What is Zacks Research’s Forecast for BMRN FY2024 Earnings?

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) – Research analysts at Zacks Research upped their FY2024 EPS estimates for BioMarin Pharmaceutical in a research report issued on Tuesday, November 19th. Zacks Research analyst S. Ganoria now forecasts that the biotechnology company will post earnings per share of $2.46 for the year, up from their prior forecast of $2.32. The consensus estimate for BioMarin Pharmaceutical’s current full-year earnings is $2.49 per share. Zacks Research also issued estimates for BioMarin Pharmaceutical’s Q4 2024 earnings at $0.49 EPS, Q3 2025 earnings at $0.72 EPS, Q4 2025 earnings at $0.66 EPS, FY2025 earnings at $2.65 EPS and Q3 2026 earnings at $0.86 EPS.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its earnings results on Tuesday, October 29th. The biotechnology company reported $0.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $703.37 million. During the same quarter in the prior year, the business posted $0.26 EPS. The business’s quarterly revenue was up 28.4% compared to the same quarter last year.

Other equities analysts have also issued reports about the company. William Blair lowered BioMarin Pharmaceutical from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 30th. Truist Financial dropped their price target on shares of BioMarin Pharmaceutical from $118.00 to $90.00 and set a “buy” rating on the stock in a research report on Tuesday, September 17th. Wolfe Research started coverage on shares of BioMarin Pharmaceutical in a research note on Friday, November 15th. They issued an “outperform” rating and a $95.00 price objective on the stock. Stifel Nicolaus lowered their target price 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, September 17th. Finally, Bank of America cut their price target on shares of BioMarin Pharmaceutical from $130.00 to $115.00 and set a “buy” rating on the stock in a research report on Tuesday, September 17th. Seven investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $94.20.

BioMarin Pharmaceutical Stock Performance

Shares of BioMarin Pharmaceutical stock opened at $64.26 on Friday. The stock has a market cap of $12.25 billion, a price-to-earnings ratio of 38.48, a P/E/G ratio of 0.62 and a beta of 0.31. BioMarin Pharmaceutical has a twelve month low of $61.15 and a twelve month high of $99.56. The company’s fifty day moving average is $68.25 and its 200 day moving average is $78.44. The company has a quick ratio of 2.62, a current ratio of 4.27 and a debt-to-equity ratio of 0.11.

Hedge Funds Weigh In On BioMarin Pharmaceutical

Several hedge funds have recently added to or reduced their stakes in the stock. Innealta Capital LLC acquired a new position in BioMarin Pharmaceutical in the 2nd quarter valued at $25,000. nVerses Capital LLC purchased a new position in BioMarin Pharmaceutical in the 3rd quarter valued at approximately $28,000. BOKF NA acquired a new position in BioMarin Pharmaceutical during the second quarter worth $31,000. Quent Capital LLC boosted its position in BioMarin Pharmaceutical by 58.9% during the second quarter. Quent Capital LLC now owns 391 shares of the biotechnology company’s stock worth $32,000 after purchasing an additional 145 shares in the last quarter. Finally, TD Private Client Wealth LLC grew its holdings in BioMarin Pharmaceutical by 57.4% in the third quarter. TD Private Client Wealth LLC now owns 510 shares of the biotechnology company’s stock valued at $36,000 after purchasing an additional 186 shares during the last quarter. 98.71% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Charles Greg Guyer sold 5,278 shares of the business’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $66.37, for a total transaction of $350,300.86. Following the completion of the transaction, the executive vice president now directly owns 68,909 shares of the company’s stock, valued at approximately $4,573,490.33. The trade was a 7.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.85% of the stock is currently owned by insiders.

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.