Cantor Fitzgerald Lowers BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $90.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its target price reduced by research analysts at Cantor Fitzgerald from $110.00 to $90.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the biotechnology company’s stock. Cantor Fitzgerald’s price target points to a potential upside of 36.59% from the stock’s current price. Cantor Fitzgerald also issued estimates for BioMarin Pharmaceutical’s FY2024 earnings at $2.43 EPS.

Several other brokerages have also weighed in on BMRN. Royal Bank of Canada reissued a “sector perform” rating and set a $80.00 price objective on shares of BioMarin Pharmaceutical in a report on Wednesday. TD Cowen reduced their price target on shares of BioMarin Pharmaceutical from $125.00 to $120.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Truist Financial reduced their price target on shares of BioMarin Pharmaceutical from $118.00 to $90.00 and set a “buy” rating on the stock in a research report on Tuesday, September 17th. Piper Sandler raised their price target on shares of BioMarin Pharmaceutical from $107.00 to $122.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. Finally, Robert W. Baird reduced their price target on shares of BioMarin Pharmaceutical from $72.00 to $65.00 and set a “neutral” rating on the stock in a research report on Wednesday. Eight equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, BioMarin Pharmaceutical has an average rating of “Moderate Buy” and a consensus target price of $93.67.

BioMarin Pharmaceutical Price Performance

Shares of BMRN stock opened at $65.89 on Wednesday. The firm has a market cap of $12.51 billion, a P/E ratio of 61.58, a P/E/G 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. BioMarin Pharmaceutical has a 1-year low of $65.35 and a 1-year high of $99.56. The firm has a fifty day moving average of $75.60 and a two-hundred day moving average of $80.84.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings data 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 company had revenue of $746.00 million for the quarter, compared to analyst estimates of $703.37 million. BioMarin Pharmaceutical had a return on equity of 6.91% and a net margin of 9.91%. BioMarin Pharmaceutical’s revenue was up 28.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.26 earnings per share. As a group, research analysts anticipate that BioMarin Pharmaceutical will post 2.39 earnings per share for the current fiscal year.

Hedge Funds Weigh In On BioMarin Pharmaceutical

Large investors have recently bought and sold shares of the stock. Innealta Capital LLC acquired a new position in BioMarin Pharmaceutical during the 2nd quarter valued at about $25,000. nVerses Capital LLC acquired a new position in BioMarin Pharmaceutical during the 3rd quarter valued at about $28,000. BOKF NA acquired a new position in BioMarin Pharmaceutical during the 2nd quarter valued at about $31,000. Quent Capital LLC grew its stake in shares of BioMarin Pharmaceutical by 58.9% in the 2nd quarter. Quent Capital LLC now owns 391 shares of the biotechnology company’s stock worth $32,000 after purchasing an additional 145 shares during the last quarter. Finally, Itau Unibanco Holding S.A. acquired a new position in shares of BioMarin Pharmaceutical in the 2nd quarter worth approximately $47,000. Institutional investors and hedge funds 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.