StockNews.com Downgrades BioMarin Pharmaceutical (NASDAQ:BMRN) to Buy

StockNews.com cut shares of BioMarin Pharmaceutical (NASDAQ:BMRN) from a strong-buy rating to a buy rating in a research note published on Sunday.

Other equities analysts have also issued reports about the company. UBS Group raised their target price on BioMarin Pharmaceutical from $109.00 to $113.00 and gave the company a “buy” rating in a report on Thursday, February 20th. Wolfe Research began coverage on BioMarin Pharmaceutical in a report on Friday, November 15th. They set an “outperform” rating and a $95.00 target price on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $90.00 price target on shares of BioMarin Pharmaceutical in a research report on Thursday, February 20th. Piper Sandler raised their price target on BioMarin Pharmaceutical from $122.00 to $126.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Finally, Citigroup raised their price target on BioMarin Pharmaceutical from $81.00 to $82.00 and gave the company a “neutral” rating in a research report on Thursday, February 20th. Seven analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $94.00.

BioMarin Pharmaceutical Price Performance

NASDAQ BMRN opened at $70.51 on Friday. BioMarin Pharmaceutical has a fifty-two week low of $60.63 and a fifty-two week high of $94.85. The stock’s 50-day moving average is $65.48 and its two-hundred day moving average is $69.80. The company has a debt-to-equity ratio of 0.11, a current ratio of 5.33 and a quick ratio of 2.62. The firm has a market cap of $13.45 billion, a P/E ratio of 32.05, a price-to-earnings-growth ratio of 0.61 and a beta of 0.28.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its earnings results on Wednesday, February 19th. The biotechnology company reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.18. BioMarin Pharmaceutical had a return on equity of 9.91% and a net margin of 14.96%. The company had revenue of $747.31 million for the quarter, compared to analyst estimates of $711.05 million. On average, analysts anticipate that BioMarin Pharmaceutical will post 3.15 earnings per share for the current fiscal year.

Insider Buying and Selling

In other BioMarin Pharmaceutical news, CAO Erin Burkhart sold 1,344 shares of the stock in a transaction on Monday, February 24th. The stock was sold at an average price of $68.38, for a total transaction of $91,902.72. Following the completion of the transaction, the chief accounting officer now directly owns 13,105 shares in the company, valued at $896,119.90. This represents a 9.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.85% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in BioMarin Pharmaceutical by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 19,372,185 shares of the biotechnology company’s stock valued at $1,273,334,000 after purchasing an additional 93,531 shares during the last quarter. Primecap Management Co. CA raised its stake in shares of BioMarin Pharmaceutical by 0.4% in the third quarter. Primecap Management Co. CA now owns 18,867,435 shares of the biotechnology company’s stock valued at $1,326,192,000 after acquiring an additional 77,350 shares during the last quarter. Dodge & Cox raised its stake in shares of BioMarin Pharmaceutical by 6.1% in the fourth quarter. Dodge & Cox now owns 14,746,235 shares of the biotechnology company’s stock valued at $969,270,000 after acquiring an additional 847,917 shares during the last quarter. Capital Research Global Investors boosted its holdings in shares of BioMarin Pharmaceutical by 23.8% in the 4th quarter. Capital Research Global Investors now owns 12,991,772 shares of the biotechnology company’s stock worth $853,944,000 after acquiring an additional 2,496,817 shares in the last quarter. Finally, Norges Bank bought a new stake in BioMarin Pharmaceutical during the 4th quarter worth approximately $234,645,000. Institutional investors and hedge funds 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.