JPMorgan Chase & Co. Boosts BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $120.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price objective increased by JPMorgan Chase & Co. from $111.00 to $120.00 in a report published on Thursday, Benzinga reports. The firm currently has an overweight rating on the biotechnology company’s stock.

A number of other research firms also recently weighed in on BMRN. TD Cowen reduced their target price on shares of BioMarin Pharmaceutical from $125.00 to $120.00 and set a buy rating on the stock in a report on Tuesday, August 6th. Stifel Nicolaus raised their price objective on BioMarin Pharmaceutical from $112.00 to $115.00 and gave the company a buy rating in a research note on Wednesday, August 21st. Evercore ISI lifted their target price on BioMarin Pharmaceutical from $113.00 to $115.00 and gave the stock an outperform rating in a report on Tuesday, August 6th. StockNews.com upgraded BioMarin Pharmaceutical from a hold rating to a buy rating in a report on Thursday, August 8th. Finally, Royal Bank of Canada reaffirmed a sector perform rating and set a $100.00 price objective on shares of BioMarin Pharmaceutical in a research note on Tuesday, August 6th. Eight analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, BioMarin Pharmaceutical presently has a consensus rating of Moderate Buy and a consensus price target of $106.10.

BioMarin Pharmaceutical Stock Performance

NASDAQ BMRN opened at $84.08 on Thursday. The company has a quick ratio of 1.95, a current ratio of 3.05 and a debt-to-equity ratio of 0.11. BioMarin Pharmaceutical has a twelve month low of $73.68 and a twelve month high of $99.56. The business has a 50-day moving average price of $86.53 and a 200-day moving average price of $85.04. The firm has a market cap of $15.97 billion, a price-to-earnings ratio of 78.58 and a beta of 0.32.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings results on Monday, August 5th. The biotechnology company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.39. The company had revenue of $712.03 million for the quarter, compared to the consensus estimate of $660.51 million. BioMarin Pharmaceutical had a net margin of 9.91% and a return on equity of 6.91%. As a group, equities research analysts predict that BioMarin Pharmaceutical will post 2.35 EPS for the current fiscal year.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Institutional investors and hedge funds have recently bought and sold shares of the stock. Capital Research Global Investors increased its position in BioMarin Pharmaceutical by 79.0% during the fourth quarter. Capital Research Global Investors now owns 10,774,641 shares of the biotechnology company’s stock worth $1,038,907,000 after buying an additional 4,756,671 shares during the period. Norges Bank purchased a new position in shares of BioMarin Pharmaceutical during the fourth quarter worth approximately $324,098,000. Principal Financial Group Inc. grew its position in shares of BioMarin Pharmaceutical by 1,858.6% during the second quarter. Principal Financial Group Inc. now owns 649,460 shares of the biotechnology company’s stock worth $53,470,000 after acquiring an additional 616,301 shares during the last quarter. Avoro Capital Advisors LLC increased its holdings in shares of BioMarin Pharmaceutical by 11.7% in the 4th quarter. Avoro Capital Advisors LLC now owns 4,300,000 shares of the biotechnology company’s stock valued at $414,606,000 after acquiring an additional 450,000 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its position in BioMarin Pharmaceutical by 33.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,605,983 shares of the biotechnology company’s stock valued at $154,850,000 after purchasing an additional 401,152 shares during the last quarter. 98.71% of the stock is owned by hedge funds and other institutional investors.

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.