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

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price objective lifted by Scotiabank from $83.00 to $85.00 in a research note issued to investors on Thursday morning, Benzinga reports. They currently have a sector perform rating on the biotechnology company’s stock.

BMRN has been the subject of a number of other reports. 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. Cantor Fitzgerald reaffirmed an overweight rating and set a $110.00 price target on shares of BioMarin Pharmaceutical in a report on Thursday. Piper Sandler cut their price target on BioMarin Pharmaceutical from $115.00 to $107.00 and set an overweight rating on the stock in a report on Friday, February 23rd. Wells Fargo & Company lifted their price target on BioMarin Pharmaceutical from $100.00 to $110.00 and gave the company an overweight rating in a report on Thursday. Finally, Robert W. Baird cut their price target on BioMarin Pharmaceutical from $127.00 to $104.00 and set an outperform rating on the stock in a report on Tuesday, January 30th. Seven 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 a consensus rating of Moderate Buy and an average target price of $107.50.

BioMarin Pharmaceutical Stock Down 1.5 %

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

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

Insiders Place Their Bets

In other BioMarin Pharmaceutical news, Director Jean Jacques Bienaime sold 20,000 shares of the 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 transaction, the director now directly owns 474,994 shares of the company’s stock, valued at $43,347,952.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other BioMarin Pharmaceutical news, insider Henry J. Fuchs sold 35,341 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were 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 in the company, valued at $18,068,126.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jean Jacques Bienaime sold 20,000 shares of the stock in a transaction dated 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 owns 474,994 shares of the company’s stock, valued at approximately $43,347,952.44. The disclosure for this sale can be found here. Insiders have sold 103,229 shares of company stock valued at $9,062,967 over the last three months. 1.84% of the stock is currently owned by insiders.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Hedge funds have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC lifted its stake 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 valued at $5,840,000 after buying an additional 59,760 shares during the period. EFG Asset Management North America Corp. raised its position in 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 purchasing an additional 20,874 shares in the last quarter. International Assets Investment Management LLC acquired a new position in BioMarin Pharmaceutical in the fourth quarter worth about $3,598,000. FMR LLC raised its position in 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 purchasing an additional 166,219 shares in the last quarter. Finally, Nordea Investment Management AB raised its position in 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 purchasing an additional 544 shares in the last quarter. Institutional investors own 98.71% of the company’s stock.

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.