BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target Cut to $90.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its target price cut by investment analysts at Truist Financial from $118.00 to $90.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the biotechnology company’s stock. Truist Financial’s target price points to a potential upside of 26.74% from the stock’s current price.

A number of other equities research analysts have also issued reports on BMRN. William Blair raised BioMarin Pharmaceutical to a “strong-buy” rating in a research note on Friday, August 30th. JPMorgan Chase & Co. increased their price objective on BioMarin Pharmaceutical from $111.00 to $120.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. Scotiabank boosted their target price on shares of BioMarin Pharmaceutical from $86.00 to $95.00 and gave the company a “sector perform” rating in a research note on Thursday, September 5th. Royal Bank of Canada decreased their price target on shares of BioMarin Pharmaceutical from $100.00 to $85.00 and set a “sector perform” rating on the stock in a research note on Tuesday. Finally, Wells Fargo & Company boosted their price objective on shares of BioMarin Pharmaceutical from $110.00 to $115.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Eight equities research 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $100.75.

BioMarin Pharmaceutical Price Performance

Shares of BMRN stock traded up $1.15 during mid-day trading on Tuesday, reaching $71.01. The stock had a trading volume of 1,341,464 shares, compared to its average volume of 1,881,483. The company has a market cap of $13.48 billion, a P/E ratio of 66.19, a price-to-earnings-growth ratio of 1.03 and a beta of 0.32. The company has a current ratio of 3.05, a quick ratio of 1.95 and a debt-to-equity ratio of 0.11. BioMarin Pharmaceutical has a 12-month low of $68.83 and a 12-month high of $99.56. The business has a 50-day simple moving average of $86.58 and a 200 day simple moving average of $84.71.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its earnings results on Monday, August 5th. The biotechnology company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.39. BioMarin Pharmaceutical had a net margin of 9.91% and a return on equity of 6.91%. The company had revenue of $712.03 million during the quarter, compared to analysts’ expectations of $660.51 million. On average, sell-side analysts anticipate that BioMarin Pharmaceutical will post 2.4 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of BMRN. Sanctuary Advisors LLC purchased a new position in BioMarin Pharmaceutical in the second quarter valued at about $1,783,000. Teachers Retirement System of The State of Kentucky grew its stake in shares of BioMarin Pharmaceutical by 17.4% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 194,207 shares of the biotechnology company’s stock valued at $15,990,000 after buying an additional 28,837 shares in the last quarter. Novo Holdings A S raised its holdings in shares of BioMarin Pharmaceutical by 8.9% during the 2nd quarter. Novo Holdings A S now owns 490,000 shares of the biotechnology company’s stock valued at $40,342,000 after buying an additional 40,000 shares during the period. NewEdge Advisors LLC lifted its position in BioMarin Pharmaceutical by 3,931.5% during the 2nd quarter. NewEdge Advisors LLC now owns 10,885 shares of the biotechnology company’s stock worth $896,000 after acquiring an additional 10,615 shares in the last quarter. Finally, Creative Planning boosted its holdings in BioMarin Pharmaceutical by 4.6% in the 2nd quarter. Creative Planning now owns 11,825 shares of the biotechnology company’s stock worth $974,000 after acquiring an additional 524 shares during the period. 98.71% of the stock is owned by institutional investors and hedge funds.

BioMarin Pharmaceutical Company Profile

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.