BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target Cut to $91.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target dropped by research analysts at Citigroup from $94.00 to $91.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the biotechnology company’s stock. Citigroup’s price objective suggests a potential upside of 10.75% from the stock’s current price.

Several other equities analysts have also weighed in on BMRN. Wells Fargo & Company boosted their target price on shares of BioMarin Pharmaceutical from $100.00 to $110.00 and gave the company an “overweight” rating in a report on Thursday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $110.00 target price on shares of BioMarin Pharmaceutical in a report on Thursday. Robert W. Baird decreased their target price on shares of BioMarin Pharmaceutical from $127.00 to $104.00 and set an “outperform” rating on the stock in a report 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 report on Friday, February 23rd. Finally, Scotiabank boosted their price target on shares of BioMarin Pharmaceutical from $83.00 to $85.00 and gave the company a “sector perform” rating in a research note on Thursday. Seven equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $107.89.

BioMarin Pharmaceutical Price Performance

BMRN traded down $9.03 on Thursday, reaching $82.17. 7,884,446 shares of the company’s stock were exchanged, compared to its average volume of 1,437,064. The stock has a market cap of $15.51 billion, a PE ratio of 93.38, a P/E/G ratio of 1.70 and a beta of 0.31. BioMarin Pharmaceutical has a twelve month low of $76.02 and a twelve month high of $99.56. The stock’s fifty day moving average price is $87.86 and its 200-day moving average price is $89.23. 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 posted its quarterly earnings results on Thursday, February 22nd. The biotechnology company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.05. The firm had revenue of $646.21 million for the quarter, compared to analyst estimates of $639.53 million. BioMarin Pharmaceutical had a net margin of 6.93% and a return on equity of 5.01%. BioMarin Pharmaceutical’s quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.11 earnings per share. Sell-side analysts expect that BioMarin Pharmaceutical will post 1.85 EPS for the current year.

Insider Activity

In other news, insider Henry J. Fuchs sold 35,341 shares of the company’s stock in a transaction 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 in the company, valued at approximately $18,068,126.06. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, insider Henry J. Fuchs sold 35,341 shares of the stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $85.18, for a total transaction 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Erin Burkhart sold 2,286 shares of the stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $90.00, for a total transaction of $205,740.00. Following the sale, the chief accounting officer now owns 16,156 shares of the company’s stock, valued at approximately $1,454,040. The disclosure for this sale can be found here. In the last quarter, insiders sold 103,229 shares of company stock worth $9,062,967. Corporate insiders own 1.84% of the company’s stock.

Institutional Trading of BioMarin Pharmaceutical

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in shares of BioMarin Pharmaceutical by 2.0% in the 4th quarter. Vanguard Group Inc. now owns 18,050,062 shares of the biotechnology company’s stock worth $1,740,387,000 after acquiring an additional 348,852 shares during the period. Capital Research Global Investors lifted its stake in shares of BioMarin Pharmaceutical by 79.0% in the 4th quarter. Capital Research Global Investors now owns 10,774,641 shares of the biotechnology company’s stock worth $1,038,907,000 after acquiring an additional 4,756,671 shares during the period. Barclays PLC increased its holdings in shares of BioMarin Pharmaceutical by 31.6% in the 3rd quarter. Barclays PLC now owns 5,573,157 shares of the biotechnology company’s stock valued at $493,111,000 after purchasing an additional 1,336,886 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in shares of BioMarin Pharmaceutical by 5.6% in the 3rd quarter. Ameriprise Financial Inc. now owns 5,163,949 shares of the biotechnology company’s stock valued at $456,906,000 after purchasing an additional 275,436 shares in the last quarter. Finally, Avoro Capital Advisors LLC increased its holdings in shares of BioMarin Pharmaceutical by 11.7% in the 4th quarter. Avoro Capital Advisors LLC now owns 4,300,000 shares of the biotechnology company’s stock valued at $414,606,000 after purchasing an additional 450,000 shares in the last quarter. 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.