Citigroup Issues Pessimistic Forecast for BioMarin Pharmaceutical (NASDAQ:BMRN) Stock Price

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target dropped by equities research analysts at Citigroup from $93.00 to $81.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the biotechnology company’s stock. Citigroup’s price target would suggest a potential upside of 22.93% from the company’s current price.

BMRN has been the subject of several other reports. Scotiabank cut their price target on shares of BioMarin Pharmaceutical from $95.00 to $78.00 and set a “sector perform” rating for the company in a report on Tuesday, September 17th. JPMorgan Chase & Co. cut their price target on shares of BioMarin Pharmaceutical from $110.00 to $109.00 and set an “overweight” rating for the company in a report on Wednesday. Sanford C. Bernstein cut their price target on shares of BioMarin Pharmaceutical from $116.00 to $90.00 and set an “outperform” rating for the company in a report on Tuesday, September 17th. UBS Group raised their price objective on shares of BioMarin Pharmaceutical from $104.00 to $106.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Robert W. Baird lowered their price objective on shares of BioMarin Pharmaceutical from $72.00 to $65.00 and set a “neutral” rating on the stock in a research report on Wednesday. Eight research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, BioMarin Pharmaceutical presently has an average rating of “Moderate Buy” and a consensus target price of $93.67.

BioMarin Pharmaceutical Stock Down 1.2 %

BMRN opened at $65.89 on Wednesday. The company has a 50 day moving average of $75.60 and a 200 day moving average of $80.84. The company has a market cap of $12.51 billion, a PE ratio of 61.58, a price-to-earnings-growth ratio of 0.81 and a beta of 0.31. BioMarin Pharmaceutical has a 12 month low of $65.35 and a 12 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.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings results on Tuesday, October 29th. The biotechnology company reported $0.55 EPS for the quarter, missing the consensus estimate of $0.78 by ($0.23). BioMarin Pharmaceutical had a net margin of 9.91% and a return on equity of 6.91%. The firm had revenue of $746.00 million during the quarter, compared to the consensus estimate of $703.37 million. During the same period in the previous year, the business earned $0.26 earnings per share. The firm’s revenue for the quarter was up 28.4% on a year-over-year basis. On average, sell-side analysts expect that BioMarin Pharmaceutical will post 2.39 EPS for the current year.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Large investors have recently added to or reduced their stakes in the company. AGF Management Ltd. bought a new stake in BioMarin Pharmaceutical in the 2nd quarter worth $2,563,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of BioMarin Pharmaceutical during the 2nd quarter valued at about $5,627,000. Teachers Retirement System of The State of Kentucky boosted its stake in shares of BioMarin Pharmaceutical by 17.4% during the 2nd 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 in the last quarter. E Fund Management Co. Ltd. boosted its stake in shares of BioMarin Pharmaceutical by 167.4% during the 2nd quarter. E Fund Management Co. Ltd. now owns 13,480 shares of the biotechnology company’s stock valued at $1,110,000 after purchasing an additional 8,438 shares in the last quarter. Finally, Tidal Investments LLC boosted its stake in shares of BioMarin Pharmaceutical by 65.5% during the 1st quarter. Tidal Investments LLC now owns 17,447 shares of the biotechnology company’s stock valued at $1,524,000 after purchasing an additional 6,906 shares in the last quarter. 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.