BioMarin Pharmaceutical (NASDAQ:BMRN) Shares Gap Up on Strong Earnings

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $65.61, but opened at $70.00. BioMarin Pharmaceutical shares last traded at $68.58, with a volume of 964,976 shares changing hands.

The biotechnology company reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.18. BioMarin Pharmaceutical had a net margin of 11.71% and a return on equity of 8.53%. The business had revenue of $747.31 million for the quarter, compared to analyst estimates of $711.05 million.

Wall Street Analysts Forecast Growth

BMRN has been the topic of a number of research analyst reports. Cantor Fitzgerald restated an “overweight” rating and set a $90.00 price target on shares of BioMarin Pharmaceutical in a research note on Thursday. Wolfe Research began coverage on shares of BioMarin Pharmaceutical in a research report on Friday, November 15th. They set an “outperform” rating and a $95.00 target price on the stock. JPMorgan Chase & Co. decreased their price target on shares of BioMarin Pharmaceutical from $110.00 to $109.00 and set an “overweight” rating for the company in a report on Wednesday, October 30th. StockNews.com upgraded shares of BioMarin Pharmaceutical from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, February 11th. Finally, UBS Group upped their target price on BioMarin Pharmaceutical from $109.00 to $113.00 and gave the company a “buy” rating in a research report on Thursday. Seven research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, BioMarin Pharmaceutical presently has a consensus rating of “Moderate Buy” and a consensus price target of $94.15.

Institutional Investors Weigh In On BioMarin Pharmaceutical

A number of institutional investors have recently modified their holdings of the business. Oregon Public Employees Retirement Fund grew its holdings in BioMarin Pharmaceutical by 0.4% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 38,738 shares of the biotechnology company’s stock valued at $2,546,000 after purchasing an additional 164 shares during the period. Fifth Third Bancorp lifted its position in shares of BioMarin Pharmaceutical by 13.9% during the 4th quarter. Fifth Third Bancorp now owns 1,351 shares of the biotechnology company’s stock valued at $89,000 after buying an additional 165 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. grew its stake in BioMarin Pharmaceutical by 0.8% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 21,105 shares of the biotechnology company’s stock valued at $1,483,000 after acquiring an additional 173 shares during the period. Advisors Asset Management Inc. increased its holdings in BioMarin Pharmaceutical by 1.6% in the 3rd quarter. Advisors Asset Management Inc. now owns 11,451 shares of the biotechnology company’s stock worth $805,000 after acquiring an additional 180 shares in the last quarter. Finally, Freedom Investment Management Inc. raised its position in BioMarin Pharmaceutical by 3.8% during the fourth quarter. Freedom Investment Management Inc. now owns 5,022 shares of the biotechnology company’s stock worth $330,000 after acquiring an additional 184 shares during the period. 98.71% of the stock is currently owned by institutional investors and hedge funds.

BioMarin Pharmaceutical Stock Performance

The company has a current ratio of 4.27, a quick ratio of 2.62 and a debt-to-equity ratio of 0.11. The stock has a market cap of $13.07 billion, a price-to-earnings ratio of 41.05, a P/E/G ratio of 0.57 and a beta of 0.28. The firm’s 50-day moving average is $64.79 and its two-hundred day moving average is $71.06.

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.