BioMarin Pharmaceutical (NASDAQ:BMRN) Given “Overweight” Rating at Piper Sandler

Piper Sandler reissued their overweight rating on shares of BioMarin Pharmaceutical (NASDAQ:BMRN) in a research report report published on Tuesday morning, Benzinga reports. They currently have a $107.00 price target on the biotechnology company’s stock.

Other analysts have also issued reports about the company. Evercore ISI increased their price objective on BioMarin Pharmaceutical from $113.00 to $115.00 and gave the stock an outperform rating in a report on Tuesday, August 6th. Scotiabank increased their price objective on BioMarin Pharmaceutical from $85.00 to $86.00 and gave the stock a sector perform rating in a report on Tuesday, August 6th. Stifel Nicolaus increased their price objective on BioMarin Pharmaceutical from $112.00 to $115.00 and gave the stock a buy rating in a report on Wednesday, August 21st. Cantor Fitzgerald reiterated an overweight rating and set a $110.00 price objective on shares of BioMarin Pharmaceutical in a report on Monday, August 5th. Finally, Baird R W lowered BioMarin Pharmaceutical from a strong-buy rating to a hold rating in a report on Friday, May 17th. Eight analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $105.26.

BioMarin Pharmaceutical Stock Performance

BMRN stock opened at $90.46 on Tuesday. The firm has a 50 day simple moving average of $85.71 and a 200 day simple moving average of $84.93. BioMarin Pharmaceutical has a 52 week low of $73.68 and a 52 week high of $99.56. The stock has a market cap of $17.18 billion, a P/E ratio of 84.54, a P/E/G ratio of 1.20 and a beta of 0.32. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.70 and a current ratio of 2.74.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its earnings results on Monday, August 5th. The biotechnology company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.39. BioMarin Pharmaceutical had a net margin of 8.31% and a return on equity of 5.34%. The company had revenue of $712.03 million during the quarter, compared to analyst estimates of $660.51 million. Research analysts anticipate that BioMarin Pharmaceutical will post 2 earnings per share for the current fiscal year.

Insider Transactions at BioMarin Pharmaceutical

In related news, CFO Brian Mueller sold 5,000 shares of BioMarin Pharmaceutical stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $75.19, for a total transaction of $375,950.00. Following the sale, the chief financial officer now directly owns 72,159 shares of the company’s stock, valued at $5,425,635.21. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 1.85% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On BioMarin Pharmaceutical

A number of institutional investors have recently added to or reduced their stakes in BMRN. Capital Research Global Investors grew its position in BioMarin Pharmaceutical by 79.0% during the fourth quarter. Capital Research Global Investors now owns 10,774,641 shares of the biotechnology company’s stock worth $1,038,907,000 after buying an additional 4,756,671 shares in the last quarter. Norges Bank acquired a new stake in BioMarin Pharmaceutical during the fourth quarter worth about $324,098,000. Principal Financial Group Inc. grew its position in BioMarin Pharmaceutical by 1,858.6% during the second quarter. Principal Financial Group Inc. now owns 649,460 shares of the biotechnology company’s stock worth $53,470,000 after buying an additional 616,301 shares in the last quarter. Avoro Capital Advisors LLC grew its position in BioMarin Pharmaceutical by 11.7% during the fourth quarter. Avoro Capital Advisors LLC now owns 4,300,000 shares of the biotechnology company’s stock worth $414,606,000 after buying an additional 450,000 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in BioMarin Pharmaceutical by 33.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,605,983 shares of the biotechnology company’s stock worth $154,850,000 after buying an additional 401,152 shares in the last quarter. 98.71% of the stock is owned by institutional investors and hedge funds.

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.