BioMarin Pharmaceutical (NASDAQ:BMRN) Shares Gap Up on Strong Earnings

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) shares gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $65.61, but opened at $70.00. BioMarin Pharmaceutical shares last traded at $68.58, with a volume of 964,976 shares traded.

The biotechnology company reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.18. The business had revenue of $747.31 million during the quarter, compared to the consensus estimate of $711.05 million. BioMarin Pharmaceutical had a return on equity of 8.53% and a net margin of 11.71%.

Analyst Upgrades and Downgrades

Several analysts have commented on BMRN shares. Citigroup upped their price objective on BioMarin Pharmaceutical from $81.00 to $82.00 and gave the company a “neutral” rating in a research note on Thursday. Evercore ISI reduced their price objective on BioMarin Pharmaceutical from $115.00 to $105.00 and set an “outperform” rating for the company in a research note on Wednesday, October 30th. Robert W. Baird reduced their price objective on BioMarin Pharmaceutical from $72.00 to $65.00 and set a “neutral” rating for the company in a research note on Wednesday, October 30th. Wedbush reiterated an “outperform” rating and set a $94.00 target price on shares of BioMarin Pharmaceutical in a research report on Thursday. Finally, Piper Sandler boosted their target price on BioMarin Pharmaceutical from $122.00 to $126.00 and gave the stock an “overweight” rating in a research report on Thursday. Seven investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $93.81.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Institutional investors and hedge funds have recently bought and sold shares of the stock. Merit Financial Group LLC purchased a new stake in BioMarin Pharmaceutical in the 4th quarter valued at approximately $317,000. Assenagon Asset Management S.A. lifted its stake in BioMarin Pharmaceutical by 461.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 611,667 shares of the biotechnology company’s stock valued at $40,205,000 after buying an additional 502,695 shares in the last quarter. Wedmont Private Capital purchased a new stake in BioMarin Pharmaceutical in the 4th quarter valued at approximately $430,000. Swedbank AB lifted its stake in BioMarin Pharmaceutical by 11.2% in the 4th quarter. Swedbank AB now owns 432,122 shares of the biotechnology company’s stock valued at $28,403,000 after buying an additional 43,593 shares in the last quarter. Finally, EULAV Asset Management lifted its stake in BioMarin Pharmaceutical by 12.9% in the 3rd quarter. EULAV Asset Management now owns 131,000 shares of the biotechnology company’s stock valued at $9,208,000 after buying an additional 15,000 shares in the last quarter. Hedge funds and other institutional investors own 98.71% of the company’s stock.

BioMarin Pharmaceutical Trading Up 4.8 %

The stock has a market cap of $13.10 billion, a PE ratio of 41.16, a price-to-earnings-growth ratio of 0.57 and a beta of 0.28. The business has a 50 day moving average of $64.79 and a 200-day moving average of $71.06. The company has a current ratio of 4.27, a quick ratio of 2.62 and a debt-to-equity ratio of 0.11.

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.