Citigroup Trims BioMarin Pharmaceutical (NASDAQ:BMRN) Target Price to $91.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target lowered by Citigroup from $94.00 to $91.00 in a research note issued to investors on Thursday morning, Benzinga reports. The firm currently has a neutral rating on the biotechnology company’s stock.

Other equities analysts have also issued research reports about the company. Scotiabank upped their price target on BioMarin Pharmaceutical from $83.00 to $85.00 and gave the company a sector perform rating in a research note on Thursday. Royal Bank of Canada reaffirmed a sector perform rating and set a $100.00 price target on shares of BioMarin Pharmaceutical in a research note on Friday, February 23rd. Robert W. Baird cut their price target on BioMarin Pharmaceutical from $127.00 to $104.00 and set an outperform rating on the stock in a research note on Tuesday, January 30th. Cantor Fitzgerald reaffirmed an overweight rating and set a $110.00 price target on shares of BioMarin Pharmaceutical in a research note on Thursday. Finally, Canaccord Genuity Group reissued a hold rating and issued a $91.00 target price on shares of BioMarin Pharmaceutical in a research note on Thursday, February 29th. Seven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $107.50.

BioMarin Pharmaceutical Price Performance

Shares of BMRN stock opened at $80.91 on Thursday. The stock’s fifty day moving average is $87.58 and its 200-day moving average is $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. The stock has a market capitalization of $15.27 billion, a PE ratio of 75.62, a PEG ratio of 1.51 and a beta of 0.31. BioMarin Pharmaceutical has a 52 week low of $76.02 and a 52 week high of $99.56.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its quarterly earnings results on Thursday, February 22nd. The biotechnology company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.05. BioMarin Pharmaceutical had a return on equity of 5.39% and a net margin of 8.31%. The business had revenue of $646.21 million for the quarter, compared to analyst estimates of $639.53 million. During the same quarter in the prior year, the firm posted $0.11 earnings per share. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. Equities research analysts expect that BioMarin Pharmaceutical will post 1.85 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Erin Burkhart sold 2,286 shares of the 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 in the company, valued at $1,454,040. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, EVP George Eric Davis sold 24,602 shares of the stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $88.34, for a total transaction of $2,173,340.68. Following the completion of the transaction, the executive vice president now directly owns 55,856 shares in the company, valued at $4,934,319.04. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Erin Burkhart sold 2,286 shares of the 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 transaction, the chief accounting officer now owns 16,156 shares of the company’s stock, valued at $1,454,040. The disclosure for this sale can be found here. Insiders sold 103,229 shares of company stock worth $9,062,967 over the last ninety days. 1.84% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Stratos Wealth Partners LTD. grew its holdings in shares of BioMarin Pharmaceutical by 2.1% during the fourth quarter. Stratos Wealth Partners LTD. now owns 5,709 shares of the biotechnology company’s stock worth $550,000 after buying an additional 115 shares in the last quarter. CWM LLC increased its position in shares of BioMarin Pharmaceutical by 10.0% during the 3rd quarter. CWM LLC now owns 1,301 shares of the biotechnology company’s stock worth $115,000 after purchasing an additional 118 shares during the last quarter. KB Financial Partners LLC raised its stake in shares of BioMarin Pharmaceutical by 51.3% during the 3rd quarter. KB Financial Partners LLC now owns 348 shares of the biotechnology company’s stock worth $31,000 after purchasing an additional 118 shares in the last quarter. First Horizon Advisors Inc. boosted its holdings in shares of BioMarin Pharmaceutical by 33.3% in the 4th quarter. First Horizon Advisors Inc. now owns 576 shares of the biotechnology company’s stock valued at $56,000 after buying an additional 144 shares during the last quarter. Finally, Atria Wealth Solutions Inc. boosted its holdings in shares of BioMarin Pharmaceutical by 1.6% in the 4th quarter. Atria Wealth Solutions Inc. now owns 9,729 shares of the biotechnology company’s stock valued at $938,000 after buying an additional 153 shares during the last quarter. 98.71% of the stock is currently owned by institutional investors.

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.