BioMarin Pharmaceutical (NASDAQ:BMRN) Releases Quarterly Earnings Results, Misses Expectations By $0.52 EPS

BioMarin Pharmaceutical (NASDAQ:BMRN) issued its quarterly earnings results on Monday. The biotechnology company reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.52), Zacks reports. BioMarin Pharmaceutical had a return on equity of 9.53% and a net margin of 16.82%.

BioMarin Pharmaceutical Trading Down 1.8%

BMRN traded down $1.16 on Monday, reaching $62.92. 4,736,155 shares of the company traded hands, compared to its average volume of 2,252,982. The company has a market cap of $12.09 billion, a P/E ratio of 23.65, a price-to-earnings-growth ratio of 0.70 and a beta of 0.26. The company has a quick ratio of 3.10, a current ratio of 4.83 and a debt-to-equity ratio of 0.10. BioMarin Pharmaceutical has a one year low of $50.76 and a one year high of $73.51. The firm has a fifty day simple moving average of $58.09 and a two-hundred day simple moving average of $56.02.

Institutional Trading of BioMarin Pharmaceutical

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. CIBC Private Wealth Group LLC raised its holdings in shares of BioMarin Pharmaceutical by 38.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 648 shares of the biotechnology company’s stock worth $39,000 after buying an additional 179 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in BioMarin Pharmaceutical in the 3rd quarter worth $40,000. Parallel Advisors LLC lifted its position in BioMarin Pharmaceutical by 62.2% during the 3rd quarter. Parallel Advisors LLC now owns 769 shares of the biotechnology company’s stock worth $42,000 after acquiring an additional 295 shares during the period. Meeder Asset Management Inc. grew its stake in BioMarin Pharmaceutical by 1,974.1% during the 4th quarter. Meeder Asset Management Inc. now owns 1,763 shares of the biotechnology company’s stock valued at $105,000 after purchasing an additional 1,678 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd acquired a new position in shares of BioMarin Pharmaceutical in the fourth quarter valued at about $201,000. Institutional investors own 98.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on BMRN. Canaccord Genuity Group raised BioMarin Pharmaceutical from a “hold” rating to a “buy” rating and raised their price objective for the company from $84.00 to $98.00 in a research note on Tuesday, January 20th. Tudor Pickering set a $88.00 price objective on shares of BioMarin Pharmaceutical in a report on Monday, November 3rd. Barclays started coverage on shares of BioMarin Pharmaceutical in a research report on Wednesday, January 28th. They set an “overweight” rating and a $80.00 target price for the company. Truist Financial raised their price target on shares of BioMarin Pharmaceutical from $80.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, December 23rd. Finally, Wedbush reissued an “outperform” rating and set a $94.00 price objective on shares of BioMarin Pharmaceutical in a report on Tuesday, October 28th. Fifteen equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $88.14.

About BioMarin Pharmaceutical

BioMarin Pharmaceutical Inc is a biopharmaceutical company specializing in the development and commercialization of therapies for rare genetic and metabolic diseases. The company focuses on addressing unmet medical needs by leveraging enzyme replacement therapy, small molecule pharmacological chaperones and gene therapy technologies. Headquartered in Novato, California, BioMarin operates research and development facilities in the United States and Europe.

The company’s commercial portfolio includes several approved therapies targeting inherited disorders.