BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target Cut to $81.00 by Analysts at Citigroup

BioMarin Pharmaceutical (NASDAQ:BMRN) had its target price cut by equities research analysts at Citigroup from $93.00 to $81.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the biotechnology company’s stock. Citigroup’s price target would indicate a potential upside of 20.12% from the stock’s current price.

A number of other brokerages also recently issued reports on BMRN. Piper Sandler upped their price objective on shares of BioMarin Pharmaceutical from $107.00 to $122.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. UBS Group boosted their price objective on BioMarin Pharmaceutical from $104.00 to $106.00 and gave the company a “buy” rating in a research report on Wednesday. Evercore ISI dropped their price target on shares of BioMarin Pharmaceutical from $115.00 to $105.00 and set an “outperform” rating for the company in a research report on Wednesday. Canaccord Genuity Group lowered their target price on BioMarin Pharmaceutical from $93.00 to $84.00 and set a “hold” rating for the company in a research note on Wednesday. Finally, Cantor Fitzgerald decreased their price objective on BioMarin Pharmaceutical from $110.00 to $90.00 and set an “overweight” rating for the company in a report on Wednesday. Eight research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $93.67.

BioMarin Pharmaceutical Trading Down 3.5 %

BioMarin Pharmaceutical stock traded down $2.48 during mid-day trading on Wednesday, hitting $67.43. 1,806,693 shares of the stock were exchanged, compared to its average volume of 1,844,235. The firm’s fifty day simple moving average is $76.60 and its two-hundred day simple moving average is $81.04. The company has a quick ratio of 1.95, a current ratio of 3.05 and a debt-to-equity ratio of 0.11. BioMarin Pharmaceutical has a 12 month low of $65.78 and a 12 month high of $99.56. The stock has a market capitalization of $12.80 billion, a price-to-earnings ratio of 62.91, a PEG ratio of 0.81 and a beta of 0.31.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings data on Tuesday, October 29th. The biotechnology company reported $0.55 EPS for the quarter, missing the consensus estimate of $0.78 by ($0.23). The firm had revenue of $746.00 million for the quarter, compared to the consensus estimate of $703.37 million. BioMarin Pharmaceutical had a net margin of 9.91% and a return on equity of 6.91%. The company’s revenue was up 28.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.26 EPS. Analysts forecast that BioMarin Pharmaceutical will post 2.39 EPS for the current year.

Hedge Funds Weigh In On BioMarin Pharmaceutical

A number of hedge funds and other institutional investors have recently modified their holdings of BMRN. Envestnet Portfolio Solutions Inc. lifted its holdings in BioMarin Pharmaceutical by 1.2% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 10,668 shares of the biotechnology company’s stock worth $932,000 after buying an additional 130 shares during the period. Quent Capital LLC boosted its stake in shares of BioMarin Pharmaceutical by 58.9% in the second quarter. Quent Capital LLC now owns 391 shares of the biotechnology company’s stock worth $32,000 after buying an additional 145 shares during the last quarter. Voisard Asset Management Group Inc. grew its position in BioMarin Pharmaceutical by 17.8% during the third quarter. Voisard Asset Management Group Inc. now owns 1,355 shares of the biotechnology company’s stock valued at $95,000 after buying an additional 205 shares during the period. Grandfield & Dodd LLC raised its holdings in BioMarin Pharmaceutical by 1.6% in the 1st quarter. Grandfield & Dodd LLC now owns 16,127 shares of the biotechnology company’s stock worth $1,409,000 after purchasing an additional 255 shares during the period. Finally, AIA Group Ltd grew its position in shares of BioMarin Pharmaceutical by 7.0% in the first quarter. AIA Group Ltd now owns 4,076 shares of the biotechnology company’s stock valued at $356,000 after purchasing an additional 266 shares during the period. 98.71% of the stock is currently owned by institutional investors.

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.