Canaccord Genuity Group Cuts BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $84.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target cut by Canaccord Genuity Group from $93.00 to $84.00 in a research note published on Wednesday, Benzinga reports. They currently have a hold rating on the biotechnology company’s stock.

A number of other research analysts have also commented on the company. JPMorgan Chase & Co. decreased their price objective on BioMarin Pharmaceutical from $110.00 to $109.00 and set an “overweight” rating on the stock in a report on Wednesday. Cantor Fitzgerald reissued an “overweight” rating and issued a $110.00 price objective on shares of BioMarin Pharmaceutical in a report on Monday, September 9th. Barclays dropped their price target on shares of BioMarin Pharmaceutical from $110.00 to $86.00 and set an “overweight” rating for the company in a research report on Friday, October 4th. Royal Bank of Canada restated a “sector perform” rating and set a $80.00 price objective on shares of BioMarin Pharmaceutical in a research note on Wednesday. Finally, StockNews.com upgraded BioMarin Pharmaceutical from a “hold” rating to a “buy” rating in a research report on Thursday, August 8th. Eight equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $93.67.

BioMarin Pharmaceutical Price Performance

Shares of NASDAQ BMRN opened at $66.60 on Wednesday. BioMarin Pharmaceutical has a twelve month low of $65.35 and a twelve month high of $99.56. The company has a market cap of $12.65 billion, a PE ratio of 39.88, a price-to-earnings-growth ratio of 0.77 and a beta of 0.31. The business’s 50 day moving average price is $75.13 and its two-hundred day moving average price is $80.67. The company has a quick ratio of 1.95, a current ratio of 4.27 and a debt-to-equity ratio of 0.11.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued 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). BioMarin Pharmaceutical had a net margin of 11.71% and a return on equity of 8.53%. The company had revenue of $746.00 million during the quarter, compared to the consensus estimate of $703.37 million. During the same period in the previous year, the company earned $0.26 earnings per share. BioMarin Pharmaceutical’s revenue for the quarter was up 28.4% compared to the same quarter last year. On average, analysts predict that BioMarin Pharmaceutical will post 2.39 EPS for the current year.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Institutional investors have recently modified their holdings of the company. Principal Financial Group Inc. increased its stake in shares of BioMarin Pharmaceutical by 1,858.6% in the 2nd quarter. Principal Financial Group Inc. now owns 649,460 shares of the biotechnology company’s stock valued at $53,470,000 after acquiring an additional 616,301 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in BioMarin Pharmaceutical by 11,107.4% in the second quarter. Assenagon Asset Management S.A. now owns 352,474 shares of the biotechnology company’s stock valued at $29,019,000 after acquiring an additional 349,329 shares during the period. Rhumbline Advisers raised its position in shares of BioMarin Pharmaceutical by 122.1% during the second quarter. Rhumbline Advisers now owns 551,553 shares of the biotechnology company’s stock worth $45,409,000 after purchasing an additional 303,207 shares during the period. Swedbank AB acquired a new position in shares of BioMarin Pharmaceutical during the first quarter valued at about $25,864,000. Finally, Dimensional Fund Advisors LP lifted its position in BioMarin Pharmaceutical by 38.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,034,457 shares of the biotechnology company’s stock valued at $85,178,000 after acquiring an additional 289,953 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.