BioMarin Pharmaceutical (NASDAQ:BMRN) Stock Lifted to Buy by Wall Street Zen

Key Points

• Wall Street Zen upgraded BioMarin Pharmaceutical from “hold” to “buy.” Analysts overall rate the stock “Moderate Buy,” with a consensus price target of $87.91.
• BioMarin reported quarterly earnings of $0.23 per share, beating the consensus estimate of a $0.05 loss; revenue was $1.02 billion, up 32% year over year.
• The stock opened at $56.03, down 0.2%, and has traded between $49.26 and $70.98 over the past 52 weeks.

BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued on Sunday, Wall Street Zen reports.

A number of other brokerages have also recently commented on BMRN. Morgan Stanley dropped their price objective on shares of BioMarin Pharmaceutical from $122.00 to $119.00 and set an "overweight" rating on the stock in a research note on Tuesday, November 3rd. JPMorgan Chase & Co. decreased their target price on shares of BioMarin Pharmaceutical from $87.00 to $86.00 and set an "overweight" rating for the company in a research note on Wednesday. Canaccord Genuity Group boosted their target price on shares of BioMarin Pharmaceutical from $111.00 to $114.00 and gave the company a "buy" rating in a research note on Monday, August 10th. William Blair raised shares of BioMarin Pharmaceutical to a "hold" rating in a report on Wednesday, September 23rd. Finally, UBS Group began coverage on shares of BioMarin Pharmaceutical in a research report on Thursday, October 15th. They set a "buy" rating and a $88.00 price target on the stock. Three research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $87.91.

BioMarin Pharmaceutical Stock Down 0.2%

BioMarin Pharmaceutical stock opened at $56.03 on Friday. The firm has a market cap of $10.85 billion, a price-to-earnings ratio of -560.30, a price-to-earnings-growth ratio of 0.74 and a beta of 0.21. BioMarin Pharmaceutical has a 52 week low of $49.26 and a 52 week high of $70.98. The business's 50-day moving average price is $59.69 and its 200 day moving average price is $58.47. The company has a quick ratio of 1.32, a current ratio of 2.44 and a debt-to-equity ratio of 0.56.

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

Institutional Investors Weigh In On BioMarin Pharmaceutical

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Parkside Financial Bank & Trust lifted its holdings in BioMarin Pharmaceutical by 70.3% during the second quarter. Parkside Financial Bank & Trust now owns 453 shares of the biotechnology company's stock valued at $26,000 after purchasing an additional 187 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of BioMarin Pharmaceutical during the second quarter worth about $39,000. Keating Financial Advisory Services Inc. purchased a new stake in shares of BioMarin Pharmaceutical during the second quarter worth about $56,000. Root Financial Partners LLC purchased a new stake in shares of BioMarin Pharmaceutical during the third quarter worth about $88,000. Finally, Parallel Advisors LLC increased its stake in shares of BioMarin Pharmaceutical by 33.9% during the first quarter. Parallel Advisors LLC now owns 1,768 shares of the biotechnology company's stock worth $100,000 after purchasing an additional 448 shares in the last quarter. Hedge funds and other institutional investors own 98.71% of the company's stock.

About BioMarin Pharmaceutical

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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