Citigroup Lowers BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $91.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target dropped by investment analysts at Citigroup from $94.00 to $91.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the biotechnology company’s stock. Citigroup’s price target indicates a potential upside of 12.47% from the stock’s previous close.

Other research analysts have also issued research reports about the company. Scotiabank boosted their target price on BioMarin Pharmaceutical from $83.00 to $85.00 and gave the company a “sector perform” rating in a research report on Thursday. Canaccord Genuity Group restated a “hold” rating and set a $91.00 target price on shares of BioMarin Pharmaceutical in a research report on Thursday, February 29th. Piper Sandler dropped their target price on BioMarin Pharmaceutical from $115.00 to $107.00 and set an “overweight” rating for the company in a research report on Friday, February 23rd. Wells Fargo & Company boosted their target price on BioMarin Pharmaceutical from $100.00 to $110.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, Robert W. Baird dropped their target price on BioMarin Pharmaceutical from $127.00 to $104.00 and set an “outperform” rating for the company in a research report on Tuesday, January 30th. Seven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, BioMarin Pharmaceutical presently has a consensus rating of “Moderate Buy” and an average price target of $107.50.

BioMarin Pharmaceutical Trading Down 1.5 %

Shares of NASDAQ BMRN opened at $80.91 on Thursday. The business’s 50 day moving average is $87.58 and its two-hundred day moving average is $89.13. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.51 and a quick ratio of 1.57. BioMarin Pharmaceutical has a 1-year low of $76.02 and a 1-year high of $99.56. The stock has a market capitalization of $15.27 billion, a P/E ratio of 75.62, a PEG ratio of 1.68 and a beta of 0.31.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its quarterly earnings data on Thursday, February 22nd. The biotechnology company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.05. BioMarin Pharmaceutical had a return on equity of 5.39% and a net margin of 8.31%. The company had revenue of $646.21 million for the quarter, compared to analysts’ expectations of $639.53 million. During the same period in the previous year, the firm posted $0.11 earnings per share. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. As a group, research analysts expect that BioMarin Pharmaceutical will post 1.85 EPS for the current year.

Insiders Place Their Bets

In other BioMarin Pharmaceutical news, Director Jean Jacques Bienaime sold 20,000 shares of the company’s stock in a transaction on Friday, April 12th. The stock was sold at an average price of $91.26, for a total transaction of $1,825,200.00. Following the completion of the sale, the director now owns 474,994 shares in the company, valued at $43,347,952.44. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other BioMarin Pharmaceutical news, insider Henry J. Fuchs sold 35,341 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $85.18, for a total value of $3,010,346.38. Following the completion of the sale, the insider now owns 212,117 shares of the company’s stock, valued at $18,068,126.06. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Jean Jacques Bienaime sold 20,000 shares of the firm’s stock in a transaction dated Friday, April 12th. The stock was sold at an average price of $91.26, for a total value of $1,825,200.00. Following the completion of the sale, the director now directly owns 474,994 shares of the company’s stock, valued at approximately $43,347,952.44. The disclosure for this sale can be found here. Insiders sold a total of 103,229 shares of company stock worth $9,062,967 over the last 90 days. Company insiders own 1.84% of the company’s stock.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in BioMarin Pharmaceutical by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 18,050,062 shares of the biotechnology company’s stock worth $1,740,387,000 after acquiring an additional 348,852 shares in the last quarter. Capital Research Global Investors boosted its holdings in BioMarin Pharmaceutical by 79.0% in the fourth quarter. Capital Research Global Investors now owns 10,774,641 shares of the biotechnology company’s stock worth $1,038,907,000 after acquiring an additional 4,756,671 shares in the last quarter. Barclays PLC boosted its holdings in BioMarin Pharmaceutical by 31.6% in the third quarter. Barclays PLC now owns 5,573,157 shares of the biotechnology company’s stock worth $493,111,000 after acquiring an additional 1,336,886 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in BioMarin Pharmaceutical by 5.6% in the third quarter. Ameriprise Financial Inc. now owns 5,163,949 shares of the biotechnology company’s stock worth $456,906,000 after acquiring an additional 275,436 shares in the last quarter. Finally, Avoro Capital Advisors LLC lifted its holdings in shares of BioMarin Pharmaceutical by 11.7% during the fourth quarter. Avoro Capital Advisors LLC now owns 4,300,000 shares of the biotechnology company’s stock worth $414,606,000 after purchasing an additional 450,000 shares during the period. Institutional investors and hedge funds own 98.71% of the company’s stock.

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.