BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target Cut to $84.00 by Analysts at Canaccord Genuity Group

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price objective cut by Canaccord Genuity Group from $93.00 to $84.00 in a research report sent to investors on Wednesday, Benzinga reports. They currently have a hold rating on the biotechnology company’s stock.

Other research analysts have also issued reports about the stock. William Blair lowered shares of BioMarin Pharmaceutical from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Sanford C. Bernstein decreased their price objective on BioMarin Pharmaceutical from $116.00 to $90.00 and set an “outperform” rating on the stock in a report on Tuesday, September 17th. Truist Financial reduced their price target on shares of BioMarin Pharmaceutical from $118.00 to $90.00 and set a “buy” rating on the stock in a research report on Tuesday, September 17th. Robert W. Baird reduced their price target on shares of BioMarin Pharmaceutical from $72.00 to $65.00 and set a “neutral” rating on the stock in a research report on Wednesday. Finally, Raymond James reaffirmed an “outperform” rating and issued a $79.00 price objective on shares of BioMarin Pharmaceutical in a research note on Thursday, October 10th. Eight analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $93.67.

BioMarin Pharmaceutical Stock Performance

Shares of BMRN opened at $66.68 on Wednesday. The stock has a 50-day moving average price of $76.08 and a 200-day moving average price of $80.94. The company has a market cap of $12.66 billion, a PE ratio of 62.32, a price-to-earnings-growth ratio of 0.81 and a beta of 0.31. The company has a current ratio of 3.05, a quick ratio of 1.95 and a debt-to-equity ratio of 0.11. BioMarin Pharmaceutical has a 12-month low of $65.78 and a 12-month high of $99.56.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its earnings results on Tuesday, October 29th. The biotechnology company reported $0.55 earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.23). The company had revenue of $746.00 million during the quarter, compared to analysts’ expectations of $703.37 million. BioMarin Pharmaceutical had a net margin of 9.91% and a return on equity of 6.91%. The company’s revenue for the quarter was up 28.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.26 earnings per share. As a group, equities analysts forecast that BioMarin Pharmaceutical will post 2.39 earnings per share for the current fiscal year.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Large investors have recently modified their holdings of the stock. Stoneridge Investment Partners LLC purchased a new stake in BioMarin Pharmaceutical in the third quarter worth about $295,000. AlphaCentric Advisors LLC raised its position in shares of BioMarin Pharmaceutical by 97.0% in the 3rd quarter. AlphaCentric Advisors LLC now owns 32,500 shares of the biotechnology company’s stock worth $2,284,000 after acquiring an additional 16,000 shares in the last quarter. National Pension Service grew its stake in BioMarin Pharmaceutical by 4.2% in the third quarter. National Pension Service now owns 345,387 shares of the biotechnology company’s stock worth $24,277,000 after purchasing an additional 13,878 shares during the period. Robeco Institutional Asset Management B.V. grew its stake in BioMarin Pharmaceutical by 157.4% in the third quarter. Robeco Institutional Asset Management B.V. now owns 210,666 shares of the biotechnology company’s stock worth $14,808,000 after purchasing an additional 128,807 shares during the period. Finally, Janney Montgomery Scott LLC grew its stake in BioMarin Pharmaceutical by 102.1% in the third quarter. Janney Montgomery Scott LLC now owns 11,700 shares of the biotechnology company’s stock worth $822,000 after purchasing an additional 5,911 shares during the period. 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.