Wolfe Research Begins Coverage on BioMarin Pharmaceutical (NASDAQ:BMRN)

Analysts at Wolfe Research started coverage on shares of BioMarin Pharmaceutical (NASDAQ:BMRN) in a research report issued on Friday, Marketbeat Ratings reports. The firm set an “outperform” rating and a $95.00 price target on the biotechnology company’s stock. Wolfe Research’s price target would suggest a potential upside of 49.80% from the stock’s previous close.

Several other research firms have also recently issued reports on BMRN. Wells Fargo & Company dropped their price target on BioMarin Pharmaceutical from $115.00 to $90.00 and set an “overweight” rating on the stock in a report on Tuesday, September 17th. JPMorgan Chase & Co. cut their target price on BioMarin Pharmaceutical from $110.00 to $109.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 30th. Robert W. Baird decreased their price target on BioMarin Pharmaceutical from $72.00 to $65.00 and set a “neutral” rating for the company in a research report on Wednesday, October 30th. William Blair downgraded BioMarin Pharmaceutical from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 30th. Finally, Evercore ISI reduced their price objective on shares of BioMarin Pharmaceutical from $115.00 to $105.00 and set an “outperform” rating for the company in a research note on Wednesday, October 30th. Seven analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $94.20.

BioMarin Pharmaceutical Price Performance

NASDAQ:BMRN opened at $63.42 on Friday. BioMarin Pharmaceutical has a 52-week low of $63.22 and a 52-week high of $99.56. The company has a quick ratio of 2.62, a current ratio of 4.27 and a debt-to-equity ratio of 0.11. The firm has a market cap of $12.09 billion, a P/E ratio of 37.98, a PEG ratio of 0.66 and a beta of 0.31. The business’s 50-day moving average price is $70.43 and its 200 day moving average price is $79.15.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings data on Tuesday, October 29th. The biotechnology company reported $0.55 earnings per share (EPS) 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 business had revenue of $746.00 million during the quarter, compared to analyst estimates of $703.37 million. During the same period in the prior year, the firm earned $0.26 EPS. The business’s revenue for the quarter was up 28.4% on a year-over-year basis. As a group, sell-side analysts predict that BioMarin Pharmaceutical will post 2.47 earnings per share for the current fiscal year.

Insider Activity at BioMarin Pharmaceutical

In related news, EVP Charles Greg Guyer sold 5,278 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $66.37, for a total transaction of $350,300.86. Following the transaction, the executive vice president now owns 68,909 shares of the company’s stock, valued at approximately $4,573,490.33. This trade represents a 7.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.85% of the company’s stock.

Institutional Trading of BioMarin Pharmaceutical

Several large investors have recently added to or reduced their stakes in the business. Erste Asset Management GmbH acquired a new stake in shares of BioMarin Pharmaceutical in the 3rd quarter valued at $48,527,000. Principal Financial Group Inc. raised its holdings in BioMarin Pharmaceutical by 1,858.6% during the second 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 in the last quarter. Vestal Point Capital LP acquired a new stake in shares of BioMarin Pharmaceutical in the third quarter worth about $28,116,000. Assenagon Asset Management S.A. boosted its stake in shares of BioMarin Pharmaceutical by 11,107.4% during the 2nd quarter. Assenagon Asset Management S.A. now owns 352,474 shares of the biotechnology company’s stock worth $29,019,000 after acquiring an additional 349,329 shares in the last quarter. Finally, Clearline Capital LP acquired a new position in shares of BioMarin Pharmaceutical during the 3rd quarter valued at about $22,477,000. 98.71% of the stock is owned by institutional investors.

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.