Scotiabank Boosts BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $85.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its target price boosted by Scotiabank from $83.00 to $85.00 in a research report released on Thursday morning, Benzinga reports. Scotiabank currently has a sector perform rating on the biotechnology company’s stock.

Several other analysts also recently commented on BMRN. Wells Fargo & Company raised their target price on BioMarin Pharmaceutical from $100.00 to $110.00 and gave the company an overweight rating in a research note on Thursday. Piper Sandler reduced their target price on BioMarin Pharmaceutical from $115.00 to $107.00 and set an overweight rating for the company in a research note on Friday, February 23rd. Canaccord Genuity Group restated a hold rating and issued a $91.00 target price on shares of BioMarin Pharmaceutical in a research note on Thursday, February 29th. Royal Bank of Canada restated a sector perform rating and issued a $100.00 target price on shares of BioMarin Pharmaceutical in a research note on Friday, February 23rd. Finally, Cantor Fitzgerald reiterated an overweight rating and set a $110.00 price target on shares of BioMarin Pharmaceutical in a research note on Thursday. Seven analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $107.50.

BioMarin Pharmaceutical Stock Performance

BMRN stock opened at $80.91 on Thursday. The stock has a 50-day moving average price of $87.58 and a 200-day moving average price of $89.14. BioMarin Pharmaceutical has a 1-year low of $76.02 and a 1-year high of $99.56. The company has a current ratio of 2.51, a quick ratio of 1.57 and a debt-to-equity ratio of 0.12. The firm has a market cap of $15.27 billion, a PE ratio of 75.62, a price-to-earnings-growth ratio of 1.49 and a beta of 0.31.

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

Insider Activity at BioMarin Pharmaceutical

In other BioMarin Pharmaceutical news, Director Jean Jacques Bienaime sold 15,000 shares of the company’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $88.28, for a total value of $1,324,200.00. Following the transaction, the director now directly owns 419,602 shares in the company, valued at approximately $37,042,464.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Jean Jacques Bienaime sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $88.28, for a total value of $1,324,200.00. Following the completion of the sale, the director now owns 419,602 shares of the company’s stock, valued at approximately $37,042,464.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Henry J. Fuchs sold 35,341 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $85.18, for a total transaction 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 approximately $18,068,126.06. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 103,229 shares of company stock worth $9,062,967. Insiders own 1.84% of the company’s stock.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Hedge funds and other institutional investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC raised its holdings in shares of BioMarin Pharmaceutical by 7,368.7% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 60,571 shares of the biotechnology company’s stock worth $5,840,000 after buying an additional 59,760 shares during the last quarter. EFG Asset Management North America Corp. raised its holdings in shares of BioMarin Pharmaceutical by 44.9% in the third quarter. EFG Asset Management North America Corp. now owns 67,322 shares of the biotechnology company’s stock worth $5,957,000 after buying an additional 20,874 shares during the last quarter. International Assets Investment Management LLC purchased a new position in shares of BioMarin Pharmaceutical in the fourth quarter worth $3,598,000. FMR LLC raised its holdings in shares of BioMarin Pharmaceutical by 30.4% in the third quarter. FMR LLC now owns 713,797 shares of the biotechnology company’s stock worth $63,157,000 after buying an additional 166,219 shares during the last quarter. Finally, Nordea Investment Management AB raised its holdings in shares of BioMarin Pharmaceutical by 4.9% in the fourth quarter. Nordea Investment Management AB now owns 11,594 shares of the biotechnology company’s stock worth $1,121,000 after buying an additional 544 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.