BMO Capital Markets Initiates Coverage on BioMarin Pharmaceutical (NASDAQ:BMRN)

Key Points

• BMO Capital Markets initiated coverage of BioMarin with an “outperform” rating and a $98 price target, implying approximately 46% upside from the stock’s $66.99 opening price.
• Analyst sentiment is broadly positive: BioMarin has a consensus “Moderate Buy” rating and an average price target of $88.83, supported by 17 Buy or Strong Buy ratings.
• BioMarin exceeded quarterly expectations, reporting $1.20 EPS versus the $0.95 consensus and $989.71 million in revenue, up 20% year over year; institutional investors own 98.71% of shares.

Stock analysts at BMO Capital Markets started coverage on shares of BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report) in a research report issued on Wednesday,Benzinga reports. The firm set an "outperform" rating and a $98.00 price target on the biotechnology company's stock. BMO Capital Markets' target price suggests a potential upside of 46.29% from the stock's current price.

A number of other equities research analysts have also recently commented on the company. Bank of America decreased their price target on BioMarin Pharmaceutical from $85.00 to $80.00 and set a "buy" rating on the stock in a report on Tuesday, May 19th. Piper Sandler increased their target price on BioMarin Pharmaceutical from $82.00 to $88.00 and gave the stock an "overweight" rating in a research report on Monday. Oppenheimer lifted their target price on BioMarin Pharmaceutical from $95.00 to $97.00 and gave the company an "outperform" rating in a research note on Friday, August 7th. Canaccord Genuity Group increased their price objective on shares of BioMarin Pharmaceutical from $111.00 to $114.00 and gave the company a "buy" rating in a report on Monday, August 10th. Finally, UBS Group reiterated a "neutral" rating on shares of BioMarin Pharmaceutical in a research report on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $88.83.

BioMarin Pharmaceutical Price Performance

Shares of NASDAQ:BMRN opened at $66.99 on Wednesday. The company has a market capitalization of $12.97 billion, a P/E ratio of 181.05, a P/E/G ratio of 0.47 and a beta of 0.24. BioMarin Pharmaceutical has a 1-year low of $49.26 and a 1-year high of $70.98. The firm's 50 day simple moving average is $59.94 and its two-hundred day simple moving average is $57.65. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.39 and a quick ratio of 1.32.

BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The biotechnology company reported $1.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.95 by $0.25. BioMarin Pharmaceutical had a net margin of 2.14% and a return on equity of 5.32%. The firm had revenue of $989.71 million during the quarter, compared to analysts' expectations of $932.03 million. During the same period in the prior year, the company posted $1.44 earnings per share. The company's revenue for the quarter was up 20.0% compared to the same quarter last year. BioMarin Pharmaceutical has set its FY 2026 guidance at 4.900-5.100 EPS. Research analysts expect that BioMarin Pharmaceutical will post 4.12 EPS for the current fiscal year.

Institutional Trading of BioMarin Pharmaceutical

Several institutional investors and hedge funds have recently made changes to their positions in BMRN. Activest Wealth Management bought a new position in shares of BioMarin Pharmaceutical in the fourth quarter worth about $26,000. CIBC Private Wealth Group LLC boosted its position in BioMarin Pharmaceutical by 38.2% in the 4th quarter. CIBC Private Wealth Group LLC now owns 648 shares of the biotechnology company's stock valued at $39,000 after buying an additional 179 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in BioMarin Pharmaceutical in the 2nd quarter valued at about $39,000. Caitong International Asset Management Co. Ltd bought a new position in BioMarin Pharmaceutical in the 3rd quarter worth about $40,000. Finally, Parallel Advisors LLC increased its position in shares of BioMarin Pharmaceutical by 62.2% during the third quarter. Parallel Advisors LLC now owns 769 shares of the biotechnology company's stock worth $42,000 after acquiring an additional 295 shares during the period. 98.71% of the stock is currently owned by institutional investors.

About BioMarin Pharmaceutical

BioMarin Pharmaceutical Inc is a biopharmaceutical company specializing in the development and commercialization of therapies for rare genetic and metabolic diseases. The company focuses on addressing unmet medical needs by leveraging enzyme replacement therapy, small molecule pharmacological chaperones and gene therapy technologies. Headquartered in Novato, California, BioMarin operates research and development facilities in the United States and Europe.

The company's commercial portfolio includes several approved therapies targeting inherited disorders.

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