BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target Raised to $80.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target hoisted by Scotiabank from $78.00 to $80.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a sector perform rating on the biotechnology company’s stock.

Several other analysts have also weighed in on BMRN. Bank of America raised their price objective on BioMarin Pharmaceutical from $99.00 to $103.00 and gave the company a “buy” rating in a research note on Thursday. William Blair lowered BioMarin Pharmaceutical from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 30th. Citigroup reduced their price objective on BioMarin Pharmaceutical from $93.00 to $81.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 30th. JPMorgan Chase & Co. reduced their price objective on BioMarin Pharmaceutical from $110.00 to $109.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 30th. Finally, Canaccord Genuity Group reduced their price objective on BioMarin Pharmaceutical from $93.00 to $84.00 and set a “hold” rating on the stock in a research note on Wednesday, October 30th. Seven investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $93.81.

BioMarin Pharmaceutical Stock Performance

BMRN opened at $68.25 on Thursday. The firm has a market cap of $13.01 billion, a P/E ratio of 31.02, a price-to-earnings-growth ratio of 0.61 and a beta of 0.28. BioMarin Pharmaceutical has a 52-week low of $60.63 and a 52-week high of $94.85. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.62 and a current ratio of 5.33. The business’s fifty day moving average is $64.88 and its 200-day moving average is $70.96.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings data on Wednesday, February 19th. 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 for the quarter, compared to analyst estimates of $711.05 million. BioMarin Pharmaceutical had a return on equity of 9.91% and a net margin of 14.96%. Sell-side analysts expect that BioMarin Pharmaceutical will post 3.15 EPS for the current fiscal year.

Hedge Funds Weigh In On BioMarin Pharmaceutical

Hedge funds have recently made changes to their positions in the stock. LRI Investments LLC raised its position in shares of BioMarin Pharmaceutical by 856.9% during the fourth quarter. LRI Investments LLC now owns 488 shares of the biotechnology company’s stock worth $32,000 after acquiring an additional 437 shares during the last quarter. TD Private Client Wealth LLC raised its position in shares of BioMarin Pharmaceutical by 57.4% during the third quarter. TD Private Client Wealth LLC now owns 510 shares of the biotechnology company’s stock worth $36,000 after acquiring an additional 186 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in BioMarin Pharmaceutical in the fourth quarter worth approximately $36,000. CIBC Private Wealth Group LLC increased its holdings in BioMarin Pharmaceutical by 64.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 596 shares of the biotechnology company’s stock worth $41,000 after purchasing an additional 233 shares in the last quarter. Finally, Meeder Asset Management Inc. increased its holdings in BioMarin Pharmaceutical by 920.8% in the third quarter. Meeder Asset Management Inc. now owns 735 shares of the biotechnology company’s stock worth $52,000 after purchasing an additional 663 shares in the last quarter. 98.71% of the stock is currently owned by 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.