Royal Bank of Canada Trims BioMarin Pharmaceutical (NASDAQ:BMRN) Target Price to $85.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its target price decreased by equities researchers at Royal Bank of Canada from $100.00 to $85.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has a “sector perform” rating on the biotechnology company’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 19.48% from the stock’s current price.

A number of other equities analysts also recently commented on the stock. Stifel Nicolaus cut their price objective on shares of BioMarin Pharmaceutical from $115.00 to $87.00 and set a “buy” rating for the company in a research report on Tuesday. Bank of America cut their price target on shares of BioMarin Pharmaceutical from $130.00 to $115.00 and set a “buy” rating for the company in a report on Tuesday. William Blair raised BioMarin Pharmaceutical to a “strong-buy” rating in a report on Friday, August 30th. JPMorgan Chase & Co. boosted their target price on BioMarin Pharmaceutical from $111.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. Finally, Evercore ISI raised their price target on BioMarin Pharmaceutical from $113.00 to $115.00 and gave the company an “outperform” rating in a report on Tuesday, August 6th. Eight analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, BioMarin Pharmaceutical presently has a consensus rating of “Moderate Buy” and a consensus target price of $98.84.

BioMarin Pharmaceutical Stock Performance

NASDAQ BMRN opened at $71.14 on Tuesday. The firm has a market cap 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 has a 52-week low of $68.83 and a 52-week high of $99.56. The business’s 50-day moving average price is $86.11 and its 200 day moving average price is $84.49. The company has a quick ratio of 1.95, a current ratio of 3.05 and a debt-to-equity ratio of 0.11.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its earnings results on Monday, August 5th. The biotechnology company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.39. BioMarin Pharmaceutical had a return on equity of 6.91% and a net margin of 9.91%. The company had revenue of $712.03 million for the quarter, compared to the consensus estimate of $660.51 million. On average, equities research analysts expect that BioMarin Pharmaceutical will post 2.4 earnings per share for the current year.

Institutional Trading of BioMarin Pharmaceutical

Institutional investors and hedge funds have recently modified their holdings of the business. Innealta Capital LLC acquired a new position in shares of BioMarin Pharmaceutical during the 2nd quarter worth approximately $25,000. BOKF NA acquired a new position in shares of BioMarin Pharmaceutical in the second quarter worth $31,000. Quent Capital LLC lifted its position in shares of BioMarin Pharmaceutical by 58.9% in the second quarter. Quent Capital LLC now owns 391 shares of the biotechnology company’s stock valued at $32,000 after acquiring an additional 145 shares in the last quarter. Jones Financial Companies Lllp purchased a new stake in shares of BioMarin Pharmaceutical in the fourth quarter valued at $43,000. Finally, Itau Unibanco Holding S.A. acquired a new stake in shares of BioMarin Pharmaceutical during the second quarter valued at $47,000. Hedge funds and other institutional investors own 98.71% of the company’s stock.

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.