BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target Cut to $112.00 by Analysts at Morgan Stanley

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target dropped by equities researchers at Morgan Stanley from $115.00 to $112.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has an “overweight” rating on the biotechnology company’s stock. Morgan Stanley’s price target indicates a potential upside of 37.34% from the stock’s current price.

A number of other research firms have also recently commented on BMRN. Piper Sandler cut 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. Robert W. Baird lowered their target price on shares of BioMarin Pharmaceutical from $127.00 to $104.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 30th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $100.00 target price on shares of BioMarin Pharmaceutical in a research report on Friday, February 23rd. Citigroup dropped their price objective on shares of BioMarin Pharmaceutical from $94.00 to $91.00 and set a “neutral” rating for the company in a research note on Thursday. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $110.00 target price on shares of BioMarin Pharmaceutical in a research note on Thursday. Seven analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, BioMarin Pharmaceutical has a consensus rating of “Moderate Buy” and a consensus target price of $107.50.

BioMarin Pharmaceutical Stock Performance

BMRN stock traded down $0.62 during trading on Friday, hitting $81.55. 1,067,979 shares of the company traded hands, compared to its average volume of 1,432,098. BioMarin Pharmaceutical has a 1 year low of $76.02 and a 1 year high of $99.56. The company has a market cap of $15.39 billion, a PE ratio of 76.07, a P/E/G ratio of 1.68 and a beta of 0.31. The stock’s 50-day simple moving average is $87.74 and its 200 day simple moving average is $89.18. 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 released its quarterly earnings results on Thursday, February 22nd. The biotechnology company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.44 by $0.05. The company had revenue of $646.21 million for the quarter, compared to analyst estimates of $639.53 million. BioMarin Pharmaceutical had a net margin of 8.31% and a return on equity of 5.39%. The firm’s revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the business earned $0.11 earnings per share. On average, equities analysts expect that BioMarin Pharmaceutical will post 1.85 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Jean Jacques Bienaime sold 1,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now owns 562,203 shares in the company, valued at approximately $50,795,041.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Henry J. Fuchs sold 35,341 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $85.18, for a total transaction of $3,010,346.38. Following the transaction, the insider now owns 212,117 shares of the company’s stock, valued at $18,068,126.06. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Jean Jacques Bienaime sold 1,000 shares of BioMarin Pharmaceutical stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $90.35, for a total transaction of $90,350.00. Following the completion of the transaction, the director now owns 562,203 shares in the company, valued at $50,795,041.05. The disclosure for this sale can be found here. In the last three months, insiders have sold 103,229 shares of company stock worth $9,062,967. 1.84% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On BioMarin Pharmaceutical

A number of hedge funds and other institutional investors have recently bought and sold shares of BMRN. KB Financial Partners LLC grew its stake 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 worth $31,000 after purchasing an additional 118 shares during the period. Lindbrook Capital LLC increased its holdings in BioMarin Pharmaceutical by 259.8% in the fourth quarter. Lindbrook Capital LLC now owns 385 shares of the biotechnology company’s stock valued at $37,000 after buying an additional 278 shares in the last quarter. Castleview Partners LLC acquired a new stake in shares of BioMarin Pharmaceutical during the 3rd quarter valued at approximately $35,000. Benjamin F. Edwards & Company Inc. boosted its stake 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 worth $42,000 after acquiring an additional 249 shares in the last quarter. Finally, Jones Financial Companies Lllp acquired a new stake in shares of BioMarin Pharmaceutical in the 4th quarter worth approximately $43,000. Institutional investors and hedge funds own 98.71% of the company’s stock.

BioMarin Pharmaceutical Company Profile

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.