Bank of America Initiates Coverage on BioMarin Pharmaceutical (NASDAQ:BMRN)

Research analysts at Bank of America initiated coverage on shares of BioMarin Pharmaceutical (NASDAQ:BMRN) in a report issued on Wednesday, Marketbeat reports. The firm set a “buy” rating and a $90.00 price target on the biotechnology company’s stock. Bank of America‘s price target indicates a potential upside of 30.00% from the company’s current price.

A number of other equities analysts have also weighed in on the stock. BidaskClub lowered shares of BioMarin Pharmaceutical from a “sell” rating to a “strong sell” rating in a research report on Friday, September 27th. Wedbush set a $128.00 target price on shares of BioMarin Pharmaceutical and gave the company a “buy” rating in a report on Thursday, September 26th. Stifel Nicolaus set a $108.00 target price on shares of BioMarin Pharmaceutical and gave the company a “buy” rating in a report on Friday, September 13th. JPMorgan Chase & Co. reiterated a “buy” rating and issued a $133.00 target price on shares of BioMarin Pharmaceutical in a report on Monday, August 5th. Finally, Piper Jaffray Companies set a $120.00 price target on shares of BioMarin Pharmaceutical and gave the company a “buy” rating in a research note on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and thirteen have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $112.42.

Shares of NASDAQ BMRN traded up $1.33 during trading on Wednesday, hitting $69.23. The company had a trading volume of 56,211 shares, compared to its average volume of 1,465,775. The stock has a fifty day simple moving average of $70.71 and a two-hundred day simple moving average of $80.12. BioMarin Pharmaceutical has a fifty-two week low of $62.88 and a fifty-two week high of $106.70. The firm has a market capitalization of $12.29 billion, a price-to-earnings ratio of -210.18 and a beta of 1.31. The company has a quick ratio of 2.79, a current ratio of 4.11 and a debt-to-equity ratio of 0.28.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings results on Thursday, August 1st. The biotechnology company reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.16). The business had revenue of $388.00 million for the quarter, compared to analyst estimates of $415.03 million. BioMarin Pharmaceutical had a negative return on equity of 3.12% and a negative net margin of 7.19%. The business’s revenue was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.09) earnings per share. On average, analysts anticipate that BioMarin Pharmaceutical will post -0.03 earnings per share for the current year.

In related news, Director V Bryan Lawlis sold 3,750 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $74.47, for a total transaction of $279,262.50. Following the sale, the director now directly owns 27,340 shares of the company’s stock, valued at approximately $2,036,009.80. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.90% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. North Star Investment Management Corp. purchased a new stake in BioMarin Pharmaceutical during the 3rd quarter worth approximately $25,000. Doyle Wealth Management acquired a new position in shares of BioMarin Pharmaceutical in the 2nd quarter valued at $26,000. Meeder Asset Management Inc. boosted its holdings in shares of BioMarin Pharmaceutical by 73.6% in the 3rd quarter. Meeder Asset Management Inc. now owns 408 shares of the biotechnology company’s stock valued at $27,000 after buying an additional 173 shares in the last quarter. Avestar Capital LLC boosted its holdings in shares of BioMarin Pharmaceutical by 36.9% in the 2nd quarter. Avestar Capital LLC now owns 750 shares of the biotechnology company’s stock valued at $44,000 after buying an additional 202 shares in the last quarter. Finally, Vista Private Wealth Partners. LLC acquired a new position in shares of BioMarin Pharmaceutical in the 3rd quarter valued at $52,000. 97.92% of the stock is currently owned by hedge funds and other institutional investors.

About BioMarin Pharmaceutical

BioMarin Pharmaceutical Inc, a biotechnology company, develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. Its commercial products include Aldurazyme to treat mucopolysaccharidosis I, a genetic disease; Brineura for the treatment of late infantile neuronal ceroid lipofuscinosis type 2, a form of Batten disease; and Kuvan, a proprietary synthetic oral form of 6R-BH4 that is used to treat patients with phenylketonuria (PKU), an inherited metabolic disease.

Further Reading: Price to Earnings Ratio (PE) Basics

Analyst Recommendations for BioMarin Pharmaceutical (NASDAQ:BMRN)

Receive News & Ratings for BioMarin Pharmaceutical Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for BioMarin Pharmaceutical and related companies with MarketBeat.com's FREE daily email newsletter.