Truist Financial Lowers BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $90.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its target price lowered by equities research analysts at Truist Financial from $118.00 to $90.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the biotechnology company’s stock. Truist Financial’s price target would suggest a potential upside of 26.51% from the stock’s current price.

BMRN has been the subject of several other reports. William Blair upgraded BioMarin Pharmaceutical to a “strong-buy” rating in a report on Friday, August 30th. Scotiabank lifted their target price on shares of BioMarin Pharmaceutical from $86.00 to $95.00 and gave the company a “sector perform” rating in a report on Thursday, September 5th. Sanford C. Bernstein decreased their target price on BioMarin Pharmaceutical from $116.00 to $90.00 and set an “outperform” rating on the stock in a research note on Tuesday. StockNews.com upgraded BioMarin Pharmaceutical from a “hold” rating to a “buy” rating in a report on Thursday, August 8th. Finally, Evercore ISI boosted their target price on shares of BioMarin Pharmaceutical from $113.00 to $115.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 6th. Eight 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 company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $98.84.

BioMarin Pharmaceutical Stock Performance

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

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted 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 for the quarter, compared to analyst estimates of $660.51 million. BioMarin Pharmaceutical had a return on equity of 6.91% and a net margin of 9.91%. As a group, research analysts predict that BioMarin Pharmaceutical will post 2.4 EPS for the current year.

Hedge Funds Weigh In On BioMarin Pharmaceutical

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Sanctuary Advisors LLC bought a new position in BioMarin Pharmaceutical in the 2nd quarter valued at about $1,783,000. Teachers Retirement System of The State of Kentucky lifted its position 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 worth $15,990,000 after purchasing an additional 28,837 shares in the last quarter. Novo Holdings A S boosted its holdings in shares of 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 purchasing an additional 40,000 shares during the period. NewEdge Advisors LLC raised its holdings in shares of BioMarin Pharmaceutical by 3,931.5% during the second quarter. NewEdge Advisors LLC now owns 10,885 shares of the biotechnology company’s stock worth $896,000 after acquiring 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 second quarter. Creative Planning now owns 11,825 shares of the biotechnology company’s stock worth $974,000 after acquiring an additional 524 shares in the last quarter. 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.