BioMarin Pharmaceutical (NASDAQ:BMRN) Given New $90.00 Price Target at Cantor Fitzgerald

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price objective reduced by Cantor Fitzgerald from $110.00 to $90.00 in a research report report published on Wednesday morning, Benzinga reports. Cantor Fitzgerald currently has an overweight rating on the biotechnology company’s stock. Cantor Fitzgerald also issued estimates for BioMarin Pharmaceutical’s FY2024 earnings at $2.43 EPS.

Several other analysts have also recently issued reports on BMRN. Canaccord Genuity Group dropped their target price on BioMarin Pharmaceutical from $93.00 to $84.00 and set a “hold” rating on the stock in a research report on Wednesday. Truist Financial reduced their target price on shares of BioMarin Pharmaceutical from $118.00 to $90.00 and set a “buy” rating for the company in a report on Tuesday, September 17th. Piper Sandler lifted their price objective on shares of BioMarin Pharmaceutical from $107.00 to $122.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. Scotiabank decreased their target price on shares of BioMarin Pharmaceutical from $95.00 to $78.00 and set a “sector perform” rating for the company in a research report on Tuesday, September 17th. Finally, Sanford C. Bernstein lowered their target price on shares of BioMarin Pharmaceutical from $116.00 to $90.00 and set an “outperform” rating for the company in a research note on Tuesday, September 17th. Eight analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, BioMarin Pharmaceutical has a consensus rating of “Moderate Buy” and an average price target of $93.67.

BioMarin Pharmaceutical Stock Performance

BioMarin Pharmaceutical stock opened at $66.60 on Wednesday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.95 and a current ratio of 4.27. The company has a market capitalization of $12.65 billion, a PE ratio of 39.88, a P/E/G ratio of 0.77 and a beta of 0.31. The company has a 50 day moving average price of $75.13 and a 200-day moving average price of $80.67. BioMarin Pharmaceutical has a fifty-two week low of $65.35 and a fifty-two week high of $99.56.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings results on Tuesday, October 29th. The biotechnology company reported $0.55 EPS for the quarter, missing the consensus estimate of $0.78 by ($0.23). The firm had revenue of $746.00 million for the quarter, compared to analysts’ expectations of $703.37 million. BioMarin Pharmaceutical had a net margin of 11.71% and a return on equity of 8.53%. The business’s quarterly revenue was up 28.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.26 EPS. As a group, equities analysts forecast that BioMarin Pharmaceutical will post 2.39 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in BMRN. Innealta Capital LLC acquired a new stake in shares of BioMarin Pharmaceutical in the second quarter valued at approximately $25,000. BOKF NA acquired a new stake in shares of BioMarin Pharmaceutical in the 2nd quarter worth $31,000. Quent Capital LLC raised its holdings in shares of BioMarin Pharmaceutical by 58.9% during the 2nd quarter. Quent Capital LLC now owns 391 shares of the biotechnology company’s stock worth $32,000 after acquiring an additional 145 shares during the period. nVerses Capital LLC acquired a new position in shares of BioMarin Pharmaceutical during the 3rd quarter valued at about $28,000. Finally, Itau Unibanco Holding S.A. purchased a new stake in shares of BioMarin Pharmaceutical in the second quarter valued at about $47,000. 98.71% of the stock is currently owned by institutional investors and hedge funds.

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.