BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target Lowered to $90.00 at Wells Fargo & Company

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target reduced by analysts at Wells Fargo & Company from $115.00 to $90.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the biotechnology company’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 26.51% from the company’s current price.

A number of other research analysts also recently issued reports on the stock. Stifel Nicolaus decreased their price target on shares of BioMarin Pharmaceutical from $115.00 to $87.00 and set a “buy” rating for the company in a research note on Tuesday. Piper Sandler increased their target price on BioMarin Pharmaceutical from $107.00 to $122.00 and gave the company an “overweight” rating in a report on Thursday, September 5th. Bank of America decreased their price target on BioMarin Pharmaceutical from $130.00 to $115.00 and set a “buy” rating for the company in a report on Tuesday. Sanford C. Bernstein cut their target price on BioMarin Pharmaceutical from $116.00 to $90.00 and set an “outperform” rating on the stock in a research report on Tuesday. Finally, Canaccord Genuity Group reaffirmed a “hold” rating and issued a $93.00 price target on shares of BioMarin Pharmaceutical in a report on Friday, September 13th. Eight equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, BioMarin Pharmaceutical has a consensus rating of “Moderate Buy” and an average price target of $98.84.

BioMarin Pharmaceutical Stock Performance

Shares of BMRN stock opened at $71.14 on Tuesday. The firm has a 50 day moving average of $86.11 and a two-hundred day moving average of $84.49. The stock has a market capitalization of $13.51 billion, a PE ratio of 66.49, a P/E/G ratio of 1.03 and a beta of 0.32. The company has a quick ratio of 1.95, a current ratio of 3.05 and a debt-to-equity ratio of 0.11. BioMarin Pharmaceutical has a 52 week low of $68.83 and a 52 week high of $99.56.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its earnings results on Monday, August 5th. The biotechnology company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.38 by $0.39. The firm 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 predict that BioMarin Pharmaceutical will post 2.4 EPS for the current fiscal year.

Hedge Funds Weigh In On BioMarin Pharmaceutical

A number of large investors have recently bought and sold shares of the company. Innealta Capital LLC acquired a new position in shares of BioMarin Pharmaceutical during the second quarter worth about $25,000. BOKF NA acquired a new position in BioMarin Pharmaceutical during the 2nd quarter worth approximately $31,000. Quent Capital LLC raised its stake 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 buying an additional 145 shares in the last quarter. Jones Financial Companies Lllp acquired a new stake in shares of BioMarin Pharmaceutical in the 4th quarter valued at approximately $43,000. Finally, Itau Unibanco Holding S.A. purchased a new stake in shares of BioMarin Pharmaceutical in the second quarter valued at approximately $47,000. Hedge funds and other institutional investors 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.