Bank of America Forecasts Strong Price Appreciation for BioMarin Pharmaceutical (NASDAQ:BMRN) Stock

BioMarin Pharmaceutical (NASDAQ:BMRN) had its target price hoisted by equities researchers at Bank of America from $99.00 to $103.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the biotechnology company’s stock. Bank of America‘s price target points to a potential upside of 50.92% from the stock’s previous close.

Several other equities analysts have also issued reports on BMRN. Wolfe Research started coverage on BioMarin Pharmaceutical in a research report on Friday, November 15th. They set an “outperform” rating and a $95.00 price target on the stock. Citigroup cut their target price on shares of BioMarin Pharmaceutical from $93.00 to $81.00 and set a “neutral” rating on the stock in a report on Wednesday, October 30th. JPMorgan Chase & Co. lowered their price target on shares of BioMarin Pharmaceutical from $110.00 to $109.00 and set an “overweight” rating for the company in a report on Wednesday, October 30th. Royal Bank of Canada reissued a “sector perform” rating and issued a $80.00 price target on shares of BioMarin Pharmaceutical in a report on Wednesday, October 30th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $90.00 price objective on shares of BioMarin Pharmaceutical in a research report on Thursday, December 12th. Seven research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $93.81.

BioMarin Pharmaceutical Trading Down 0.7 %

Shares of BMRN opened at $68.25 on Thursday. BioMarin Pharmaceutical has a fifty-two week low of $60.63 and a fifty-two week high of $94.85. The firm has a market cap of $13.01 billion, a price-to-earnings ratio of 31.02, a PEG ratio of 0.58 and a beta of 0.28. The firm has a 50 day moving average price of $64.84 and a 200-day moving average price of $71.05. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.62 and a current ratio of 4.27.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings results on Wednesday, February 19th. The biotechnology company reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.18. BioMarin Pharmaceutical had a net margin of 14.96% and a return on equity of 10.10%. The business had revenue of $747.31 million during the quarter, compared to the consensus estimate of $711.05 million. As a group, equities research analysts forecast that BioMarin Pharmaceutical will post 3.15 earnings per share for the current year.

Hedge Funds Weigh In On BioMarin Pharmaceutical

Several large investors have recently made changes to their positions in the business. Norges Bank purchased a new stake in shares of BioMarin Pharmaceutical in the 4th quarter worth approximately $234,645,000. Capital Research Global Investors grew its stake in shares of BioMarin Pharmaceutical by 23.8% in the fourth quarter. Capital Research Global Investors now owns 12,991,772 shares of the biotechnology company’s stock worth $853,944,000 after acquiring an additional 2,496,817 shares during the last quarter. Soleus Capital Management L.P. purchased a new stake in shares of BioMarin Pharmaceutical in the fourth quarter worth $65,822,000. Dodge & Cox raised its position in shares of BioMarin Pharmaceutical by 6.1% in the 4th quarter. Dodge & Cox now owns 14,746,235 shares of the biotechnology company’s stock worth $969,270,000 after purchasing an additional 847,917 shares during the last quarter. Finally, Erste Asset Management GmbH bought a new position in BioMarin Pharmaceutical in the 3rd quarter worth about $48,527,000. 98.71% of the stock is currently owned by hedge funds and other institutional investors.

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.