BioMarin Pharmaceutical (NASDAQ:BMRN) Cut to Market Perform at William Blair

BioMarin Pharmaceutical (NASDAQ:BMRN) was downgraded by investment analysts at William Blair from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Wednesday, Marketbeat.com reports.

A number of other equities research analysts have also recently weighed in on BMRN. Truist Financial decreased their price objective on BioMarin Pharmaceutical from $118.00 to $90.00 and set a “buy” rating for the company in a research note on Tuesday, September 17th. Cantor Fitzgerald restated an “overweight” rating and set a $110.00 price objective on shares of BioMarin Pharmaceutical in a research note on Monday, September 9th. Evercore ISI upped their target price on BioMarin Pharmaceutical from $113.00 to $115.00 and gave the company an “outperform” rating in a research report on Tuesday, August 6th. Raymond James reaffirmed an “outperform” rating and set a $79.00 target price on shares of BioMarin Pharmaceutical in a research report on Thursday, October 10th. Finally, Bank of America reduced their target price on BioMarin Pharmaceutical from $130.00 to $115.00 and set a “buy” rating on the stock in a research report on Tuesday, September 17th. Eight investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, BioMarin Pharmaceutical presently has a consensus rating of “Moderate Buy” and an average price target of $93.67.

BioMarin Pharmaceutical Price Performance

Shares of BMRN stock opened at $65.89 on Wednesday. BioMarin Pharmaceutical has a twelve month low of $65.35 and a twelve month high of $99.56. The stock has a market capitalization of $12.51 billion, a price-to-earnings ratio of 61.58, a P/E/G ratio of 0.81 and a beta of 0.31. The stock has a fifty day simple moving average of $75.60 and a two-hundred day simple moving average of $80.84. The company has a current ratio of 3.05, a quick ratio of 1.95 and a debt-to-equity ratio of 0.11.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its earnings results 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 6.91% and a net margin of 9.91%. The firm had revenue of $746.00 million during the quarter, compared to analysts’ expectations of $703.37 million. During the same quarter in the prior year, the company posted $0.26 earnings per share. BioMarin Pharmaceutical’s quarterly revenue was up 28.4% compared to the same quarter last year. On average, analysts predict that BioMarin Pharmaceutical will post 2.39 EPS for the current fiscal year.

Institutional Trading of BioMarin Pharmaceutical

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Envestnet Portfolio Solutions Inc. grew its holdings in BioMarin Pharmaceutical by 1.2% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 10,668 shares of the biotechnology company’s stock worth $932,000 after acquiring an additional 130 shares during the period. Quent Capital LLC grew its holdings 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 acquiring an additional 145 shares during the period. Voisard Asset Management Group Inc. grew its holdings in BioMarin Pharmaceutical by 17.8% during the third quarter. Voisard Asset Management Group Inc. now owns 1,355 shares of the biotechnology company’s stock worth $95,000 after acquiring an additional 205 shares during the period. Grandfield & Dodd LLC grew its holdings in BioMarin Pharmaceutical by 1.6% during the first quarter. Grandfield & Dodd LLC now owns 16,127 shares of the biotechnology company’s stock worth $1,409,000 after acquiring an additional 255 shares during the period. Finally, AIA Group Ltd grew its holdings in BioMarin Pharmaceutical by 7.0% during the first quarter. AIA Group Ltd now owns 4,076 shares of the biotechnology company’s stock worth $356,000 after acquiring an additional 266 shares during the period. 98.71% of the stock is owned by institutional investors and hedge funds.

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.