,760 shares during the last quarter. EFG Asset Management North America Corp. grew its stake in shares of BioMarin Pharmaceutical by 44.9% in the third quarter. EFG Asset Management North America Corp. now owns 67,322 shares of the biotechnology company’s stock worth $5,957,000 after purchasing an additional 20,874 shares during the last quarter. International Assets Investment Management LLC bought a new stake in shares of BioMarin Pharmaceutical in the fourth quarter worth $3,598,000. FMR LLC grew its stake in shares of BioMarin Pharmaceutical by 30.4% in the third quarter. FMR LLC now owns 713,797 shares of the biotechnology company’s stock worth $63,157,000 after purchasing an additional 166,219 shares during the last quarter. Finally, Nordea Investment Management AB lifted its holdings in BioMarin Pharmaceutical by 4.9% in the fourth quarter. Nordea Investment Management AB now owns 11,594 shares of the biotechnology company’s stock valued at $1,121,000 after buying an additional 544 shares during the period. 98.71% of the stock is currently 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.