Canaccord Genuity Group Cuts BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $89.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its target price trimmed by Canaccord Genuity Group from $91.00 to $89.00 in a report published on Friday morning, Benzinga reports. The brokerage currently has a hold rating on the biotechnology company’s stock.

Several other research firms have also weighed in on BMRN. Citigroup reduced their target price on BioMarin Pharmaceutical from $94.00 to $91.00 and set a neutral rating on the stock in a report on Thursday. Piper Sandler reduced their target price on BioMarin Pharmaceutical from $115.00 to $107.00 and set an overweight rating on the stock in a report on Friday, February 23rd. Royal Bank of Canada reiterated a sector perform rating and set a $100.00 target price on shares of BioMarin Pharmaceutical in a report on Friday, February 23rd. Cantor Fitzgerald reiterated an overweight rating and set a $110.00 target price on shares of BioMarin Pharmaceutical in a report on Thursday. Finally, Scotiabank lifted their target price on BioMarin Pharmaceutical from $83.00 to $85.00 and gave the stock a sector perform rating in a report on Thursday. Seven equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $107.50.

BioMarin Pharmaceutical Trading Down 1.5 %

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

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, beating analysts’ consensus estimates of $0.44 by $0.05. The firm had revenue of $646.21 million during the quarter, compared to analysts’ expectations of $639.53 million. BioMarin Pharmaceutical had a return on equity of 5.39% and a net margin of 8.31%. The business’s revenue was up 20.2% on a year-over-year basis. During the same period last year, the firm posted $0.11 EPS. On average, sell-side analysts predict that BioMarin Pharmaceutical will post 1.85 EPS for the current fiscal year.

Insider Transactions at BioMarin Pharmaceutical

In other news, Director Jean Jacques Bienaime sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $90.35, for a total transaction of $90,350.00. Following the completion of the sale, the director now owns 562,203 shares in the company, valued at $50,795,041.05. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Director Jean Jacques Bienaime sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $90.35, for a total transaction of $90,350.00. Following the completion of the sale, the director now owns 562,203 shares in the company, valued at $50,795,041.05. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Jeffrey Robert Ajer sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $87.07, for a total value of $348,280.00. Following the completion of the sale, the executive vice president now owns 94,047 shares of the company’s stock, valued at $8,188,672.29. The disclosure for this sale can be found here. Insiders sold a total of 103,229 shares of company stock worth $9,062,967 over the last quarter. Company insiders own 1.84% of the company’s stock.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Institutional investors have recently made changes to their positions in the stock. Yousif Capital Management LLC raised its position in BioMarin Pharmaceutical by 8.9% during the first quarter. Yousif Capital Management LLC now owns 2,414 shares of the biotechnology company’s stock valued at $211,000 after purchasing an additional 198 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its holdings in shares of BioMarin Pharmaceutical by 3.8% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 63,069 shares of the biotechnology company’s stock worth $5,509,000 after buying an additional 2,300 shares in the last quarter. Simplicity Wealth LLC acquired a new position in shares of BioMarin Pharmaceutical during the first quarter worth $258,000. IFM Investors Pty Ltd increased its holdings in shares of BioMarin Pharmaceutical by 0.4% during the first quarter. IFM Investors Pty Ltd now owns 38,328 shares of the biotechnology company’s stock worth $3,348,000 after buying an additional 158 shares in the last quarter. Finally, AMI Asset Management Corp increased its holdings in shares of BioMarin Pharmaceutical by 51.9% during the first quarter. AMI Asset Management Corp now owns 346,189 shares of the biotechnology company’s stock worth $30,236,000 after buying an additional 118,230 shares in the last quarter. 98.71% of the stock is currently owned by institutional investors.

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.