Scotiabank Raises BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $85.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price objective upped by Scotiabank from $83.00 to $85.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “sector perform” rating on the biotechnology company’s stock. Scotiabank’s target price points to a potential upside of 3.28% from the stock’s current price.

A number of other analysts have also recently weighed in on the stock. Canaccord Genuity Group reissued a “hold” rating and set a $91.00 target price on shares of BioMarin Pharmaceutical in a report on Thursday, February 29th. Royal Bank of Canada reissued a “sector perform” rating and set a $100.00 target price on shares of BioMarin Pharmaceutical in a research note on Friday, February 23rd. Robert W. Baird reduced their target price on shares of BioMarin Pharmaceutical from $127.00 to $104.00 and set an “outperform” rating for the company in a research note on Tuesday, January 30th. Piper Sandler reduced their target price on shares of BioMarin Pharmaceutical from $115.00 to $107.00 and set an “overweight” rating for the company in a research note on Friday, February 23rd. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $110.00 target price on shares of BioMarin Pharmaceutical in a research note on Thursday. Seven investment analysts have rated the stock with a hold rating and thirteen 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 $108.17.

BioMarin Pharmaceutical Stock Down 9.8 %

BMRN traded down $8.90 during trading on Thursday, hitting $82.30. The company had a trading volume of 4,681,838 shares, compared to its average volume of 1,394,392. The company has a market cap of $15.53 billion, a PE ratio of 92.36, a P/E/G ratio of 1.70 and a beta of 0.31. The business has a 50-day moving average of $87.86 and a 200-day moving average of $89.23. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.51 and a quick ratio of 1.57. BioMarin Pharmaceutical has a 1-year low of $76.02 and a 1-year high of $99.56.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings results on Thursday, February 22nd. The biotechnology company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.05. The firm had revenue of $646.21 million for the quarter, compared to analysts’ expectations of $639.53 million. BioMarin Pharmaceutical had a net margin of 6.93% and a return on equity of 5.01%. The firm’s quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.11 earnings per share. As a group, analysts forecast that BioMarin Pharmaceutical will post 1.85 earnings per share for the current year.

Insider Activity

In related news, EVP Jeffrey Robert Ajer sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $87.07, for a total transaction of $348,280.00. Following the transaction, the executive vice president now directly owns 94,047 shares of the company’s stock, valued at $8,188,672.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other BioMarin Pharmaceutical news, Director Jean Jacques Bienaime sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $90.35, for a total value of $90,350.00. Following the completion of the sale, the director now directly owns 562,203 shares of the company’s stock, valued at $50,795,041.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jeffrey Robert Ajer sold 4,000 shares of the company’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $87.07, for a total transaction of $348,280.00. Following the sale, the executive vice president now directly owns 94,047 shares of the company’s stock, valued at $8,188,672.29. The disclosure for this sale can be found here. Insiders have sold 103,229 shares of company stock worth $9,062,967 over the last 90 days. 1.84% of the stock is owned by company insiders.

Institutional Trading of BioMarin Pharmaceutical

Large investors have recently modified their holdings of the company. KB Financial Partners LLC raised its stake in BioMarin Pharmaceutical by 51.3% during the 3rd quarter. KB Financial Partners LLC now owns 348 shares of the biotechnology company’s stock valued at $31,000 after purchasing an additional 118 shares during the last quarter. Lindbrook Capital LLC raised its stake in shares of BioMarin Pharmaceutical by 259.8% in the 4th quarter. Lindbrook Capital LLC now owns 385 shares of the biotechnology company’s stock valued at $37,000 after buying an additional 278 shares in the last quarter. Castleview Partners LLC acquired a new position in shares of BioMarin Pharmaceutical in the 3rd quarter valued at $35,000. Benjamin F. Edwards & Company Inc. raised its stake in shares of BioMarin Pharmaceutical by 135.3% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 433 shares of the biotechnology company’s stock valued at $42,000 after buying an additional 249 shares in the last quarter. Finally, Jones Financial Companies Lllp acquired a new position in shares of BioMarin Pharmaceutical in the 4th quarter valued at $43,000. 98.71% of the stock is owned by institutional investors.

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.