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

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

Several other brokerages also recently commented on BMRN. Royal Bank of Canada restated a “sector perform” rating and issued a $100.00 target price on shares of BioMarin Pharmaceutical in a research note on Friday, February 23rd. Cantor Fitzgerald reissued an “overweight” rating and set a $110.00 price objective on shares of BioMarin Pharmaceutical in a report on Thursday. Robert W. Baird decreased their price target on BioMarin Pharmaceutical from $127.00 to $104.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 30th. Canaccord Genuity Group reiterated a “hold” rating and issued a $91.00 price objective on shares of BioMarin Pharmaceutical in a research report on Thursday, February 29th. Finally, Wells Fargo & Company lifted their price objective on BioMarin Pharmaceutical from $100.00 to $110.00 and gave the stock an “overweight” rating in a research report on Thursday. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $108.17.

BioMarin Pharmaceutical Stock Down 9.8 %

Shares of NASDAQ:BMRN traded down $8.90 during trading on Thursday, reaching $82.30. 4,681,838 shares of the stock were exchanged, compared to its average volume of 1,394,392. 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. The stock has a fifty day moving average of $87.86 and a two-hundred day moving average of $89.23. The firm has a market cap of $15.53 billion, a price-to-earnings ratio of 92.36, a price-to-earnings-growth ratio of 1.70 and a beta of 0.31.

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

Insider Activity

In other BioMarin Pharmaceutical news, Director Jean Jacques Bienaime sold 1,000 shares of the firm’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $90.35, for a total value of $90,350.00. Following the sale, the director now directly owns 562,203 shares in the company, valued at $50,795,041.05. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other BioMarin Pharmaceutical news, Director Jean Jacques Bienaime sold 1,000 shares of the firm’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $90.35, for a total value of $90,350.00. Following the sale, the director now directly owns 562,203 shares in the company, valued at $50,795,041.05. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Erin Burkhart sold 2,286 shares of the firm’s stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $90.00, for a total value of $205,740.00. Following the completion of the sale, the chief accounting officer now owns 16,156 shares in the company, valued at $1,454,040. The disclosure for this sale can be found here. Over the last three months, insiders have sold 103,229 shares of company stock worth $9,062,967. Corporate insiders own 1.84% of the company’s stock.

Hedge Funds Weigh In On BioMarin Pharmaceutical

A number of hedge funds and other institutional investors have recently made changes to their positions in BMRN. CWM LLC lifted its position in shares of BioMarin Pharmaceutical by 10.0% during the 3rd quarter. CWM LLC now owns 1,301 shares of the biotechnology company’s stock valued at $115,000 after acquiring an additional 118 shares during the period. State of Alaska Department of Revenue grew its stake in BioMarin Pharmaceutical by 3.2% in the 3rd quarter. State of Alaska Department of Revenue now owns 27,605 shares of the biotechnology company’s stock worth $2,442,000 after acquiring an additional 865 shares during the period. Handelsbanken Fonder AB grew its stake in BioMarin Pharmaceutical by 1.8% in the 3rd quarter. Handelsbanken Fonder AB now owns 91,755 shares of the biotechnology company’s stock worth $8,118,000 after acquiring an additional 1,593 shares during the period. Simplicity Solutions LLC grew its stake in shares of BioMarin Pharmaceutical by 8.4% during the 3rd quarter. Simplicity Solutions LLC now owns 2,971 shares of the biotechnology company’s stock valued at $263,000 after buying an additional 229 shares during the period. Finally, AMI Asset Management Corp purchased a new stake in shares of BioMarin Pharmaceutical during the 3rd quarter valued at $27,838,000. Hedge funds and other institutional investors 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.