BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target Cut to $90.00 by Analysts at Sanford C. Bernstein

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price objective decreased by Sanford C. Bernstein from $116.00 to $90.00 in a research report sent to investors on Tuesday morning, Benzinga reports. Sanford C. Bernstein currently has an outperform rating on the biotechnology company’s stock.

Several other research analysts have also commented on the company. Royal Bank of Canada reissued a sector perform rating and issued a $100.00 price target on shares of BioMarin Pharmaceutical in a research report on Thursday, September 5th. William Blair upgraded shares of BioMarin Pharmaceutical to a strong-buy rating in a report on Friday, August 30th. Barclays decreased their target price on shares of BioMarin Pharmaceutical from $111.00 to $110.00 and set an overweight rating for the company in a research report on Tuesday, August 6th. JPMorgan Chase & Co. raised their price target on BioMarin Pharmaceutical from $111.00 to $120.00 and gave the stock an overweight rating in a report on Thursday, September 5th. Finally, Canaccord Genuity Group reissued a hold rating and set a $93.00 price objective on shares of BioMarin Pharmaceutical in a report on Friday, September 13th. Eight research 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 company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $99.90.

BioMarin Pharmaceutical Price Performance

Shares of BMRN stock opened at $70.55 on Tuesday. BioMarin Pharmaceutical has a twelve month low of $68.83 and a twelve month high of $99.56. 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 stock has a fifty day simple moving average of $86.33 and a two-hundred day simple moving average of $84.59. The stock has a market capitalization of $13.40 billion, a price-to-earnings ratio of 65.93, a P/E/G ratio of 1.03 and a beta of 0.32.

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, topping the consensus estimate of $0.38 by $0.39. BioMarin Pharmaceutical had a net margin of 9.91% and a return on equity of 6.91%. The company had revenue of $712.03 million for the quarter, compared to analysts’ expectations of $660.51 million. On average, analysts predict that BioMarin Pharmaceutical will post 2.4 EPS for the current fiscal year.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sanctuary Advisors LLC purchased a new stake in BioMarin Pharmaceutical during the 2nd quarter valued at about $1,783,000. Teachers Retirement System of The State of Kentucky increased its holdings in shares of BioMarin Pharmaceutical by 17.4% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 194,207 shares of the biotechnology company’s stock valued at $15,990,000 after purchasing an additional 28,837 shares during the last quarter. Novo Holdings A S boosted its stake in BioMarin Pharmaceutical by 8.9% during the second quarter. Novo Holdings A S now owns 490,000 shares of the biotechnology company’s stock worth $40,342,000 after buying an additional 40,000 shares during the last quarter. NewEdge Advisors LLC grew its holdings in BioMarin Pharmaceutical by 3,931.5% in the 2nd quarter. NewEdge Advisors LLC now owns 10,885 shares of the biotechnology company’s stock valued at $896,000 after buying an additional 10,615 shares in the last quarter. Finally, Creative Planning raised its holdings in shares of BioMarin Pharmaceutical by 4.6% during the 2nd quarter. Creative Planning now owns 11,825 shares of the biotechnology company’s stock worth $974,000 after acquiring an additional 524 shares during the period. 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.