BioMarin Pharmaceutical (NASDAQ:BMRN) Coverage Initiated at Wolfe Research

Analysts at Wolfe Research initiated coverage on shares of BioMarin Pharmaceutical (NASDAQ:BMRN) in a research report issued to clients and investors on Friday, MarketBeat reports. The brokerage set an “outperform” rating and a $95.00 price target on the biotechnology company’s stock. Wolfe Research’s price objective indicates a potential upside of 49.80% from the company’s current price.

A number of other brokerages have also weighed in on BMRN. Sanford C. Bernstein lowered their price objective on BioMarin Pharmaceutical from $116.00 to $90.00 and set an “outperform” rating for the company in a research note on Tuesday, September 17th. Truist Financial cut their price target on shares of BioMarin Pharmaceutical from $118.00 to $90.00 and set a “buy” rating on the stock in a report on Tuesday, September 17th. Bank of America decreased their price objective on shares of BioMarin Pharmaceutical from $130.00 to $115.00 and set a “buy” rating for the company in a report on Tuesday, September 17th. Evercore ISI cut their target price on shares of BioMarin Pharmaceutical from $115.00 to $105.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 30th. Finally, StockNews.com upgraded BioMarin Pharmaceutical from a “hold” rating to a “buy” rating in a research note on Thursday, August 8th. Seven research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $94.20.

BioMarin Pharmaceutical Trading Down 3.3 %

NASDAQ BMRN opened at $63.42 on Friday. The stock has a market cap of $12.09 billion, a P/E ratio of 37.98, a PEG ratio of 0.66 and a beta of 0.31. The company’s fifty day simple moving average is $70.43 and its 200-day simple moving average is $79.15. 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 has a 52 week low of $63.22 and a 52 week high of $99.56.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its quarterly earnings data on Tuesday, October 29th. The biotechnology company reported $0.55 EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $703.37 million. During the same quarter in the prior year, the firm earned $0.26 EPS. The business’s quarterly revenue was up 28.4% compared to the same quarter last year. Equities research analysts predict that BioMarin Pharmaceutical will post 2.47 EPS for the current fiscal year.

Insider Activity at BioMarin Pharmaceutical

In related news, EVP Charles Greg Guyer sold 5,278 shares of the stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $66.37, for a total value of $350,300.86. Following the completion of the transaction, the executive vice president now directly owns 68,909 shares of the company’s stock, valued at $4,573,490.33. This represents a 7.11 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.85% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its holdings in shares of BioMarin Pharmaceutical by 1.9% during the third quarter. Geode Capital Management LLC now owns 3,260,050 shares of the biotechnology company’s stock valued at $228,632,000 after purchasing an additional 60,692 shares during the period. Nomura Asset Management Co. Ltd. grew its position in BioMarin Pharmaceutical by 29.5% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 485,609 shares of the biotechnology company’s stock valued at $34,133,000 after buying an additional 110,683 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in BioMarin Pharmaceutical during the 3rd quarter valued at about $1,984,000. MML Investors Services LLC raised its position in shares of BioMarin Pharmaceutical by 8.1% during the 3rd quarter. MML Investors Services LLC now owns 7,621 shares of the biotechnology company’s stock worth $536,000 after buying an additional 572 shares in the last quarter. Finally, XTX Topco Ltd lifted its stake in shares of BioMarin Pharmaceutical by 37.5% in the 3rd quarter. XTX Topco Ltd now owns 6,898 shares of the biotechnology company’s stock worth $485,000 after acquiring an additional 1,880 shares during the period. 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.