BioMarin Pharmaceutical’s (BMRN) Overweight Rating Reiterated at Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their overweight rating on shares of BioMarin Pharmaceutical (NASDAQ:BMRN) in a research note released on Thursday morning, Benzinga reports. The brokerage currently has a $110.00 price target on the biotechnology company’s stock.

BMRN has been the subject of several other research reports. Wells Fargo & Company upped their price objective on BioMarin Pharmaceutical from $100.00 to $110.00 and gave the company an overweight rating in a report on Thursday. Canaccord Genuity Group restated a hold rating and issued a $91.00 price objective on shares of BioMarin Pharmaceutical in a report on Thursday, February 29th. Piper Sandler reduced their target price on BioMarin Pharmaceutical from $115.00 to $107.00 and set an overweight rating for the company in a report on Friday, February 23rd. Royal Bank of Canada reaffirmed a sector perform rating and set a $100.00 target price on shares of BioMarin Pharmaceutical in a report on Friday, February 23rd. Finally, Robert W. Baird reduced their target price on BioMarin Pharmaceutical from $127.00 to $104.00 and set an outperform rating for the company in a report on Tuesday, January 30th. Seven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $107.50.

BioMarin Pharmaceutical Trading Down 1.5 %

NASDAQ:BMRN opened at $80.91 on Thursday. BioMarin Pharmaceutical has a 1 year low of $76.02 and a 1 year high of $99.56. The stock has a market cap of $15.27 billion, a price-to-earnings ratio of 75.62, a PEG ratio of 1.51 and a beta of 0.31. The business has a fifty day moving average of $87.58 and a 200-day moving average of $89.14. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.57 and a current ratio of 2.51.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly 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. The company had revenue of $646.21 million during the quarter, compared to analysts’ expectations of $639.53 million. BioMarin Pharmaceutical had a return on equity of 5.39% and a net margin of 8.31%. The company’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.11 earnings per share. Equities analysts predict that BioMarin Pharmaceutical will post 1.85 earnings per share for the current year.

Insiders Place Their Bets

In other BioMarin Pharmaceutical news, insider Henry J. Fuchs sold 35,341 shares of the company’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $85.18, for a total value of $3,010,346.38. Following the transaction, the insider now directly owns 212,117 shares of the company’s stock, valued at approximately $18,068,126.06. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other BioMarin Pharmaceutical news, insider Henry J. Fuchs sold 35,341 shares of the company’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $85.18, for a total value of $3,010,346.38. Following the transaction, the insider now directly owns 212,117 shares of the company’s stock, valued at approximately $18,068,126.06. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Erin Burkhart sold 2,286 shares of the company’s stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $90.00, for a total value of $205,740.00. Following the completion of the transaction, the chief accounting officer now directly owns 16,156 shares in the company, valued at $1,454,040. The disclosure for this sale can be found here. Insiders have sold a total of 103,229 shares of company stock valued at $9,062,967 in the last three months. Insiders own 1.84% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in BMRN. Capital Research Global Investors increased its holdings in shares of BioMarin Pharmaceutical by 79.0% during the 4th quarter. Capital Research Global Investors now owns 10,774,641 shares of the biotechnology company’s stock valued at $1,038,907,000 after acquiring an additional 4,756,671 shares during the last quarter. Norges Bank bought a new stake in BioMarin Pharmaceutical during the 4th quarter valued at approximately $324,098,000. Barclays PLC boosted its stake in BioMarin Pharmaceutical by 31.6% during the 3rd quarter. Barclays PLC now owns 5,573,157 shares of the biotechnology company’s stock valued at $493,111,000 after purchasing an additional 1,336,886 shares during the period. Toronto Dominion Bank boosted its stake in BioMarin Pharmaceutical by 1,832.5% during the 3rd quarter. Toronto Dominion Bank now owns 907,754 shares of the biotechnology company’s stock valued at $80,318,000 after purchasing an additional 860,782 shares during the period. Finally, Avoro Capital Advisors LLC boosted its stake in BioMarin Pharmaceutical by 11.7% during the 4th quarter. Avoro Capital Advisors LLC now owns 4,300,000 shares of the biotechnology company’s stock valued at $414,606,000 after purchasing an additional 450,000 shares during the period. Institutional investors and hedge funds own 98.71% of the company’s stock.

BioMarin Pharmaceutical Company Profile

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.