BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) have received a consensus rating of “Moderate Buy” from the twenty-three ratings firms that are currently covering the company, MarketBeat Ratings reports. Seven research analysts have rated the stock with a hold recommendation, fifteen have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $94.20.

A number of equities analysts have weighed in on BMRN shares. Truist Financial reduced their price objective on BioMarin Pharmaceutical from $118.00 to $90.00 and set a “buy” rating for the company in a research note on Tuesday, September 17th. JPMorgan Chase & Co. decreased their price target on BioMarin Pharmaceutical from $110.00 to $109.00 and set an “overweight” rating for the company in a report on Wednesday, October 30th. UBS Group raised their price objective on shares of BioMarin Pharmaceutical from $104.00 to $106.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. StockNews.com upgraded shares of BioMarin Pharmaceutical from a “hold” rating to a “buy” rating in a research note on Thursday, August 8th. Finally, Robert W. Baird dropped their price target on shares of BioMarin Pharmaceutical from $72.00 to $65.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 30th.

BioMarin Pharmaceutical Price Performance

Shares of NASDAQ BMRN opened at $66.03 on Monday. BioMarin Pharmaceutical has a 52 week low of $61.15 and a 52 week high of $99.56. The business’s 50 day moving average price is $67.72 and its 200 day moving average price is $77.91. The company has a quick ratio of 2.62, a current ratio of 4.27 and a debt-to-equity ratio of 0.11. The firm has a market cap of $12.58 billion, a P/E ratio of 39.54, a P/E/G ratio of 0.64 and a beta of 0.31.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings data on Tuesday, October 29th. The biotechnology company reported $0.55 earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.23). BioMarin Pharmaceutical had a return on equity of 8.53% and a net margin of 11.71%. The business had revenue of $746.00 million during the quarter, compared to analyst estimates of $703.37 million. During the same quarter in the previous year, the company earned $0.26 EPS. The firm’s revenue was up 28.4% compared to the same quarter last year. On average, sell-side analysts expect that BioMarin Pharmaceutical will post 2.49 earnings per share for the current year.

Insider Activity

In related news, EVP Charles Greg Guyer sold 5,278 shares of the stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $66.37, for a total value of $350,300.86. Following the completion of the sale, the executive vice president now owns 68,909 shares of the company’s stock, valued at approximately $4,573,490.33. This trade represents a 7.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.85% of the company’s stock.

Institutional Trading of BioMarin Pharmaceutical

Large investors have recently added to or reduced their stakes in the stock. Erste Asset Management GmbH purchased a new position in shares of BioMarin Pharmaceutical during the 3rd quarter worth $48,527,000. Principal Financial Group Inc. raised its position in BioMarin Pharmaceutical by 1,858.6% in the second quarter. Principal Financial Group Inc. now owns 649,460 shares of the biotechnology company’s stock valued at $53,470,000 after purchasing an additional 616,301 shares during the period. Vestal Point Capital LP acquired a new position in shares of BioMarin Pharmaceutical in the 3rd quarter valued at $28,116,000. Assenagon Asset Management S.A. grew its holdings in shares of BioMarin Pharmaceutical by 11,107.4% during the 2nd quarter. Assenagon Asset Management S.A. now owns 352,474 shares of the biotechnology company’s stock worth $29,019,000 after purchasing an additional 349,329 shares during the period. Finally, Clearline Capital LP acquired a new stake in shares of BioMarin Pharmaceutical during the 3rd quarter worth about $22,477,000. 98.71% of the stock is currently owned by hedge funds and other 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.