Royal Bank of Canada Cuts BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $85.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its target price cut by Royal Bank of Canada from $100.00 to $85.00 in a research report report published on Tuesday, Benzinga reports. They currently have a sector perform rating on the biotechnology company’s stock.

A number of other research analysts have also weighed in on BMRN. Barclays dropped their price objective on BioMarin Pharmaceutical from $111.00 to $110.00 and set an overweight rating on the stock in a report on Tuesday, August 6th. Wells Fargo & Company upped their price objective on BioMarin Pharmaceutical from $110.00 to $115.00 and gave the stock an overweight rating in a report on Thursday, June 27th. Stifel Nicolaus dropped their price objective on BioMarin Pharmaceutical from $115.00 to $87.00 and set a buy rating on the stock in a report on Tuesday. Truist Financial dropped their price objective on BioMarin Pharmaceutical from $140.00 to $118.00 and set a buy rating on the stock in a report on Thursday, September 5th. Finally, Canaccord Genuity Group reissued a hold rating and issued a $93.00 target price on shares of BioMarin Pharmaceutical in a report on Friday, September 13th. Eight investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $98.84.

BioMarin Pharmaceutical Price Performance

Shares of NASDAQ BMRN opened at $71.41 on Tuesday. The company has a current ratio of 3.05, a quick ratio of 1.95 and a debt-to-equity ratio of 0.11. BioMarin Pharmaceutical has a twelve month low of $68.83 and a twelve month high of $99.56. The stock has a 50 day moving average of $85.86 and a two-hundred day moving average of $84.40. The stock has a market cap of $13.56 billion, a P/E ratio of 66.74, a P/E/G 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 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.39. The company had revenue of $712.03 million during the quarter, compared to analysts’ expectations of $660.51 million. BioMarin Pharmaceutical had a return on equity of 6.91% and a net margin of 9.91%. On average, research analysts forecast that BioMarin Pharmaceutical will post 2.4 earnings per share for the current year.

Institutional Trading of BioMarin Pharmaceutical

Institutional investors and hedge funds have recently made changes to their positions in the stock. AMI Asset Management Corp lifted its position in shares of BioMarin Pharmaceutical by 51.9% in the first quarter. AMI Asset Management Corp now owns 346,189 shares of the biotechnology company’s stock valued at $30,236,000 after acquiring an additional 118,230 shares in the last quarter. AGF Management Ltd. purchased a new position in BioMarin Pharmaceutical during the second quarter worth about $2,563,000. Fisher Asset Management LLC purchased a new position in BioMarin Pharmaceutical during the fourth quarter worth about $1,301,000. APG Asset Management US Inc. purchased a new position in BioMarin Pharmaceutical during the fourth quarter worth about $3,462,000. Finally, Bridgewater Associates LP lifted its position in BioMarin Pharmaceutical by 18.3% during the fourth quarter. Bridgewater Associates LP now owns 190,970 shares of the biotechnology company’s stock worth $18,413,000 after buying an additional 29,576 shares during the period. 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.