Scotiabank Forecasts Strong Price Appreciation for BioMarin Pharmaceutical (NASDAQ:BMRN) Stock

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price objective boosted by stock analysts at Scotiabank from $78.00 to $80.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “sector perform” rating on the biotechnology company’s stock. Scotiabank’s price target would indicate a potential upside of 16.11% from the stock’s current price.

BMRN has been the subject of a number of other reports. Wedbush raised BioMarin Pharmaceutical to a “strong-buy” rating in a report on Monday, November 4th. StockNews.com raised BioMarin Pharmaceutical from a “buy” rating to a “strong-buy” rating in a report on Tuesday, February 11th. Wolfe Research assumed coverage on BioMarin Pharmaceutical in a report on Friday, November 15th. They set an “outperform” rating and a $95.00 price objective for the company. UBS Group boosted their price objective on BioMarin Pharmaceutical from $109.00 to $113.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Citigroup decreased their price objective on BioMarin Pharmaceutical from $93.00 to $81.00 and set a “neutral” rating for the company in a report on Wednesday, October 30th. Seven investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $93.80.

BioMarin Pharmaceutical Stock Up 5.0 %

BioMarin Pharmaceutical stock traded up $3.29 during midday trading on Thursday, reaching $68.90. The stock had a trading volume of 2,427,357 shares, compared to its average volume of 1,534,415. BioMarin Pharmaceutical has a 12 month low of $60.63 and a 12 month high of $94.85. The company has a market capitalization of $13.13 billion, a P/E ratio of 41.20, a PEG ratio of 0.57 and a beta of 0.28. The company has a fifty day moving average price of $64.79 and a two-hundred day moving average price of $71.06. The company has a current ratio of 4.27, a quick ratio of 2.62 and a debt-to-equity ratio of 0.11.

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

Institutional Investors Weigh In On BioMarin Pharmaceutical

Several institutional investors have recently made changes to their positions in BMRN. Norges Bank purchased a new stake in shares of BioMarin Pharmaceutical during the fourth quarter worth $234,645,000. Capital Research Global Investors lifted its position in shares of BioMarin Pharmaceutical by 23.8% during the fourth quarter. Capital Research Global Investors now owns 12,991,772 shares of the biotechnology company’s stock worth $853,944,000 after acquiring an additional 2,496,817 shares in the last quarter. Soleus Capital Management L.P. purchased a new stake in shares of BioMarin Pharmaceutical during the fourth quarter worth $65,822,000. Dodge & Cox lifted its position in shares of BioMarin Pharmaceutical by 6.1% during the fourth quarter. Dodge & Cox now owns 14,746,235 shares of the biotechnology company’s stock worth $969,270,000 after acquiring an additional 847,917 shares in the last quarter. Finally, Erste Asset Management GmbH purchased a new stake in shares of BioMarin Pharmaceutical during the third quarter worth $48,527,000. Hedge funds and other institutional investors 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.