BioMarin Pharmaceutical’s (BMRN) “Outperform” Rating Reiterated at Wedbush

Wedbush restated their outperform rating on shares of BioMarin Pharmaceutical (NASDAQ:BMRN) in a research report released on Thursday,RTT News reports. The brokerage currently has a $94.00 price objective on the biotechnology company’s stock.

Several other analysts have also recently weighed in on BMRN. Evercore ISI lowered their price target on BioMarin Pharmaceutical from $115.00 to $105.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $70.00 price target on shares of BioMarin Pharmaceutical in a report on Thursday. UBS Group raised their price target on BioMarin Pharmaceutical from $109.00 to $113.00 and gave the company a “buy” rating in a report on Thursday. StockNews.com upgraded BioMarin Pharmaceutical from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, February 11th. Finally, Piper Sandler increased their price objective on BioMarin Pharmaceutical from $122.00 to $126.00 and gave the company an “overweight” rating in a research report on Thursday. Seven research 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 company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $93.81.

BioMarin Pharmaceutical Stock Performance

Shares of BMRN opened at $68.73 on Thursday. The stock’s 50-day simple moving average is $64.79 and its 200 day simple moving average is $71.06. The stock has a market capitalization 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 debt-to-equity ratio of 0.11, a quick ratio of 2.62 and a current ratio of 4.27. BioMarin Pharmaceutical has a 52-week low of $60.63 and a 52-week high of $94.85.

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

Institutional Trading of BioMarin Pharmaceutical

A number of institutional investors and hedge funds have recently modified their holdings of BMRN. Creative Planning increased its position in BioMarin Pharmaceutical by 20.9% during the third quarter. Creative Planning now owns 14,300 shares of the biotechnology company’s stock valued at $1,005,000 after acquiring an additional 2,475 shares during the last quarter. Blue Trust Inc. boosted its stake in shares of BioMarin Pharmaceutical by 504.9% in the third quarter. Blue Trust Inc. now owns 859 shares of the biotechnology company’s stock worth $60,000 after acquiring an additional 717 shares during the period. Sequoia Financial Advisors LLC bought a new position in shares of BioMarin Pharmaceutical in the third quarter worth about $279,000. Lecap Asset Management Ltd. bought a new position in shares of BioMarin Pharmaceutical in the third quarter worth about $1,009,000. Finally, International Assets Investment Management LLC bought a new position in shares of BioMarin Pharmaceutical in the third quarter worth about $12,940,000. 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.