Cantor Fitzgerald Reiterates Overweight Rating for BioMarin Pharmaceutical (NASDAQ:BMRN)

BioMarin Pharmaceutical (NASDAQ:BMRN)‘s stock had its “overweight” rating reiterated by investment analysts at Cantor Fitzgerald in a report released on Thursday,Benzinga reports. They currently have a $90.00 price target on the biotechnology company’s stock. Cantor Fitzgerald’s price objective indicates a potential upside of 31.23% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. Canaccord Genuity Group reduced their price objective on BioMarin Pharmaceutical from $93.00 to $84.00 and set a “hold” rating for the company in a research report on Wednesday, October 30th. Evercore ISI decreased their price objective on shares of BioMarin Pharmaceutical from $115.00 to $105.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 30th. Piper Sandler raised their target price on BioMarin Pharmaceutical from $122.00 to $126.00 and gave the company an “overweight” rating in a research note on Thursday. Robert W. Baird dropped their price objective on shares of BioMarin Pharmaceutical from $72.00 to $65.00 and set a “neutral” rating for the company in a research report on Wednesday, October 30th. Finally, William Blair lowered shares of BioMarin Pharmaceutical from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 30th. Seven equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $94.15.

BioMarin Pharmaceutical Stock Up 4.5 %

Shares of BMRN traded up $2.97 during mid-day trading on Thursday, hitting $68.58. 964,976 shares of the company’s stock were exchanged, compared to its average volume of 1,487,476. The stock has a market cap of $13.07 billion, a price-to-earnings ratio of 41.01, a P/E/G ratio of 0.57 and a beta of 0.28. The firm has a fifty day moving average of $64.79 and a two-hundred day moving average of $71.06. 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 has a twelve month low of $60.63 and a twelve month high of $94.85.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its quarterly earnings data on Wednesday, February 19th. The biotechnology company reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.18. The business had revenue of $747.31 million for the quarter, compared to analyst estimates of $711.05 million. BioMarin Pharmaceutical had a return on equity of 8.53% and a net margin of 11.71%. On average, sell-side analysts forecast that BioMarin Pharmaceutical will post 2.5 earnings per share for the current year.

Hedge Funds Weigh In On BioMarin Pharmaceutical

A number of institutional investors have recently modified their holdings of BMRN. Norges Bank bought a new stake in BioMarin Pharmaceutical during the 4th quarter worth approximately $234,645,000. Capital Research Global Investors increased its holdings in BioMarin Pharmaceutical by 23.8% in the fourth quarter. Capital Research Global Investors now owns 12,991,772 shares of the biotechnology company’s stock worth $853,944,000 after purchasing an additional 2,496,817 shares in the last quarter. Soleus Capital Management L.P. acquired a new position in shares of BioMarin Pharmaceutical during the 4th quarter valued at $65,822,000. Dodge & Cox raised its holdings in shares of BioMarin Pharmaceutical by 6.1% during the fourth quarter. Dodge & Cox now owns 14,746,235 shares of the biotechnology company’s stock valued at $969,270,000 after purchasing an additional 847,917 shares during the period. Finally, Erste Asset Management GmbH acquired a new stake in BioMarin Pharmaceutical in the third quarter valued at approximately $48,527,000. Institutional investors and hedge funds own 98.71% of the company’s stock.

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.