BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target Raised to $80.00 at Scotiabank

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price objective lifted by Scotiabank from $78.00 to $80.00 in a research note released on Thursday,Benzinga reports. The firm currently has a sector perform rating on the biotechnology company’s stock.

Other research analysts also recently issued reports about the stock. William Blair downgraded shares of BioMarin Pharmaceutical from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 30th. Royal Bank of Canada restated a “sector perform” rating and set a $70.00 target price on shares of BioMarin Pharmaceutical in a research report on Thursday. Wolfe Research assumed coverage on shares of BioMarin Pharmaceutical in a research report on Friday, November 15th. They issued an “outperform” rating and a $95.00 price target on the stock. Evercore ISI cut their price target on shares of BioMarin Pharmaceutical from $115.00 to $105.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Finally, Robert W. Baird cut their price target on shares of BioMarin Pharmaceutical from $72.00 to $65.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 30th. Seven investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $93.81.

BioMarin Pharmaceutical Stock Up 4.8 %

Shares of NASDAQ BMRN opened at $68.73 on Thursday. The firm’s 50-day simple moving average is $64.79 and its 200 day simple moving average is $71.06. The company has a market cap of $13.10 billion, a price-to-earnings ratio of 41.16, a price-to-earnings-growth ratio of 0.57 and a beta of 0.28. The company has a quick ratio of 2.62, a current ratio of 4.27 and a debt-to-equity ratio of 0.11. BioMarin Pharmaceutical has a 12-month low of $60.63 and a 12-month high of $94.85.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its earnings results on Wednesday, February 19th. The biotechnology company reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.18. BioMarin Pharmaceutical had a net margin of 11.71% and a return on equity of 8.53%. The company had revenue of $747.31 million for the quarter, compared to the consensus estimate of $711.05 million. On average, research analysts expect that BioMarin Pharmaceutical will post 2.5 earnings per share for the current fiscal year.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Several large investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of BioMarin Pharmaceutical by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 19,372,185 shares of the biotechnology company’s stock valued at $1,273,334,000 after buying an additional 93,531 shares during the last quarter. Primecap Management Co. CA boosted its holdings in shares of BioMarin Pharmaceutical by 0.4% in the 3rd quarter. Primecap Management Co. CA now owns 18,867,435 shares of the biotechnology company’s stock valued at $1,326,192,000 after buying an additional 77,350 shares during the last quarter. Dodge & Cox boosted its holdings in shares of BioMarin Pharmaceutical by 6.1% in the 4th quarter. Dodge & Cox now owns 14,746,235 shares of the biotechnology company’s stock valued at $969,270,000 after buying an additional 847,917 shares during the last quarter. Capital Research Global Investors boosted its holdings in shares of BioMarin Pharmaceutical by 23.8% in the 4th quarter. Capital Research Global Investors now owns 12,991,772 shares of the biotechnology company’s stock valued at $853,944,000 after buying an additional 2,496,817 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of BioMarin Pharmaceutical in the 4th quarter valued at approximately $234,645,000. Institutional investors and hedge funds 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.