BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target Cut to $78.00 by Analysts at Scotiabank

BioMarin Pharmaceutical (NASDAQ:BMRN) had its target price reduced by analysts at Scotiabank from $95.00 to $78.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has a “sector perform” rating on the biotechnology company’s stock. Scotiabank’s price target would indicate a potential upside of 9.52% from the stock’s current price.

A number of other equities analysts have also recently weighed in on BMRN. William Blair raised BioMarin Pharmaceutical to a “strong-buy” rating in a report on Friday, August 30th. Canaccord Genuity Group reissued a “hold” rating and set a $93.00 price objective on shares of BioMarin Pharmaceutical in a research note on Friday. Evercore ISI increased their target price on shares of BioMarin Pharmaceutical from $113.00 to $115.00 and gave the stock an “outperform” rating in a report on Tuesday, August 6th. Wells Fargo & Company cut their target price on BioMarin Pharmaceutical from $115.00 to $90.00 and set an “overweight” rating on the stock in a research note on Tuesday. Finally, Truist Financial cut their price objective on BioMarin Pharmaceutical from $118.00 to $90.00 and set a “buy” rating on the stock in a research report on Tuesday. Eight analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $99.90.

BioMarin Pharmaceutical Stock Performance

Shares of BMRN stock traded up $1.36 during trading on Tuesday, reaching $71.22. 1,800,948 shares of the company’s stock traded hands, compared to its average volume of 1,885,286. BioMarin Pharmaceutical has a 1 year low of $68.83 and a 1 year high of $99.56. The firm’s 50-day moving average is $86.58 and its 200 day moving average is $84.71. The company has a current ratio of 3.05, a quick ratio of 1.95 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $13.52 billion, a P/E ratio of 66.56, a PEG ratio of 1.03 and a beta of 0.32.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its quarterly earnings data on Monday, August 5th. The biotechnology company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.38 by $0.39. The company had revenue of $712.03 million during the quarter, compared to analyst estimates of $660.51 million. BioMarin Pharmaceutical had a return on equity of 6.91% and a net margin of 9.91%. Equities research analysts expect that BioMarin Pharmaceutical will post 2.4 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Primecap Management Co. CA boosted its holdings in shares of BioMarin Pharmaceutical by 0.4% during the 2nd quarter. Primecap Management Co. CA now owns 18,790,085 shares of the biotechnology company’s stock valued at $1,546,988,000 after acquiring an additional 76,190 shares during the last quarter. Vanguard Group Inc. raised its stake in BioMarin Pharmaceutical by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 18,117,108 shares of the biotechnology company’s stock valued at $1,582,348,000 after buying an additional 67,046 shares during the last quarter. Capital Research Global Investors raised its stake in BioMarin Pharmaceutical by 79.0% during the 4th quarter. Capital Research Global Investors now owns 10,774,641 shares of the biotechnology company’s stock valued at $1,038,907,000 after buying an additional 4,756,671 shares during the last quarter. Avoro Capital Advisors LLC lifted its holdings in shares of BioMarin Pharmaceutical by 4.4% during the 2nd quarter. Avoro Capital Advisors LLC now owns 4,557,416 shares of the biotechnology company’s stock valued at $375,212,000 after buying an additional 192,416 shares during the period. Finally, Norges Bank purchased a new position in shares of BioMarin Pharmaceutical in the 4th quarter worth $324,098,000. 98.71% of the stock is 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.