BioMarin Pharmaceutical (NASDAQ:BMRN) Given New $103.00 Price Target at Morgan Stanley

Key Points

• Morgan Stanley lowered its BioMarin price target from $119 to $103 but maintained an “overweight” rating; the new target implies about 80% upside from the prior close.
• Analyst views are mixed but lean positive: MarketBeat reports a “Moderate Buy” consensus and an average price target of $87.22.
• BioMarin reported quarterly EPS of $0.23, beating the consensus estimate of a $0.05 loss, while revenue of $1.02 billion matched estimates and rose 32% year over year.

BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report) had its target price dropped by investment analysts at Morgan Stanley from $119.00 to $103.00 in a report issued on Friday, Benzinga reports. The firm currently has an "overweight" rating on the biotechnology company's stock. Morgan Stanley's price target indicates a potential upside of 80.43% from the company's previous close.

Other equities analysts have also recently issued research reports about the stock. HC Wainwright reaffirmed a "neutral" rating and issued a $60.00 price target on shares of BioMarin Pharmaceutical in a research report on Tuesday, November 3rd. Weiss Ratings lowered BioMarin Pharmaceutical from a "sell (d+)" rating to a "sell (d)" rating in a report on Friday, September 18th. JPMorgan Chase & Co. lowered their price objective on BioMarin Pharmaceutical from $87.00 to $86.00 and set an "overweight" rating for the company in a research note on Wednesday, November 4th. William Blair upgraded BioMarin Pharmaceutical to a "hold" rating in a report on Wednesday, September 23rd. Finally, Cantor Fitzgerald reissued an "overweight" rating on shares of BioMarin Pharmaceutical in a research report on Tuesday, November 3rd. Three research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $87.22.

BioMarin Pharmaceutical Stock Up 0.7%

BMRN stock traded up $0.39 during midday trading on Friday, reaching $57.09. 298,554 shares of the company's stock traded hands, compared to its average volume of 2,118,782. The company has a quick ratio of 1.32, a current ratio of 2.44 and a debt-to-equity ratio of 0.56. The firm's fifty day moving average price is $59.04 and its 200-day moving average price is $58.48. BioMarin Pharmaceutical has a 52 week low of $49.26 and a 52 week high of $70.98. The company has a market cap of $11.06 billion, a price-to-earnings ratio of -571.16, a P/E/G ratio of 0.78 and a beta of 0.21.

BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report) last released its quarterly earnings data on Monday, November 2nd. The biotechnology company reported $0.23 earnings per share for the quarter, beating analysts' consensus estimates of ($0.05) by $0.28. The firm had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.02 billion. BioMarin Pharmaceutical had a negative net margin of 0.52% and a positive return on equity of 5.58%. The business's quarterly revenue was up 32.0% compared to the same quarter last year. During the same period last year, the firm earned $0.12 earnings per share. As a group, sell-side analysts forecast that BioMarin Pharmaceutical will post 2.20 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State Board of Administration of Florida Retirement System lifted its stake in BioMarin Pharmaceutical by 0.3% in the third quarter. State Board of Administration of Florida Retirement System now owns 158,033 shares of the biotechnology company's stock valued at $9,482,000 after purchasing an additional 475 shares during the last quarter. Bleakley Financial Group LLC grew its stake in shares of BioMarin Pharmaceutical by 11.3% during the 3rd quarter. Bleakley Financial Group LLC now owns 13,241 shares of the biotechnology company's stock worth $794,000 after acquiring an additional 1,349 shares during the period. N.F.U. MUTUAL UNIT MANAGERS Ltd bought a new position in shares of BioMarin Pharmaceutical during the 3rd quarter worth $280,000. First Trust Advisors LP increased its holdings in BioMarin Pharmaceutical by 19.2% in the 3rd quarter. First Trust Advisors LP now owns 1,915,123 shares of the biotechnology company's stock worth $114,907,000 after acquiring an additional 308,850 shares during the last quarter. Finally, Allianz SE increased its holdings in BioMarin Pharmaceutical by 3.9% in the 3rd quarter. Allianz SE now owns 76,228 shares of the biotechnology company's stock worth $4,574,000 after acquiring an additional 2,828 shares during the last quarter. 98.71% of the stock is currently owned by hedge funds and other institutional investors.

BioMarin Pharmaceutical Company Profile

BioMarin Pharmaceutical is a biotechnology company focused on developing and commercializing medicines for people with rare genetic diseases. Its work includes research, clinical development, manufacturing and distribution of therapies for conditions that often have limited treatment options. The company's marketed treatments address disorders including phenylketonuria, mucopolysaccharidosis, late-infantile neuronal ceroid lipofuscinosis, achondroplasia and hemophilia A. Its products include Kuvan and Palynziq for phenylketonuria, Vimizim for Morquio A syndrome, Brineura for CLN2 disease, Voxzogo for achondroplasia and Roctavian for hemophilia A. Founded in 1997 and headquartered in San Rafael, California, BioMarin serves patients and healthcare providers in the United States and international markets, including Europe.

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