Royal Bank of Canada Reiterates Sector Perform Rating for BioMarin Pharmaceutical (NASDAQ:BMRN)

BioMarin Pharmaceutical (NASDAQ:BMRN)‘s stock had its “sector perform” rating reaffirmed by investment analysts at Royal Bank of Canada in a report issued on Thursday,Benzinga reports. They currently have a $70.00 price target on the biotechnology company’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 2.56% from the company’s previous close.

Several other equities research analysts also recently weighed in on BMRN. William Blair downgraded BioMarin Pharmaceutical from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 30th. Wolfe Research began coverage on BioMarin Pharmaceutical in a report on Friday, November 15th. They set an “outperform” rating and a $95.00 price target on the stock. JPMorgan Chase & Co. dropped their price objective on BioMarin Pharmaceutical from $110.00 to $109.00 and set an “overweight” rating on the stock in a report on Wednesday, October 30th. Evercore ISI dropped their price objective on BioMarin Pharmaceutical from $115.00 to $105.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. Finally, Canaccord Genuity Group dropped their price objective on BioMarin Pharmaceutical from $93.00 to $84.00 and set a “hold” rating on the stock in a report on Wednesday, October 30th. Seven research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $93.81.

BioMarin Pharmaceutical Stock Performance

Shares of BioMarin Pharmaceutical stock opened at $68.25 on Thursday. BioMarin Pharmaceutical has a 52 week low of $60.63 and a 52 week high of $94.85. The business’s fifty day simple moving average is $64.84 and its 200-day simple moving average is $71.05. The firm has a market cap of $13.01 billion, a PE ratio of 31.02, a price-to-earnings-growth ratio of 0.58 and a beta of 0.28. The company has a quick ratio of 2.62, a current ratio of 4.27 and a debt-to-equity ratio of 0.11.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings results on Wednesday, February 19th. The biotechnology company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.54 by $0.18. The business had revenue of $747.31 million for the quarter, compared to analyst estimates of $711.05 million. BioMarin Pharmaceutical had a return on equity of 10.10% and a net margin of 14.96%. Equities analysts forecast that BioMarin Pharmaceutical will post 3.15 earnings per share for the current year.

Institutional Trading of BioMarin Pharmaceutical

Large investors have recently made changes to their positions in the company. Oregon Public Employees Retirement Fund lifted its position in BioMarin Pharmaceutical by 0.4% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 38,738 shares of the biotechnology company’s stock worth $2,546,000 after acquiring an additional 164 shares during the period. Fifth Third Bancorp lifted its position in BioMarin Pharmaceutical by 13.9% during the 4th quarter. Fifth Third Bancorp now owns 1,351 shares of the biotechnology company’s stock worth $89,000 after acquiring an additional 165 shares during the period. Tokio Marine Asset Management Co. Ltd. lifted its position in BioMarin Pharmaceutical by 0.8% during the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 21,105 shares of the biotechnology company’s stock worth $1,483,000 after acquiring an additional 173 shares during the period. Advisors Asset Management Inc. lifted its position in BioMarin Pharmaceutical by 1.6% during the 3rd quarter. Advisors Asset Management Inc. now owns 11,451 shares of the biotechnology company’s stock worth $805,000 after acquiring an additional 180 shares during the period. Finally, Freedom Investment Management Inc. lifted its position in BioMarin Pharmaceutical by 3.8% during the 4th quarter. Freedom Investment Management Inc. now owns 5,022 shares of the biotechnology company’s stock worth $330,000 after acquiring an additional 184 shares during the period. 98.71% of the stock is 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.