BioMarin Pharmaceutical (NASDAQ:BMRN) Now Covered by Analysts at Wolfe Research

Equities research analysts at Wolfe Research initiated coverage on shares of BioMarin Pharmaceutical (NASDAQ:BMRN) in a research report issued on Friday, MarketBeat reports. The firm set an “outperform” rating and a $95.00 price target on the biotechnology company’s stock. Wolfe Research’s target price indicates a potential upside of 44.82% from the stock’s current price.

A number of other equities research analysts have also issued reports on BMRN. Stifel Nicolaus dropped their price target on BioMarin Pharmaceutical from $115.00 to $87.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. Cantor Fitzgerald decreased their price target on BioMarin Pharmaceutical from $110.00 to $90.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 30th. Piper Sandler boosted their price objective on BioMarin Pharmaceutical from $107.00 to $122.00 and gave the company an “overweight” rating in a report on Thursday, September 5th. Royal Bank of Canada reissued a “sector perform” rating and set a $80.00 price target on shares of BioMarin Pharmaceutical in a research report on Wednesday, October 30th. Finally, Scotiabank dropped their price objective on shares of BioMarin Pharmaceutical from $95.00 to $78.00 and set a “sector perform” rating for the company in a report on Tuesday, September 17th. Seven equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $94.20.

BioMarin Pharmaceutical Stock Performance

BMRN stock opened at $65.60 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 4.27 and a quick ratio of 2.62. BioMarin Pharmaceutical has a 1-year low of $65.35 and a 1-year high of $99.56. The business has a 50-day moving average price of $71.24 and a 200 day moving average price of $79.38. The company has a market capitalization of $12.50 billion, a P/E ratio of 39.28, a PEG ratio of 0.66 and a beta of 0.31.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced 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). The firm had revenue of $746.00 million during the quarter, compared to analyst estimates of $703.37 million. BioMarin Pharmaceutical had a net margin of 11.71% and a return on equity of 8.53%. BioMarin Pharmaceutical’s revenue was up 28.4% on a year-over-year basis. During the same quarter last year, the business earned $0.26 earnings per share. As a group, equities research analysts forecast that BioMarin Pharmaceutical will post 2.47 EPS for the current fiscal year.

Insider Buying and Selling

In other BioMarin Pharmaceutical news, EVP Charles Greg Guyer sold 5,278 shares of the company’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $66.37, for a total transaction of $350,300.86. Following the completion of the sale, the executive vice president now owns 68,909 shares in the company, valued at approximately $4,573,490.33. The trade was a 7.11 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.85% of the company’s stock.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Erste Asset Management GmbH acquired a new stake in BioMarin Pharmaceutical during the 3rd quarter worth $48,527,000. Principal Financial Group Inc. grew its stake in shares of BioMarin Pharmaceutical by 1,858.6% in the second quarter. Principal Financial Group Inc. now owns 649,460 shares of the biotechnology company’s stock valued at $53,470,000 after buying an additional 616,301 shares in the last quarter. Vestal Point Capital LP bought a new position in shares of BioMarin Pharmaceutical in the 3rd quarter valued at about $28,116,000. Assenagon Asset Management S.A. grew its holdings in BioMarin Pharmaceutical by 11,107.4% during the second quarter. Assenagon Asset Management S.A. now owns 352,474 shares of the biotechnology company’s stock worth $29,019,000 after purchasing an additional 349,329 shares during the period. Finally, Rhumbline Advisers lifted its position in shares of BioMarin Pharmaceutical by 122.1% in the second quarter. Rhumbline Advisers now owns 551,553 shares of the biotechnology company’s stock valued at $45,409,000 after buying an additional 303,207 shares during the last quarter. 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.