Canaccord Genuity Group Initiates Coverage on BioMarin Pharmaceutical (NASDAQ:BMRN)

Analysts at Canaccord Genuity Group assumed coverage on shares of BioMarin Pharmaceutical (NASDAQ:BMRN – Get Rating) in a report issued on Wednesday, MarketBeat Ratings reports. The brokerage set a “hold” rating and a $119.00 price target on the biotechnology company’s stock. Canaccord Genuity Group’s target price indicates a potential upside of 8.97% from the company’s previous close.

A number of other analysts have also recently weighed in on the stock. TheStreet raised shares of BioMarin Pharmaceutical from a “c” rating to a “b-” rating in a report on Thursday, October 27th. Bank of America raised their price objective on shares of BioMarin Pharmaceutical to $200.00 in a report on Wednesday, January 4th. JPMorgan Chase & Co. cut their price objective on shares of BioMarin Pharmaceutical from $140.00 to $112.00 and set an “overweight” rating on the stock in a report on Monday, October 24th. Stifel Nicolaus raised their price objective on shares of BioMarin Pharmaceutical to $104.00 in a report on Wednesday, September 28th. Finally, Morgan Stanley raised their price objective on shares of BioMarin Pharmaceutical from $111.00 to $113.00 and gave the stock an “overweight” rating in a report on Thursday, October 27th. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, BioMarin Pharmaceutical presently has a consensus rating of “Moderate Buy” and an average price target of $119.00.

BioMarin Pharmaceutical Stock Down 1.3 %

Shares of BioMarin Pharmaceutical stock opened at $109.20 on Wednesday. BioMarin Pharmaceutical has a 52-week low of $70.73 and a 52-week high of $114.80. The company has a 50 day moving average of $102.31 and a 200 day moving average of $93.27. The company has a quick ratio of 3.54, a current ratio of 5.15 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $20.25 billion, a P/E ratio of 260.00 and a beta of 0.36.

BioMarin Pharmaceutical (NASDAQ:BMRN – Get Rating) last issued its quarterly earnings results on Wednesday, October 26th. The biotechnology company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.04. BioMarin Pharmaceutical had a net margin of 4.18% and a return on equity of 2.50%. The company had revenue of $505.30 million during the quarter, compared to the consensus estimate of $516.03 million. During the same quarter in the previous year, the firm earned ($0.03) earnings per share. The firm’s quarterly revenue was up 23.6% on a year-over-year basis. As a group, research analysts forecast that BioMarin Pharmaceutical will post 0.87 EPS for the current fiscal year.

Insider Buying and Selling at BioMarin Pharmaceutical

In other BioMarin Pharmaceutical news, CEO Jean Jacques Bienaime sold 1,500 shares of the business’s stock in a transaction on Monday, October 31st. The shares were sold at an average price of $86.55, for a total value of $129,825.00. Following the transaction, the chief executive officer now directly owns 322,824 shares of the company’s stock, valued at approximately $27,940,417.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Mark J. Alles bought 3,625 shares of the firm’s stock in a transaction on Monday, October 31st. The shares were bought at an average cost of $86.75 per share, for a total transaction of $314,468.75. Following the transaction, the director now owns 10,905 shares of the company’s stock, valued at $946,008.75. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Jean Jacques Bienaime sold 1,500 shares of the business’s stock in a transaction on Monday, October 31st. The stock was sold at an average price of $86.55, for a total transaction of $129,825.00. Following the sale, the chief executive officer now owns 322,824 shares in the company, valued at $27,940,417.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 44,380 shares of company stock valued at $4,706,718. 1.75% of the stock is owned by company insiders.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Institutional investors have recently made changes to their positions in the stock. Altshuler Shaham Ltd purchased a new stake in shares of BioMarin Pharmaceutical during the 3rd quarter worth $25,000. Quadrant Capital Group LLC boosted its position in shares of BioMarin Pharmaceutical by 188.6% during the 2nd quarter. Quadrant Capital Group LLC now owns 355 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 232 shares in the last quarter. Acadian Asset Management LLC boosted its position in shares of BioMarin Pharmaceutical by 395.4% during the 1st quarter. Acadian Asset Management LLC now owns 431 shares of the biotechnology company’s stock worth $32,000 after purchasing an additional 344 shares in the last quarter. Capital Wealth Alliance LLC purchased a new stake in shares of BioMarin Pharmaceutical in the 2nd quarter worth about $34,000. Finally, Baystate Wealth Management LLC purchased a new stake in shares of BioMarin Pharmaceutical in the 4th quarter worth about $41,000. 96.26% of the stock is currently owned by hedge funds and other institutional investors.

BioMarin Pharmaceutical Company Profile

(Get Rating)

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.