Canaccord Genuity Group Has Lowered Expectations for BioMarin Pharmaceutical (NASDAQ:BMRN) Stock Price

BioMarin Pharmaceutical (NASDAQ:BMRN) had its target price lowered by research analysts at Canaccord Genuity Group from $93.00 to $84.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “hold” rating on the biotechnology company’s stock. Canaccord Genuity Group’s price target suggests a potential upside of 27.49% from the company’s current price.

A number of other brokerages have also recently commented on BMRN. Stifel Nicolaus lowered their target price on BioMarin Pharmaceutical from $115.00 to $87.00 and set a “buy” rating on the stock in a report on Tuesday, September 17th. Raymond James reaffirmed an “outperform” rating and issued a $79.00 price objective on shares of BioMarin Pharmaceutical in a research report on Thursday, October 10th. Robert W. Baird reduced their target price on BioMarin Pharmaceutical from $72.00 to $65.00 and set a “neutral” rating on the stock in a report on Wednesday. Bank of America reduced their price objective on BioMarin Pharmaceutical from $130.00 to $115.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. Finally, UBS Group lifted their target price on BioMarin Pharmaceutical from $104.00 to $106.00 and gave the stock a “buy” rating in a research report on Wednesday. Eight research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $93.67.

BioMarin Pharmaceutical Trading Down 1.2 %

BMRN opened at $65.89 on Wednesday. BioMarin Pharmaceutical has a 12 month low of $65.35 and a 12 month high of $99.56. The stock has a market capitalization of $12.51 billion, a price-to-earnings ratio of 61.58, a PEG ratio of 0.81 and a beta of 0.31. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.05 and a quick ratio of 1.95. The business has a fifty day moving average price of $75.60 and a 200 day moving average price of $80.84.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its earnings results on Tuesday, October 29th. The biotechnology company reported $0.55 earnings per share for the quarter, missing the consensus estimate of $0.78 by ($0.23). The firm had revenue of $746.00 million during the quarter, compared to analysts’ expectations of $703.37 million. BioMarin Pharmaceutical had a net margin of 9.91% and a return on equity of 6.91%. The firm’s revenue for the quarter was up 28.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.26 earnings per share. Sell-side analysts expect that BioMarin Pharmaceutical will post 2.39 earnings per share for the current fiscal year.

Hedge Funds Weigh In On BioMarin Pharmaceutical

A number of institutional investors have recently modified their holdings of BMRN. Principal Financial Group Inc. grew its stake in shares of BioMarin Pharmaceutical by 1,858.6% during the 2nd quarter. Principal Financial Group Inc. now owns 649,460 shares of the biotechnology company’s stock worth $53,470,000 after acquiring an additional 616,301 shares during the period. Assenagon Asset Management S.A. increased its holdings in BioMarin Pharmaceutical by 11,107.4% in the 2nd quarter. Assenagon Asset Management S.A. now owns 352,474 shares of the biotechnology company’s stock worth $29,019,000 after acquiring an additional 349,329 shares during the last quarter. Rhumbline Advisers increased its holdings in BioMarin Pharmaceutical by 122.1% in the 2nd quarter. Rhumbline Advisers now owns 551,553 shares of the biotechnology company’s stock worth $45,409,000 after acquiring an additional 303,207 shares during the last quarter. Swedbank AB purchased a new stake in BioMarin Pharmaceutical in the 1st quarter worth about $25,864,000. Finally, Dimensional Fund Advisors LP increased its holdings in BioMarin Pharmaceutical by 38.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,034,457 shares of the biotechnology company’s stock worth $85,178,000 after acquiring an additional 289,953 shares during the last quarter. 98.71% of the stock is owned by institutional investors and hedge funds.

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.