BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target Cut to $112.00

BioMarin Pharmaceutical (NASDAQ:BMRN - Free Report) had its price target reduced by Morgan Stanley from $115.00 to $112.00 in a research note issued to investors on Friday, Benzinga reports. They currently have an overweight rating on the biotechnology company's stock.

BMRN has been the topic of several other research reports. Canaccord Genuity Group reduced their price target on BioMarin Pharmaceutical from $91.00 to $89.00 and set a hold rating on the stock in a report on Friday. Wells Fargo & Company lifted their price target on BioMarin Pharmaceutical from $100.00 to $110.00 and gave the stock an overweight rating in a report on Thursday. Royal Bank of Canada reiterated a sector perform rating and set a $100.00 price target on shares of BioMarin Pharmaceutical in a report on Friday, February 23rd. Citigroup reduced their price objective on shares of BioMarin Pharmaceutical from $94.00 to $91.00 and set a neutral rating on the stock in a report on Thursday. Finally, Piper Sandler reduced their price objective on shares of BioMarin Pharmaceutical from $115.00 to $107.00 and set an overweight rating on the stock in a report on Friday, February 23rd. Seven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $107.50.

BioMarin Pharmaceutical Price Performance

BMRN traded down $1.26 on Friday, hitting $80.91. 2,257,104 shares of the company's stock were exchanged, compared to its average volume of 1,447,188. BioMarin Pharmaceutical has a fifty-two week low of $76.02 and a fifty-two week high of $99.56. The company has a current ratio of 2.51, a quick ratio of 1.57 and a debt-to-equity ratio of 0.12. The firm has a 50-day moving average price of $87.58 and a 200-day moving average price of $89.13. The stock has a market cap of $15.27 billion, a price-to-earnings ratio of 75.62, a P/E/G ratio of 1.68 and a beta of 0.31.

BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report) last announced its earnings results on Thursday, February 22nd. The biotechnology company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.05. BioMarin Pharmaceutical had a net margin of 8.31% and a return on equity of 5.39%. The company had revenue of $646.21 million for the quarter, compared to analysts' expectations of $639.53 million. During the same quarter in the previous year, the company posted $0.11 EPS. The firm's quarterly revenue was up 20.2% on a year-over-year basis. As a group, equities analysts anticipate that BioMarin Pharmaceutical will post 1.85 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO Erin Burkhart sold 2,286 shares of the business's stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $90.00, for a total transaction of $205,740.00. Following the completion of the transaction, the chief accounting officer now directly owns 16,156 shares of the company's stock, valued at $1,454,040. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, CAO Erin Burkhart sold 2,286 shares of the business's stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $90.00, for a total transaction of $205,740.00. Following the completion of the transaction, the chief accounting officer now directly owns 16,156 shares of the company's stock, valued at $1,454,040. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Jean Jacques Bienaime sold 20,000 shares of the business's stock in a transaction dated Friday, April 12th. The stock was sold at an average price of $91.26, for a total value of $1,825,200.00. Following the transaction, the director now directly owns 474,994 shares of the company's stock, valued at $43,347,952.44. The disclosure for this sale can be found here. Insiders have sold 103,229 shares of company stock worth $9,062,967 over the last three months. Company insiders own 1.84% of the company's stock.

Hedge Funds Weigh In On BioMarin Pharmaceutical

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BMRN. Capital Research Global Investors boosted its holdings in BioMarin Pharmaceutical by 79.0% in the fourth quarter. Capital Research Global Investors now owns 10,774,641 shares of the biotechnology company's stock valued at $1,038,907,000 after purchasing an additional 4,756,671 shares in the last quarter. Norges Bank purchased a new stake in BioMarin Pharmaceutical in the fourth quarter valued at approximately $324,098,000. Barclays PLC lifted its stake in BioMarin Pharmaceutical by 31.6% in the third quarter. Barclays PLC now owns 5,573,157 shares of the biotechnology company's stock valued at $493,111,000 after buying an additional 1,336,886 shares during the last quarter. Toronto Dominion Bank lifted its stake in BioMarin Pharmaceutical by 1,832.5% in the third quarter. Toronto Dominion Bank now owns 907,754 shares of the biotechnology company's stock valued at $80,318,000 after buying an additional 860,782 shares during the last quarter. Finally, Avoro Capital Advisors LLC lifted its stake in BioMarin Pharmaceutical by 11.7% in the fourth quarter. Avoro Capital Advisors LLC now owns 4,300,000 shares of the biotechnology company's stock valued at $414,606,000 after buying an additional 450,000 shares during the last quarter. 98.71% of the stock is owned by institutional investors and hedge funds.

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.