Citigroup Forecasts Strong Price Appreciation for BioMarin Pharmaceutical (NASDAQ:BMRN) Stock

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price objective increased by Citigroup from $81.00 to $82.00 in a research report sent to investors on Thursday morning,Benzinga reports. The firm currently has a neutral rating on the biotechnology company’s stock.

A number of other equities research analysts also recently commented on the stock. Scotiabank raised their price objective on shares of BioMarin Pharmaceutical from $78.00 to $80.00 and gave the company a “sector perform” rating in a research report on Thursday. Canaccord Genuity Group reduced their price objective on shares of BioMarin Pharmaceutical from $93.00 to $84.00 and set a “hold” rating for the company in a research report on Wednesday, October 30th. StockNews.com upgraded shares of BioMarin Pharmaceutical from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, February 11th. Cantor Fitzgerald restated an “overweight” rating and issued a $90.00 price objective on shares of BioMarin Pharmaceutical in a research report on Thursday. Finally, Bank of America raised their price objective on shares of BioMarin Pharmaceutical from $99.00 to $103.00 and gave the company a “buy” rating in a research report on Thursday. Seven analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, BioMarin Pharmaceutical currently has an average rating of “Moderate Buy” and a consensus price target of $93.81.

BioMarin Pharmaceutical Price Performance

Shares of BMRN opened at $68.73 on Thursday. BioMarin Pharmaceutical has a fifty-two week low of $60.63 and a fifty-two week high of $94.85. The company has a market capitalization of $13.10 billion, a price-to-earnings ratio of 41.16, a price-to-earnings-growth ratio of 0.57 and a beta of 0.28. The firm has a 50-day simple moving average of $64.79 and a 200-day simple moving average of $71.06. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.62 and a current ratio of 4.27.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its earnings results on Wednesday, February 19th. The biotechnology company reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.18. BioMarin Pharmaceutical had a net margin of 11.71% and a return on equity of 8.53%. The business had revenue of $747.31 million during the quarter, compared to the consensus estimate of $711.05 million. On average, equities research analysts anticipate that BioMarin Pharmaceutical will post 2.5 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Norges Bank purchased a new stake in BioMarin Pharmaceutical in the 4th quarter worth approximately $234,645,000. Capital Research Global Investors grew its stake in BioMarin Pharmaceutical by 23.8% in the 4th quarter. Capital Research Global Investors now owns 12,991,772 shares of the biotechnology company’s stock worth $853,944,000 after acquiring an additional 2,496,817 shares during the period. Soleus Capital Management L.P. purchased a new stake in BioMarin Pharmaceutical in the 4th quarter worth approximately $65,822,000. Dodge & Cox grew its stake in BioMarin Pharmaceutical by 6.1% in the 4th quarter. Dodge & Cox now owns 14,746,235 shares of the biotechnology company’s stock worth $969,270,000 after acquiring an additional 847,917 shares during the period. Finally, Erste Asset Management GmbH purchased a new stake in BioMarin Pharmaceutical in the 3rd quarter worth approximately $48,527,000. 98.71% of the stock is owned by hedge funds and other 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.