BioMarin Pharmaceutical (NASDAQ:BMRN) Rating Reiterated by Canaccord Genuity Group

BioMarin Pharmaceutical (NASDAQ:BMRN)‘s stock had its “hold” rating reiterated by research analysts at Canaccord Genuity Group in a report released on Friday, Benzinga reports. They presently have a $93.00 price objective on the biotechnology company’s stock. Canaccord Genuity Group’s price target indicates a potential upside of 10.15% from the company’s previous close.

Several other brokerages also recently commented on BMRN. Sanford C. Bernstein upgraded BioMarin Pharmaceutical from a “market perform” rating to an “outperform” rating and increased their target price for the company from $94.00 to $110.00 in a research note on Tuesday, August 20th. Stifel Nicolaus increased their target price on BioMarin Pharmaceutical from $112.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday, August 21st. Evercore ISI increased their target price on BioMarin Pharmaceutical from $113.00 to $115.00 and gave the company an “outperform” rating in a research note on Tuesday, August 6th. William Blair upgraded BioMarin Pharmaceutical to a “strong-buy” rating in a research note on Friday, August 30th. Finally, Baird R W cut BioMarin Pharmaceutical from a “strong-buy” rating to a “hold” rating in a report on Friday, May 17th. Eight analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $106.30.

BioMarin Pharmaceutical Stock Up 0.1 %

Shares of BioMarin Pharmaceutical stock traded up $0.05 during midday trading on Friday, hitting $84.43. The company had a trading volume of 477,327 shares, compared to its average volume of 1,832,585. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.95 and a current ratio of 3.05. The stock has a market capitalization of $16.03 billion, a P/E ratio of 78.91, a P/E/G ratio of 1.03 and a beta of 0.32. The company has a 50 day moving average of $86.77 and a 200 day moving average of $84.92. BioMarin Pharmaceutical has a 52-week low of $73.68 and a 52-week high of $99.56.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings results on Monday, August 5th. The biotechnology company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.39. The company had revenue of $712.03 million for the quarter, compared to the consensus estimate of $660.51 million. BioMarin Pharmaceutical had a return on equity of 6.91% and a net margin of 9.91%. On average, equities analysts predict that BioMarin Pharmaceutical will post 2.4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Institutional investors have recently bought and sold shares of the business. AMI Asset Management Corp increased its stake in BioMarin Pharmaceutical by 51.9% in the 1st quarter. AMI Asset Management Corp now owns 346,189 shares of the biotechnology company’s stock worth $30,236,000 after buying an additional 118,230 shares in the last quarter. ING Groep NV purchased a new position in shares of BioMarin Pharmaceutical during the fourth quarter valued at about $20,248,000. Fisher Asset Management LLC purchased a new position in shares of BioMarin Pharmaceutical during the fourth quarter valued at about $1,301,000. APG Asset Management US Inc. purchased a new position in shares of BioMarin Pharmaceutical during the fourth quarter valued at about $3,462,000. Finally, Bridgewater Associates LP grew its position in shares of BioMarin Pharmaceutical by 18.3% during the fourth quarter. Bridgewater Associates LP now owns 190,970 shares of the biotechnology company’s stock valued at $18,413,000 after purchasing an additional 29,576 shares in the last quarter. Hedge funds and other institutional investors own 98.71% of the company’s stock.

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.