BioMarin Pharmaceutical (NASDAQ:BMRN) Given New $85.00 Price Target at Scotiabank

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price objective hoisted by Scotiabank from $83.00 to $85.00 in a research note published on Thursday, Benzinga reports. The firm currently has a sector perform rating on the biotechnology company’s stock.

Other research analysts have also recently issued reports about the company. Canaccord Genuity Group reaffirmed a hold rating and set a $91.00 price objective on shares of BioMarin Pharmaceutical in a research report on Thursday, February 29th. Piper Sandler reduced their price objective on BioMarin Pharmaceutical from $115.00 to $107.00 and set an overweight rating for the company in a research report on Friday, February 23rd. Cantor Fitzgerald reaffirmed an overweight rating and set a $110.00 price objective on shares of BioMarin Pharmaceutical in a research report on Thursday. Robert W. Baird reduced their price objective on BioMarin Pharmaceutical from $127.00 to $104.00 and set an outperform rating for the company in a research report on Tuesday, January 30th. Finally, Royal Bank of Canada reissued a sector perform rating and set a $100.00 price target on shares of BioMarin Pharmaceutical in a research report on Friday, February 23rd. Seven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $107.89.

BioMarin Pharmaceutical Stock Down 9.9 %

Shares of BioMarin Pharmaceutical stock opened at $82.17 on Thursday. BioMarin Pharmaceutical has a 1 year low of $76.02 and a 1 year high of $99.56. The business has a 50-day moving average of $87.74 and a two-hundred day moving average of $89.18. The company has a market capitalization of $15.51 billion, a P/E ratio of 76.80, a price-to-earnings-growth ratio of 1.68 and a beta of 0.31. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.51 and a quick ratio of 1.57.

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

Insider Buying and Selling

In related news, Director Jean Jacques Bienaime sold 1,000 shares of the business’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $90.35, for a total transaction of $90,350.00. Following the sale, the director now owns 562,203 shares in the company, valued at approximately $50,795,041.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other BioMarin Pharmaceutical news, Director Jean Jacques Bienaime sold 1,000 shares of the company’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $90.35, for a total value of $90,350.00. Following the sale, the director now owns 562,203 shares in the company, valued at approximately $50,795,041.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Henry J. Fuchs sold 35,341 shares of the company’s 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 completion of the sale, the insider now owns 212,117 shares in the company, valued at approximately $18,068,126.06. The disclosure for this sale can be found here. Insiders have sold 103,229 shares of company stock worth $9,062,967 in the last 90 days. Insiders own 1.84% of the company’s stock.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Institutional investors and hedge funds have recently made changes to their positions in the business. KB Financial Partners LLC boosted its position in shares of BioMarin Pharmaceutical by 51.3% during the 3rd quarter. KB Financial Partners LLC now owns 348 shares of the biotechnology company’s stock valued at $31,000 after purchasing an additional 118 shares in the last quarter. Lindbrook Capital LLC boosted its position in shares of BioMarin Pharmaceutical by 259.8% during the 4th quarter. Lindbrook Capital LLC now owns 385 shares of the biotechnology company’s stock valued at $37,000 after purchasing an additional 278 shares in the last quarter. Castleview Partners LLC bought a new stake in shares of BioMarin Pharmaceutical during the 3rd quarter valued at about $35,000. Benjamin F. Edwards & Company Inc. boosted its position in shares of BioMarin Pharmaceutical by 135.3% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 433 shares of the biotechnology company’s stock valued at $42,000 after purchasing an additional 249 shares in the last quarter. Finally, Jones Financial Companies Lllp bought a new stake in shares of BioMarin Pharmaceutical during the 4th quarter valued at about $43,000. 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.