BioMarin Pharmaceutical (NASDAQ:BMRN) Issues FY 2024 Earnings Guidance

BioMarin Pharmaceutical (NASDAQ:BMRN) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 2.750-2.950 for the period, compared to the consensus estimate of 1.650. The company issued revenue guidance of $2.7 billion-$2.8 billion, compared to the consensus revenue estimate of $2.8 billion. BioMarin Pharmaceutical also updated its FY24 guidance to $2.75-2.95 EPS.

Analysts Set New Price Targets

Several research firms have issued reports on BMRN. Robert W. Baird dropped their price objective on BioMarin Pharmaceutical from $127.00 to $104.00 and set an outperform rating for the company in a research note on Tuesday, January 30th. Royal Bank of Canada reiterated a sector perform rating and set a $100.00 price objective on shares of BioMarin Pharmaceutical in a research note on Friday, February 23rd. Cantor Fitzgerald reiterated an overweight rating and set a $110.00 price objective on shares of BioMarin Pharmaceutical in a research note on Thursday. Canaccord Genuity Group decreased their target price on BioMarin Pharmaceutical from $91.00 to $89.00 and set a hold rating on the stock in a report on Friday. Finally, Morgan Stanley decreased their target price on BioMarin Pharmaceutical from $115.00 to $112.00 and set an overweight rating on the stock in a report on Friday. Seven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $107.50.

BioMarin Pharmaceutical Stock Down 1.5 %

BioMarin Pharmaceutical stock traded down $1.26 during midday trading on Friday, reaching $80.91. The stock had a trading volume of 2,253,442 shares, compared to its average volume of 1,447,142. The firm’s fifty day simple moving average is $87.74 and its 200-day simple moving average is $89.18. BioMarin Pharmaceutical has a 1-year low of $76.02 and a 1-year high of $99.56. The stock has a market capitalization of $15.27 billion, a P/E ratio of 76.07, 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 quick ratio of 1.57 and a current ratio of 2.51.

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

Insider Buying and Selling at BioMarin Pharmaceutical

In other BioMarin Pharmaceutical news, Director Jean Jacques Bienaime sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, April 12th. The stock was sold at an average price of $91.26, for a total value of $1,825,200.00. Following the completion of the transaction, the director now directly owns 474,994 shares in the company, valued at $43,347,952.44. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other BioMarin Pharmaceutical news, Director Jean Jacques Bienaime sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, April 12th. The stock was sold at an average price of $91.26, for a total value of $1,825,200.00. Following the completion of the transaction, the director now directly owns 474,994 shares in the company, valued at $43,347,952.44. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Henry J. Fuchs sold 35,341 shares of the firm’s stock in a transaction that occurred on 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 transaction, the insider now owns 212,117 shares of the company’s stock, valued at $18,068,126.06. The disclosure for this sale can be found here. Insiders sold a total of 103,229 shares of company stock worth $9,062,967 over the last ninety days. 1.84% of the stock is currently owned by corporate insiders.

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.