BioMarin Pharmaceutical (NASDAQ:BMRN) Upgraded by Wedbush to “Strong-Buy” Rating

Wedbush upgraded shares of BioMarin Pharmaceutical (NASDAQ:BMRN) to a strong-buy rating in a research note issued to investors on Monday morning, Zacks.com reports.

A number of other analysts have also recently commented on the stock. Piper Sandler upped their price target on shares of BioMarin Pharmaceutical from $107.00 to $122.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. Sanford C. Bernstein cut their price target on BioMarin Pharmaceutical from $116.00 to $90.00 and set an “outperform” rating for the company in a report on Tuesday, September 17th. Truist Financial decreased their price objective on BioMarin Pharmaceutical from $118.00 to $90.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. Robert W. Baird cut their target price on BioMarin Pharmaceutical from $72.00 to $65.00 and set a “neutral” rating for the company in a research note on Wednesday, October 30th. Finally, UBS Group raised their price objective on shares of BioMarin Pharmaceutical from $104.00 to $106.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Seven equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $94.16.

BioMarin Pharmaceutical Price Performance

BioMarin Pharmaceutical stock opened at $66.04 on Monday. The business’s 50 day simple moving average is $74.16 and its 200 day simple moving average is $80.20. BioMarin Pharmaceutical has a 12 month low of $65.35 and a 12 month high of $99.56. The company has a market cap of $12.59 billion, a price-to-earnings ratio of 39.54, a PEG ratio of 0.66 and a beta of 0.31. The company has a current ratio of 4.27, a quick ratio of 2.62 and a debt-to-equity ratio of 0.11.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings results 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 return on equity of 8.53% and a net margin of 11.71%. The firm had revenue of $746.00 million for the quarter, compared to the consensus estimate of $703.37 million. During the same quarter in the previous year, the company posted $0.26 EPS. The firm’s revenue was up 28.4% compared to the same quarter last year. Sell-side analysts forecast that BioMarin Pharmaceutical will post 2.47 EPS for the current year.

Hedge Funds Weigh In On BioMarin Pharmaceutical

Several hedge funds and other institutional investors have recently modified their holdings of the company. Primecap Management Co. CA lifted its holdings in BioMarin Pharmaceutical by 0.4% in the 2nd quarter. Primecap Management Co. CA now owns 18,790,085 shares of the biotechnology company’s stock worth $1,546,988,000 after buying an additional 76,190 shares during the period. Vanguard Group Inc. lifted its stake in BioMarin Pharmaceutical by 0.4% in the first quarter. Vanguard Group Inc. now owns 18,117,108 shares of the biotechnology company’s stock worth $1,582,348,000 after acquiring an additional 67,046 shares during the period. Avoro Capital Advisors LLC boosted its holdings in BioMarin Pharmaceutical by 4.4% in the second quarter. Avoro Capital Advisors LLC now owns 4,557,416 shares of the biotechnology company’s stock valued at $375,212,000 after acquiring an additional 192,416 shares in the last quarter. Dimensional Fund Advisors LP increased its position in BioMarin Pharmaceutical by 38.9% during 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 purchasing an additional 289,953 shares during the period. Finally, DNB Asset Management AS raised its holdings in BioMarin Pharmaceutical by 17.7% in the 2nd quarter. DNB Asset Management AS now owns 1,021,054 shares of the biotechnology company’s stock worth $84,063,000 after purchasing an additional 153,867 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.