BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target Cut to $80.00 by Analysts at Royal Bank of Canada

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target dropped by equities researchers at Royal Bank of Canada from $85.00 to $80.00 in a research note issued on Friday, Benzinga reports. The firm presently has a “sector perform” rating on the biotechnology company’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 16.72% from the stock’s previous close.

Several other equities research analysts also recently issued reports on the stock. JPMorgan Chase & Co. raised their target price on shares of BioMarin Pharmaceutical from $111.00 to $120.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. William Blair upgraded shares of BioMarin Pharmaceutical to a “strong-buy” rating in a research report on Friday, August 30th. Bank of America cut their price objective on shares of BioMarin Pharmaceutical from $130.00 to $115.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. Wells Fargo & Company lowered their target price on shares of BioMarin Pharmaceutical from $115.00 to $90.00 and set an “overweight” rating on the stock in a report on Tuesday, September 17th. Finally, Piper Sandler raised their target price on shares of BioMarin Pharmaceutical from $107.00 to $122.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. Seven equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $97.32.

BioMarin Pharmaceutical Price Performance

Shares of NASDAQ:BMRN traded up $0.38 during trading on Friday, reaching $68.54. The stock had a trading volume of 282,601 shares, compared to its average volume of 1,888,869. BioMarin Pharmaceutical has a 52 week low of $67.75 and a 52 week high of $99.56. The business’s 50-day moving average price is $82.85 and its 200 day moving average price is $83.30. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.05 and a quick ratio of 1.95. The stock has a market capitalization of $13.01 billion, a PE ratio of 64.22, a P/E/G ratio of 0.80 and a beta of 0.32.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings data 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. BioMarin Pharmaceutical had a net margin of 9.91% and a return on equity of 6.91%. The firm had revenue of $712.03 million during the quarter, compared to analysts’ expectations of $660.51 million. As a group, equities analysts predict that BioMarin Pharmaceutical will post 2.39 earnings per share for the current year.

Hedge Funds Weigh In On BioMarin Pharmaceutical

Several institutional investors and hedge funds have recently made changes to their positions in BMRN. AMI Asset Management Corp lifted its position in BioMarin Pharmaceutical by 51.9% during the 1st quarter. AMI Asset Management Corp now owns 346,189 shares of the biotechnology company’s stock valued at $30,236,000 after acquiring an additional 118,230 shares during the period. AGF Management Ltd. purchased a new position in BioMarin Pharmaceutical during the 2nd quarter valued at about $2,563,000. Fisher Asset Management LLC bought a new stake in BioMarin Pharmaceutical during the 4th quarter valued at about $1,301,000. Susquehanna Fundamental Investments LLC bought a new stake in BioMarin Pharmaceutical during the 2nd quarter valued at about $5,627,000. Finally, Teachers Retirement System of The State of Kentucky increased its stake in BioMarin Pharmaceutical by 17.4% during the 2nd 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 purchasing an additional 28,837 shares in the last quarter. 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.