BioMarin Pharmaceutical (NASDAQ:BMRN) Shares Gap Up After Earnings Beat

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $65.61, but opened at $70.00. BioMarin Pharmaceutical shares last traded at $68.58, with a volume of 964,976 shares traded.

The biotechnology company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.54 by $0.18. BioMarin Pharmaceutical had a return on equity of 10.10% and a net margin of 14.96%. The company had revenue of $747.31 million during the quarter, compared to the consensus estimate of $711.05 million.

Wall Street Analyst Weigh In

Several research analysts have recently commented on BMRN shares. Canaccord Genuity Group reduced their target price on BioMarin Pharmaceutical from $93.00 to $84.00 and set a “hold” rating for the company in a research note on Wednesday, October 30th. Royal Bank of Canada reissued a “sector perform” rating and set a $70.00 price target on shares of BioMarin Pharmaceutical in a report on Thursday. Wedbush reissued an “outperform” rating and set a $94.00 price target on shares of BioMarin Pharmaceutical in a report on Thursday. StockNews.com raised BioMarin Pharmaceutical from a “buy” rating to a “strong-buy” rating in a report on Tuesday, February 11th. Finally, Wolfe Research started coverage on BioMarin Pharmaceutical in a report on Friday, November 15th. They set an “outperform” rating and a $95.00 price target for the company. Seven investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $93.81.

Hedge Funds Weigh In On BioMarin Pharmaceutical

A number of institutional investors have recently modified their holdings of BMRN. LRI Investments LLC raised its holdings in shares of BioMarin Pharmaceutical by 856.9% during the 4th quarter. LRI Investments LLC now owns 488 shares of the biotechnology company’s stock worth $32,000 after buying an additional 437 shares in the last quarter. TD Private Client Wealth LLC raised its holdings in shares of BioMarin Pharmaceutical by 57.4% during the 3rd quarter. TD Private Client Wealth LLC now owns 510 shares of the biotechnology company’s stock worth $36,000 after buying an additional 186 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of BioMarin Pharmaceutical during the 4th quarter worth $36,000. CIBC Private Wealth Group LLC raised its holdings in shares of BioMarin Pharmaceutical by 64.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 596 shares of the biotechnology company’s stock worth $41,000 after buying an additional 233 shares in the last quarter. Finally, Meeder Asset Management Inc. raised its holdings in shares of BioMarin Pharmaceutical by 920.8% during the 3rd quarter. Meeder Asset Management Inc. now owns 735 shares of the biotechnology company’s stock worth $52,000 after buying an additional 663 shares in the last quarter. Institutional investors and hedge funds own 98.71% of the company’s stock.

BioMarin Pharmaceutical Price Performance

The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.62 and a current ratio of 4.27. The company has a market cap of $13.01 billion, a price-to-earnings ratio of 31.02, a PEG ratio of 0.58 and a beta of 0.28. The business has a fifty day moving average price of $64.84 and a 200 day moving average price of $71.05.

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.