BioMarin Pharmaceutical (NASDAQ:BMRN) Upgraded to “Outperform” at Oppenheimer

BioMarin Pharmaceutical (NASDAQ:BMRN) was upgraded by analysts at Oppenheimer from a “market perform” rating to an “outperform” rating in a research note issued on Monday,Benzinga reports. The firm presently has a $98.00 price target on the biotechnology company’s stock. Oppenheimer’s price target indicates a potential upside of 43.59% from the company’s current price.

Several other brokerages have also weighed in on BMRN. Robert W. Baird cut their price objective on shares of BioMarin Pharmaceutical from $72.00 to $65.00 and set a “neutral” rating on the stock in a report on Wednesday, October 30th. Canaccord Genuity Group reduced their price target on BioMarin Pharmaceutical from $93.00 to $84.00 and set a “hold” rating on the stock in a research report on Wednesday, October 30th. Wolfe Research assumed coverage on BioMarin Pharmaceutical in a research note on Friday, November 15th. They set an “outperform” rating and a $95.00 price objective for the company. StockNews.com upgraded BioMarin Pharmaceutical from a “buy” rating to a “strong-buy” rating in a report on Saturday. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $70.00 price target on shares of BioMarin Pharmaceutical in a research note on Thursday. Seven investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $94.00.

BioMarin Pharmaceutical Stock Performance

NASDAQ BMRN opened at $68.25 on Monday. The firm has a market cap of $13.01 billion, a price-to-earnings ratio of 31.02, a PEG ratio of 0.61 and a beta of 0.28. The company has a current ratio of 5.33, a quick ratio of 2.62 and a debt-to-equity ratio of 0.11. BioMarin Pharmaceutical has a 1-year low of $60.63 and a 1-year high of $94.85. The company has a 50 day moving average of $64.88 and a 200-day moving average of $70.74.

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

Hedge Funds Weigh In On BioMarin Pharmaceutical

Several institutional investors and hedge funds have recently modified their holdings of BMRN. Vanguard Group Inc. boosted its holdings in BioMarin Pharmaceutical by 0.5% in 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 period. Primecap Management Co. CA boosted 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 buying an additional 77,350 shares during the period. Dodge & Cox lifted its position in shares of BioMarin Pharmaceutical by 6.1% during the 4th 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 period. Capital Research Global Investors grew its stake in BioMarin Pharmaceutical by 23.8% during the fourth quarter. Capital Research Global Investors now owns 12,991,772 shares of the biotechnology company’s stock worth $853,944,000 after buying an additional 2,496,817 shares in the last quarter. Finally, Norges Bank acquired a new position in BioMarin Pharmaceutical during the fourth quarter valued at approximately $234,645,000. 98.71% of the stock is currently owned by institutional investors and hedge funds.

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.