BioMarin Pharmaceutical’s (BMRN) Sector Perform Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reissued their sector perform rating on shares of BioMarin Pharmaceutical (NASDAQ:BMRN) in a research report released on Thursday morning,Benzinga reports. The firm currently has a $70.00 target price on the biotechnology company’s stock.

Several other equities analysts have also issued reports on the company. Piper Sandler raised their price target on BioMarin Pharmaceutical from $122.00 to $126.00 and gave the stock an “overweight” rating in a research report on Thursday. Citigroup cut their price objective on BioMarin Pharmaceutical from $93.00 to $81.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 30th. StockNews.com upgraded BioMarin Pharmaceutical from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, February 11th. Canaccord Genuity Group cut their price objective on BioMarin Pharmaceutical from $93.00 to $84.00 and set a “hold” rating on the stock in a research report on Wednesday, October 30th. Finally, Wedbush upgraded BioMarin Pharmaceutical to a “strong-buy” rating in a research report on Monday, November 4th. Seven equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $93.81.

BioMarin Pharmaceutical Price Performance

BMRN opened at $68.25 on Thursday. The stock’s 50 day simple moving average is $64.88 and its 200 day simple moving average is $70.96. The company has a debt-to-equity ratio of 0.11, a current ratio of 5.33 and a quick ratio of 2.62. BioMarin Pharmaceutical has a 1 year low of $60.63 and a 1 year 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 0.61 and a beta of 0.28.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings results on Wednesday, February 19th. The biotechnology company reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.18. BioMarin Pharmaceutical had a return on equity of 9.91% and a net margin of 14.96%. The business had revenue of $747.31 million for the quarter, compared to analyst estimates of $711.05 million. As a group, analysts predict that BioMarin Pharmaceutical will post 3.15 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in BMRN. LRI Investments LLC raised its stake in BioMarin Pharmaceutical by 856.9% during the fourth quarter. LRI Investments LLC now owns 488 shares of the biotechnology company’s stock valued at $32,000 after buying an additional 437 shares during the last quarter. TD Private Client Wealth LLC raised its stake in BioMarin Pharmaceutical by 57.4% during the third quarter. TD Private Client Wealth LLC now owns 510 shares of the biotechnology company’s stock valued at $36,000 after buying an additional 186 shares during the last quarter. SBI Securities Co. Ltd. purchased a new position in BioMarin Pharmaceutical during the fourth quarter valued at $36,000. CIBC Private Wealth Group LLC raised its stake in BioMarin Pharmaceutical by 64.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 596 shares of the biotechnology company’s stock valued at $41,000 after buying an additional 233 shares during the last quarter. Finally, Meeder Asset Management Inc. raised its stake in BioMarin Pharmaceutical by 920.8% during the third quarter. Meeder Asset Management Inc. now owns 735 shares of the biotechnology company’s stock valued at $52,000 after buying an additional 663 shares during the last quarter. Hedge funds and other institutional investors own 98.71% of the company’s stock.

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.