BioMarin Pharmaceutical (NASDAQ:BMRN) Rating Reiterated by Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their overweight rating on shares of BioMarin Pharmaceutical (NASDAQ:BMRN) in a report released on Thursday morning, Benzinga reports. They currently have a $110.00 price target on the biotechnology company’s stock.

Several other research analysts also recently weighed in on the stock. Wells Fargo & Company lifted their target price on shares of BioMarin Pharmaceutical from $100.00 to $110.00 and gave the stock an overweight rating in a research report on Thursday. Royal Bank of Canada reaffirmed a sector perform rating and set a $100.00 price objective on shares of BioMarin Pharmaceutical in a research report on Friday, February 23rd. Piper Sandler lowered their price objective on shares of BioMarin Pharmaceutical from $115.00 to $107.00 and set an overweight rating on the stock in a research report on Friday, February 23rd. Robert W. Baird reduced their target price on shares of BioMarin Pharmaceutical from $127.00 to $104.00 and set an outperform rating for the company in a research note on Tuesday, January 30th. Finally, Canaccord Genuity Group reiterated a hold rating and issued a $91.00 target price on shares of BioMarin Pharmaceutical in a research note on Thursday, February 29th. Seven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $107.89.

BioMarin Pharmaceutical Stock Performance

Shares of BMRN opened at $82.17 on Thursday. The firm’s 50 day moving average is $87.74 and its 200-day moving average is $89.18. The stock has a market capitalization of $15.51 billion, a P/E ratio of 76.80, a P/E/G ratio of 1.68 and a beta of 0.31. 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 12-month low of $76.02 and a 12-month high of $99.56.

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

Insider Buying and Selling

In related news, Director Jean Jacques Bienaime sold 15,000 shares of the company’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $88.28, for a total transaction of $1,324,200.00. Following the transaction, the director now owns 419,602 shares in the company, valued at approximately $37,042,464.56. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Jean Jacques Bienaime sold 15,000 shares of the stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $88.28, for a total value of $1,324,200.00. Following the sale, the director now directly owns 419,602 shares in the company, valued at approximately $37,042,464.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jeffrey Robert Ajer sold 4,000 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $87.07, for a total transaction of $348,280.00. Following the completion of the sale, the executive vice president now owns 94,047 shares in the company, valued at $8,188,672.29. The disclosure for this sale can be found here. Insiders have sold a total of 103,229 shares of company stock worth $9,062,967 in the last 90 days. Corporate insiders own 1.84% of the company’s stock.

Institutional Trading of BioMarin Pharmaceutical

A number of hedge funds have recently modified their holdings of the company. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in BioMarin Pharmaceutical by 3.8% during the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 63,069 shares of the biotechnology company’s stock worth $5,509,000 after purchasing an additional 2,300 shares in the last quarter. Simplicity Wealth LLC bought a new stake in BioMarin Pharmaceutical during the 1st quarter worth approximately $258,000. IFM Investors Pty Ltd increased its stake in BioMarin Pharmaceutical by 0.4% during the 1st quarter. IFM Investors Pty Ltd now owns 38,328 shares of the biotechnology company’s stock worth $3,348,000 after purchasing an additional 158 shares in the last quarter. AMI Asset Management Corp increased its stake in BioMarin Pharmaceutical by 51.9% during the 1st quarter. AMI Asset Management Corp now owns 346,189 shares of the biotechnology company’s stock worth $30,236,000 after purchasing an additional 118,230 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in BioMarin Pharmaceutical by 65.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 100,279 shares of the biotechnology company’s stock worth $8,758,000 after purchasing an additional 39,708 shares in the last quarter. 98.71% of the stock is currently owned by institutional investors and hedge funds.

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.