Scotiabank Lowers BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $78.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price objective cut by equities research analysts at Scotiabank from $95.00 to $78.00 in a report released on Tuesday, Benzinga reports. The firm presently has a “sector perform” rating on the biotechnology company’s stock. Scotiabank’s price objective would suggest a potential upside of 9.64% from the company’s previous close.

A number of other equities analysts also recently commented on the company. Royal Bank of Canada decreased their price target on BioMarin Pharmaceutical from $100.00 to $85.00 and set a “sector perform” rating for the company in a research note on Tuesday. Wells Fargo & Company decreased their target price on BioMarin Pharmaceutical from $115.00 to $90.00 and set an “overweight” rating for the company in a research report on Tuesday. Canaccord Genuity Group restated a “hold” rating and set a $93.00 price objective on shares of BioMarin Pharmaceutical in a research note on Friday, September 13th. TD Cowen lowered their target price on shares of BioMarin Pharmaceutical from $125.00 to $120.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. Finally, Sanford C. Bernstein reduced their price target on shares of BioMarin Pharmaceutical from $116.00 to $90.00 and set an “outperform” rating on the stock in a research report on Tuesday. Eight investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, BioMarin Pharmaceutical currently has an average rating of “Moderate Buy” and a consensus target price of $98.84.

BioMarin Pharmaceutical Trading Up 0.8 %

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 50-day moving average price of $86.11 and a 200 day moving average price of $84.49. 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 company has a market capitalization 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.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its earnings results on Monday, August 5th. The biotechnology company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.39. The company 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%. Sell-side analysts forecast that BioMarin Pharmaceutical will post 2.4 EPS for the current fiscal year.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Institutional investors and hedge funds have recently modified their holdings of the stock. Primecap Management Co. CA boosted its holdings in shares of BioMarin Pharmaceutical by 0.4% in the second quarter. Primecap Management Co. CA now owns 18,790,085 shares of the biotechnology company’s stock worth $1,546,988,000 after buying an additional 76,190 shares during the period. Vanguard Group Inc. boosted its stake in BioMarin Pharmaceutical by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 18,117,108 shares of the biotechnology company’s stock worth $1,582,348,000 after purchasing an additional 67,046 shares during the period. Capital Research Global Investors grew its position in BioMarin Pharmaceutical by 79.0% during the 4th quarter. Capital Research Global Investors now owns 10,774,641 shares of the biotechnology company’s stock worth $1,038,907,000 after purchasing an additional 4,756,671 shares in the last quarter. Avoro Capital Advisors LLC raised its stake in BioMarin Pharmaceutical by 4.4% during the 2nd quarter. Avoro Capital Advisors LLC now owns 4,557,416 shares of the biotechnology company’s stock valued at $375,212,000 after purchasing an additional 192,416 shares during the period. Finally, Norges Bank purchased a new stake in shares of BioMarin Pharmaceutical in the fourth quarter valued at $324,098,000. 98.71% of the stock is 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.