Leerink Partnrs Has Pessimistic View of BMRN FY2024 Earnings

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) – Equities researchers at Leerink Partnrs cut their FY2024 EPS estimates for BioMarin Pharmaceutical in a report released on Wednesday, October 30th. Leerink Partnrs analyst J. Schwartz now anticipates that the biotechnology company will post earnings of $2.60 per share for the year, down from their prior estimate of $2.66. The consensus estimate for BioMarin Pharmaceutical’s current full-year earnings is $2.47 per share. Leerink Partnrs also issued estimates for BioMarin Pharmaceutical’s Q4 2024 earnings at $0.63 EPS, Q1 2025 earnings at $0.48 EPS, Q2 2025 earnings at $0.81 EPS, Q3 2025 earnings at $0.82 EPS, Q4 2025 earnings at $0.82 EPS, FY2025 earnings at $2.93 EPS and FY2026 earnings at $5.20 EPS.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings data on Tuesday, October 29th. The biotechnology company reported $0.55 earnings per share for the quarter, missing the consensus estimate of $0.78 by ($0.23). BioMarin Pharmaceutical had a return on equity of 8.53% and a net margin of 11.71%. The company had revenue of $746.00 million during the quarter, compared to the consensus estimate of $703.37 million. During the same quarter last year, the firm earned $0.26 EPS. The business’s revenue for the quarter was up 28.4% on a year-over-year basis.

Several other research analysts have also recently weighed in on the stock. Cantor Fitzgerald dropped their price objective on shares of BioMarin Pharmaceutical from $110.00 to $90.00 and set an “overweight” rating for the company in a research report on Wednesday, October 30th. StockNews.com upgraded shares of BioMarin Pharmaceutical from a “hold” rating to a “buy” rating in a research report on Thursday, August 8th. JPMorgan Chase & Co. dropped their price objective on shares of BioMarin Pharmaceutical from $110.00 to $109.00 and set an “overweight” rating for the company in a research report on Wednesday, October 30th. Evercore ISI lowered their target price on shares of BioMarin Pharmaceutical from $115.00 to $105.00 and set an “outperform” rating for the company in a report on Wednesday, October 30th. Finally, Scotiabank lowered their target price 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. Seven investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $94.16.

BioMarin Pharmaceutical Stock Performance

BMRN stock opened at $66.04 on Monday. The company has a debt-to-equity ratio of 0.11, a current ratio of 4.27 and a quick ratio of 2.62. The company has a 50 day moving average price of $74.16 and a 200 day moving average price of $80.20. BioMarin Pharmaceutical has a fifty-two week low of $65.35 and a fifty-two week high of $99.56. The stock has a market capitalization of $12.59 billion, a PE ratio of 39.54, a price-to-earnings-growth ratio of 0.66 and a beta of 0.31.

Hedge Funds Weigh In On BioMarin Pharmaceutical

Several institutional investors and hedge funds have recently made changes to their positions in BMRN. Principal Financial Group Inc. grew its holdings in shares of BioMarin Pharmaceutical by 1,858.6% in the 2nd quarter. Principal Financial Group Inc. now owns 649,460 shares of the biotechnology company’s stock valued at $53,470,000 after buying an additional 616,301 shares during the period. Assenagon Asset Management S.A. lifted its position in BioMarin Pharmaceutical by 11,107.4% in the 2nd quarter. Assenagon Asset Management S.A. now owns 352,474 shares of the biotechnology company’s stock valued at $29,019,000 after acquiring an additional 349,329 shares in the last quarter. Rhumbline Advisers lifted its position in BioMarin Pharmaceutical by 122.1% in the 2nd quarter. Rhumbline Advisers now owns 551,553 shares of the biotechnology company’s stock valued at $45,409,000 after acquiring an additional 303,207 shares in the last quarter. Swedbank AB bought a new stake in BioMarin Pharmaceutical in the 1st quarter valued at $25,864,000. Finally, Dimensional Fund Advisors LP lifted its position in BioMarin Pharmaceutical by 38.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,034,457 shares of the biotechnology company’s stock valued at $85,178,000 after acquiring an additional 289,953 shares in the last quarter. 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.