BioMarin Pharmaceutical (NASDAQ:BMRN) Stock Rating Upgraded by Wedbush

BioMarin Pharmaceutical (NASDAQ:BMRN) was upgraded by analysts at Wedbush to a “strong-buy” rating in a research note issued to investors on Monday, Zacks.com reports.

A number of other research firms have also commented on BMRN. Citigroup reduced their price objective on BioMarin Pharmaceutical from $93.00 to $81.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 30th. TD Cowen decreased their price objective on shares of BioMarin Pharmaceutical from $125.00 to $120.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Truist Financial dropped their target price on shares of BioMarin Pharmaceutical from $118.00 to $90.00 and set a “buy” rating for the company in a research note on Tuesday, September 17th. Royal Bank of Canada reissued a “sector perform” rating and issued a $80.00 price target on shares of BioMarin Pharmaceutical in a report on Wednesday, October 30th. Finally, Raymond James reaffirmed an “outperform” rating and set a $79.00 price objective on shares of BioMarin Pharmaceutical in a report on Thursday, October 10th. Seven investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, BioMarin Pharmaceutical presently has an average rating of “Moderate Buy” and a consensus target price of $94.16.

BioMarin Pharmaceutical Stock Performance

Shares of NASDAQ:BMRN opened at $66.04 on Monday. The stock has a market capitalization of $12.59 billion, a price-to-earnings ratio of 39.54, a price-to-earnings-growth ratio of 0.66 and a beta of 0.31. The business’s fifty day moving average price is $74.16 and its two-hundred day moving average price is $80.20. BioMarin Pharmaceutical has a fifty-two week low of $65.35 and a fifty-two week high of $99.56. The company has a debt-to-equity ratio of 0.11, a current ratio of 4.27 and a quick ratio of 2.62.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings data on Tuesday, October 29th. The biotechnology company reported $0.55 earnings per share 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 analyst estimates of $703.37 million. BioMarin Pharmaceutical had a return on equity of 8.53% and a net margin of 11.71%. The business’s quarterly revenue was up 28.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.26 EPS. As a group, analysts predict that BioMarin Pharmaceutical will post 2.47 EPS for the current fiscal year.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Several institutional investors have recently added to or reduced their stakes in BMRN. Commonwealth Equity Services LLC boosted its position in shares of BioMarin Pharmaceutical by 6.6% during the first quarter. Commonwealth Equity Services LLC now owns 7,290 shares of the biotechnology company’s stock worth $637,000 after buying an additional 454 shares during the period. Nordea Investment Management AB boosted its position in BioMarin Pharmaceutical by 17.9% during the 1st quarter. Nordea Investment Management AB now owns 13,675 shares of the biotechnology company’s stock worth $1,207,000 after acquiring an additional 2,081 shares during the last quarter. GSA Capital Partners LLP acquired a new stake in shares of BioMarin Pharmaceutical in the first quarter valued at approximately $614,000. Envestnet Portfolio Solutions Inc. boosted 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 purchasing an additional 130 shares during the last quarter. Finally, AIA Group Ltd grew its position in 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 in the last quarter. 98.71% of the stock is 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.