BioMarin Pharmaceutical (NASDAQ:BMRN) Given New $103.00 Price Target at Morgan Stanley

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price objective trimmed by Morgan Stanley from $119.00 to $103.00 in a research note released on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the biotechnology company’s stock.

A number of other brokerages have also weighed in on BMRN. William Blair upgraded BioMarin Pharmaceutical to a “hold” rating in a research note on Wednesday, September 23rd. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of BioMarin Pharmaceutical in a research report on Tuesday, November 3rd. JPMorgan Chase & Co. decreased their price objective on shares of BioMarin Pharmaceutical from $87.00 to $86.00 and set an “overweight” rating for the company in a research report on Wednesday, November 4th. Raymond James Financial upgraded shares of BioMarin Pharmaceutical from an “outperform” rating to a “strong-buy” rating and set a $109.00 target price for the company in a research note on Monday, October 12th. Finally, HC Wainwright reiterated a “neutral” rating and issued a $60.00 target price on shares of BioMarin Pharmaceutical in a research note on Tuesday, November 3rd. Three research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $87.22.

BioMarin Pharmaceutical Stock Up 0.9%

BioMarin Pharmaceutical stock opened at $57.23 on Friday. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.44 and a quick ratio of 1.32. The stock has a market capitalization of $11.09 billion, a price-to-earnings ratio of 31.85, a PEG ratio of 0.76 and a beta of 0.21. BioMarin Pharmaceutical has a 1-year low of $49.26 and a 1-year high of $70.98. The business has a fifty day moving average price of $58.86 and a 200-day moving average price of $58.48.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its earnings results on Monday, November 2nd. The biotechnology company reported $0.23 earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.28. BioMarin Pharmaceutical had a positive return on equity of 5.58% and a negative net margin of 0.52%. The firm had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.02 billion. During the same period in the previous year, the business earned $0.12 EPS. The firm’s revenue for the quarter was up 32.0% on a year-over-year basis. Equities research analysts forecast that BioMarin Pharmaceutical will post 2.20 EPS for the current fiscal year.

Institutional Trading of BioMarin Pharmaceutical

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BMRN. Primecap Management Co. CA acquired a new stake in BioMarin Pharmaceutical during the 2nd quarter worth about $811,962,000. Caisse de depot et placement du Quebec purchased a new position in shares of BioMarin Pharmaceutical during the 2nd quarter valued at about $70,749,000. Bank of New York Mellon Corp acquired a new position in shares of BioMarin Pharmaceutical in the 2nd quarter valued at about $66,107,000. Edmond DE Rothschild Holding S.A. acquired a new position in shares of BioMarin Pharmaceutical in the 2nd quarter valued at about $39,312,000. Finally, Palo Alto Investors LP acquired a new position in shares of BioMarin Pharmaceutical in the 2nd quarter valued at about $39,068,500. Institutional investors and hedge funds own 98.71% of the company’s stock.

About BioMarin Pharmaceutical

BioMarin Pharmaceutical is a biotechnology company focused on developing and commercializing medicines for people with rare genetic diseases. Its work includes research, clinical development, manufacturing and distribution of therapies for conditions that often have limited treatment options. The company’s marketed treatments address disorders including phenylketonuria, mucopolysaccharidosis, late-infantile neuronal ceroid lipofuscinosis, achondroplasia and hemophilia A. Its products include Kuvan and Palynziq for phenylketonuria, Vimizim for Morquio A syndrome, Brineura for CLN2 disease, Voxzogo for achondroplasia and Roctavian for hemophilia A. Founded in 1997 and headquartered in San Rafael, California, BioMarin serves patients and healthcare providers in the United States and international markets, including Europe.