BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target Lowered to $89.00 at Canaccord Genuity Group

BioMarin Pharmaceutical (NASDAQ:BMRN) had its target price cut by Canaccord Genuity Group from $91.00 to $89.00 in a research note published on Friday morning, Benzinga reports. They currently have a hold rating on the biotechnology company’s stock.

BMRN has been the subject of several other reports. Piper Sandler lowered their target price on BioMarin Pharmaceutical from $115.00 to $107.00 and set an overweight rating for the company in a research note on Friday, February 23rd. Royal Bank of Canada restated a sector perform rating and set a $100.00 target price on shares of BioMarin Pharmaceutical in a research note on Friday, February 23rd. Scotiabank boosted their price target on shares of BioMarin Pharmaceutical from $83.00 to $85.00 and gave the stock a sector perform rating in a report on Thursday. Robert W. Baird reduced their price objective on shares of BioMarin Pharmaceutical from $127.00 to $104.00 and set an outperform rating on the stock in a report on Tuesday, January 30th. Finally, Citigroup lowered their target price on shares of BioMarin Pharmaceutical from $94.00 to $91.00 and set a neutral rating for the company 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’s stock. According to MarketBeat.com, BioMarin Pharmaceutical currently has an average rating of Moderate Buy and an average target price of $107.50.

BioMarin Pharmaceutical Stock Down 1.5 %

Shares of NASDAQ:BMRN opened at $80.91 on Friday. The firm has a market capitalization of $15.27 billion, a PE ratio of 75.62, a price-to-earnings-growth ratio of 1.51 and a beta of 0.31. BioMarin Pharmaceutical has a 1 year low of $76.02 and a 1 year high of $99.56. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.51 and a quick ratio of 1.57. The firm’s 50-day moving average is $87.58 and its two-hundred day moving average is $89.13.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its earnings results on Thursday, February 22nd. The biotechnology company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.05. BioMarin Pharmaceutical had a net margin of 8.31% and a return on equity of 5.39%. The firm had revenue of $646.21 million for the quarter, compared to the consensus estimate of $639.53 million. During the same period in the prior year, the firm earned $0.11 EPS. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. Analysts predict that BioMarin Pharmaceutical will post 1.85 EPS for the current year.

Insiders Place Their Bets

In other news, insider Henry J. Fuchs sold 35,341 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $85.18, for a total value of $3,010,346.38. Following the transaction, the insider now owns 212,117 shares of the company’s stock, valued at $18,068,126.06. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Henry J. Fuchs sold 35,341 shares of BioMarin Pharmaceutical stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $85.18, for a total value of $3,010,346.38. Following the sale, the insider now owns 212,117 shares of the company’s stock, valued at $18,068,126.06. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Jeffrey Robert Ajer sold 4,000 shares of the stock in a transaction dated Tuesday, March 5th. The stock was 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 103,229 shares of company stock valued at $9,062,967. 1.84% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of BMRN. Capital Research Global Investors grew its stake in shares of BioMarin Pharmaceutical by 79.0% during the 4th quarter. Capital Research Global Investors now owns 10,774,641 shares of the biotechnology company’s stock worth $1,038,907,000 after purchasing an additional 4,756,671 shares during the period. Norges Bank acquired a new position in BioMarin Pharmaceutical during the fourth quarter worth about $324,098,000. Barclays PLC increased its holdings in BioMarin Pharmaceutical by 31.6% in the third quarter. Barclays PLC now owns 5,573,157 shares of the biotechnology company’s stock valued at $493,111,000 after buying an additional 1,336,886 shares in the last quarter. Toronto Dominion Bank lifted its position in shares of BioMarin Pharmaceutical by 1,832.5% during the 3rd quarter. Toronto Dominion Bank now owns 907,754 shares of the biotechnology company’s stock valued at $80,318,000 after acquiring an additional 860,782 shares during the period. Finally, Avoro Capital Advisors LLC boosted its stake in shares of BioMarin Pharmaceutical by 11.7% during the 4th quarter. Avoro Capital Advisors LLC now owns 4,300,000 shares of the biotechnology company’s stock worth $414,606,000 after acquiring an additional 450,000 shares in the last quarter. 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.