BioMarin Pharmaceutical (NASDAQ:BMRN) Given New $89.00 Price Target at Canaccord Genuity Group

BioMarin Pharmaceutical (NASDAQ:BMRN) had its target price cut by investment analysts at Canaccord Genuity Group from $91.00 to $89.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a “hold” rating on the biotechnology company’s stock. Canaccord Genuity Group’s price target would indicate a potential upside of 8.31% from the stock’s previous close.

A number of other research analysts have also weighed in on the stock. Piper Sandler decreased their target price on shares of BioMarin Pharmaceutical from $115.00 to $107.00 and set an “overweight” rating on the stock in a research note on Friday, February 23rd. Wells Fargo & Company lifted their price target on shares of BioMarin Pharmaceutical from $100.00 to $110.00 and gave the company an “overweight” rating in a research report on Thursday. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $100.00 price target on shares of BioMarin Pharmaceutical in a research report on Friday, February 23rd. Citigroup reduced their price target on shares of BioMarin Pharmaceutical from $94.00 to $91.00 and set a “neutral” rating on the stock in a research report on Thursday. Finally, Scotiabank lifted their price target on shares of BioMarin Pharmaceutical from $83.00 to $85.00 and gave the company a “sector perform” rating in a research report on Thursday. Seven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $107.78.

BioMarin Pharmaceutical Trading Down 9.9 %

BMRN stock opened at $82.17 on Friday. The company’s 50-day simple moving average is $87.74 and its 200-day simple moving average is $89.18. The company has a quick ratio of 1.57, a current ratio of 2.51 and a debt-to-equity ratio of 0.12. BioMarin Pharmaceutical has a 52-week low of $76.02 and a 52-week high of $99.56. The firm has a market cap of $15.51 billion, a P/E ratio of 76.80, a PEG ratio of 1.68 and a beta of 0.31.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings results on Thursday, February 22nd. The biotechnology company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.05. BioMarin Pharmaceutical had a net margin of 8.31% and a return on equity of 5.39%. The firm had revenue of $646.21 million during the quarter, compared to the consensus estimate of $639.53 million. During the same quarter in the prior year, the firm earned $0.11 EPS. The company’s revenue for the quarter was up 20.2% on a year-over-year basis. As a group, equities analysts forecast that BioMarin Pharmaceutical will post 1.85 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Henry J. Fuchs sold 35,341 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $85.18, for a total value of $3,010,346.38. Following the completion of the sale, the insider now directly owns 212,117 shares of the company’s stock, valued at $18,068,126.06. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, insider Henry J. Fuchs sold 35,341 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $85.18, for a total value of $3,010,346.38. Following the completion of the sale, the insider now directly owns 212,117 shares of the company’s stock, valued at $18,068,126.06. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Jean Jacques Bienaime sold 20,000 shares of the business’s stock in a transaction on Friday, April 12th. The shares were sold at an average price of $91.26, for a total transaction of $1,825,200.00. Following the completion of the sale, the director now directly owns 474,994 shares of the company’s stock, valued at $43,347,952.44. The disclosure for this sale can be found here. Over the last quarter, insiders sold 103,229 shares of company stock worth $9,062,967. Corporate insiders own 1.84% of the company’s stock.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Institutional investors and hedge funds have recently made changes to their positions in the business. CWM LLC increased its stake in shares of BioMarin Pharmaceutical by 10.0% during the third quarter. CWM LLC now owns 1,301 shares of the biotechnology company’s stock worth $115,000 after acquiring an additional 118 shares during the period. State of Alaska Department of Revenue grew its position in BioMarin Pharmaceutical by 3.2% during the third quarter. State of Alaska Department of Revenue now owns 27,605 shares of the biotechnology company’s stock worth $2,442,000 after buying an additional 865 shares during the period. Handelsbanken Fonder AB grew its position in BioMarin Pharmaceutical by 1.8% during the third quarter. Handelsbanken Fonder AB now owns 91,755 shares of the biotechnology company’s stock worth $8,118,000 after buying an additional 1,593 shares during the period. Simplicity Solutions LLC grew its position in BioMarin Pharmaceutical by 8.4% during the third quarter. Simplicity Solutions LLC now owns 2,971 shares of the biotechnology company’s stock worth $263,000 after buying an additional 229 shares during the period. Finally, AMI Asset Management Corp acquired a new position in BioMarin Pharmaceutical during the third quarter worth about $27,838,000. 98.71% of the stock is owned by hedge funds and other institutional investors.

BioMarin Pharmaceutical Company Profile

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.