Wedbush Reiterates Outperform Rating for BioMarin Pharmaceutical (NASDAQ:BMRN)

BioMarin Pharmaceutical (NASDAQ:BMRN)‘s stock had its “outperform” rating restated by analysts at Wedbush in a report issued on Thursday,RTT News reports. They presently have a $94.00 price objective on the biotechnology company’s stock. Wedbush’s target price suggests a potential upside of 37.73% from the company’s previous close.

A number of other analysts also recently weighed in on the stock. UBS Group boosted their price objective on BioMarin Pharmaceutical from $109.00 to $113.00 and gave the company a “buy” rating in a research report on Thursday. Scotiabank boosted their price target on shares of BioMarin Pharmaceutical from $78.00 to $80.00 and gave the company a “sector perform” rating in a report on Thursday. JPMorgan Chase & Co. reduced their price objective on shares of BioMarin Pharmaceutical from $110.00 to $109.00 and set an “overweight” rating for the company in a report on Wednesday, October 30th. Royal Bank of Canada reissued a “sector perform” rating and issued a $70.00 target price on shares of BioMarin Pharmaceutical in a research note on Thursday. Finally, Citigroup raised their price target on shares of BioMarin Pharmaceutical from $81.00 to $82.00 and gave the stock a “neutral” rating in a research note on Thursday. Seven equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $93.81.

BioMarin Pharmaceutical Price Performance

NASDAQ BMRN opened at $68.25 on Thursday. The stock has a market capitalization of $13.01 billion, a PE ratio of 31.02, a price-to-earnings-growth ratio of 0.58 and a beta of 0.28. BioMarin Pharmaceutical has a 12-month low of $60.63 and a 12-month high of $94.85. The company has a 50 day moving average price of $64.84 and a two-hundred day moving average price of $71.05. The company has a quick ratio of 2.62, a current ratio of 4.27 and a debt-to-equity ratio of 0.11.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its earnings results on Wednesday, February 19th. The biotechnology company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.54 by $0.18. The firm had revenue of $747.31 million for the quarter, compared to the consensus estimate of $711.05 million. BioMarin Pharmaceutical had a net margin of 14.96% and a return on equity of 10.10%. As a group, equities analysts predict that BioMarin Pharmaceutical will post 3.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Merit Financial Group LLC acquired a new stake in BioMarin Pharmaceutical in the fourth quarter worth $317,000. Assenagon Asset Management S.A. raised its stake in BioMarin Pharmaceutical by 461.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 611,667 shares of the biotechnology company’s stock worth $40,205,000 after buying an additional 502,695 shares during the period. Wedmont Private Capital bought a new position in BioMarin Pharmaceutical during the fourth quarter worth about $430,000. Swedbank AB grew its stake in BioMarin Pharmaceutical by 11.2% in the fourth quarter. Swedbank AB now owns 432,122 shares of the biotechnology company’s stock valued at $28,403,000 after acquiring an additional 43,593 shares during the period. Finally, EULAV Asset Management increased its holdings in shares of BioMarin Pharmaceutical by 12.9% in the third quarter. EULAV Asset Management now owns 131,000 shares of the biotechnology company’s stock worth $9,208,000 after acquiring an additional 15,000 shares in the last quarter. 98.71% of the stock is currently owned by institutional investors.

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.