Wall Street Zen Upgrades BioMarin Pharmaceutical (NASDAQ:BMRN) to Buy

BioMarin Pharmaceutical (NASDAQ:BMRN) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Sunday, Wall Street Zen reports.

Other equities research analysts also recently issued research reports about the company. Canaccord Genuity Group increased their price target on BioMarin Pharmaceutical from $111.00 to $114.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. William Blair upgraded BioMarin Pharmaceutical to a “hold” rating in a research note on Wednesday, September 23rd. HC Wainwright reaffirmed a “neutral” rating and issued a $60.00 price objective on shares of BioMarin Pharmaceutical in a report on Tuesday, November 3rd. Cantor Fitzgerald reiterated an “overweight” rating on shares of BioMarin Pharmaceutical in a research report on Tuesday, November 3rd. Finally, Oppenheimer reduced their target price on BioMarin Pharmaceutical from $97.00 to $94.00 and set an “outperform” rating on the stock in a report on Tuesday, November 3rd. Three research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $87.91.

BioMarin Pharmaceutical Price Performance

NASDAQ:BMRN opened at $57.18 on Friday. BioMarin Pharmaceutical has a 52 week low of $49.26 and a 52 week high of $70.98. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.32 and a current ratio of 2.44. The firm’s 50-day simple moving average is $59.54 and its 200 day simple moving average is $58.47. The firm has a market cap of $11.08 billion, a price-to-earnings ratio of 32.10, a P/E/G ratio of 0.68 and a beta of 0.21.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings data on Monday, November 2nd. The biotechnology company reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.28. BioMarin Pharmaceutical had a negative net margin of 0.52% and a positive return on equity of 5.58%. The firm had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $1.02 billion. During the same quarter in the previous year, the firm posted $0.12 EPS. The business’s revenue for the quarter was up 32.0% compared to the same quarter last year. As a group, sell-side analysts predict that BioMarin Pharmaceutical will post 2.20 earnings per share for the current year.

Hedge Funds Weigh In On BioMarin Pharmaceutical

A number of institutional investors have recently modified their holdings of BMRN. Bessemer Group Inc. boosted its stake in BioMarin Pharmaceutical by 0.5% in the third quarter. Bessemer Group Inc. now owns 90,036 shares of the biotechnology company’s stock valued at $5,401,000 after buying an additional 447 shares in the last quarter. Hantz Financial Services Inc. raised its stake in BioMarin Pharmaceutical by 10.9% during the third quarter. Hantz Financial Services Inc. now owns 12,674 shares of the biotechnology company’s stock worth $760,000 after acquiring an additional 1,250 shares in the last quarter. ProVise Management Group LLC acquired a new position in BioMarin Pharmaceutical during the third quarter worth about $203,000. Maryland State Retirement & Pension System lifted its holdings in shares of BioMarin Pharmaceutical by 15.0% in the third quarter. Maryland State Retirement & Pension System now owns 11,002 shares of the biotechnology company’s stock worth $660,000 after acquiring an additional 1,431 shares during the last quarter. Finally, Lisanti Capital Growth LLC bought a new position in shares of BioMarin Pharmaceutical in the third quarter worth about $6,176,000. Institutional investors and hedge funds own 98.71% of the company’s stock.

BioMarin Pharmaceutical Company Profile

BioMarin Pharmaceutical is a biotechnology company focused on developing and commercializing medicines for people with rare genetic diseases. Its work includes research, clinical development, manufacturing and distribution of therapies for conditions that often have limited treatment options.

The company’s marketed treatments address disorders including phenylketonuria, mucopolysaccharidosis, late-infantile neuronal ceroid lipofuscinosis, achondroplasia and hemophilia A. Its products include Kuvan and Palynziq for phenylketonuria, Vimizim for Morquio A syndrome, Brineura for CLN2 disease, Voxzogo for achondroplasia and Roctavian for hemophilia A.

Founded in 1997 and headquartered in San Rafael, California, BioMarin serves patients and healthcare providers in the United States and international markets, including Europe.