BioMarin Pharmaceutical (NASDAQ:BMRN) Given “Overweight” Rating at Cantor Fitzgerald

Cantor Fitzgerald reiterated their overweight rating on shares of BioMarin Pharmaceutical (NASDAQ:BMRN) in a report issued on Thursday,Benzinga reports. The firm currently has a $90.00 price objective on the biotechnology company’s stock.

A number of other equities research analysts also recently issued reports on the stock. Royal Bank of Canada reiterated a “sector perform” rating and issued a $80.00 target price on shares of BioMarin Pharmaceutical in a research report on Wednesday, October 30th. Barclays reduced their price objective on BioMarin Pharmaceutical from $110.00 to $86.00 and set an “overweight” rating for the company in a research report on Friday, October 4th. Wedbush raised BioMarin Pharmaceutical to a “strong-buy” rating in a research report on Monday, November 4th. Wells Fargo & Company cut their price target on BioMarin Pharmaceutical from $115.00 to $90.00 and set an “overweight” rating for the company in a research note on Tuesday, September 17th. Finally, Wolfe Research assumed coverage on BioMarin Pharmaceutical in a research note on Friday, November 15th. They issued an “outperform” rating and a $95.00 price target for the company. Seven research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $94.20.

BioMarin Pharmaceutical Stock Performance

Shares of BMRN stock opened at $65.99 on Thursday. The stock’s fifty day simple moving average is $67.05 and its 200-day simple moving average is $77.19. The company has a market capitalization of $12.58 billion, a price-to-earnings ratio of 39.68, a P/E/G ratio of 0.65 and a beta of 0.29. The company has a current ratio of 4.27, a quick ratio of 2.62 and a debt-to-equity ratio of 0.11. BioMarin Pharmaceutical has a 1-year low of $61.15 and a 1-year high of $99.56.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its earnings results on Tuesday, October 29th. The biotechnology company reported $0.55 earnings per share for the quarter, missing the consensus estimate of $0.78 by ($0.23). The business had revenue of $746.00 million for the quarter, compared to analysts’ expectations of $703.37 million. BioMarin Pharmaceutical had a net margin of 11.71% and a return on equity of 8.53%. The company’s revenue was up 28.4% compared to the same quarter last year. During the same period last year, the firm earned $0.26 EPS. On average, sell-side analysts predict that BioMarin Pharmaceutical will post 2.49 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other BioMarin Pharmaceutical news, EVP Charles Greg Guyer sold 5,278 shares of the firm’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $66.37, for a total value of $350,300.86. Following the sale, the executive vice president now directly owns 68,909 shares in the company, valued at $4,573,490.33. This trade represents a 7.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 1.85% of the company’s stock.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Several hedge funds have recently made changes to their positions in BMRN. Erste Asset Management GmbH bought a new position in BioMarin Pharmaceutical during the third quarter valued at about $48,527,000. Principal Financial Group Inc. increased its position in shares of BioMarin Pharmaceutical by 1,858.6% during the second quarter. Principal Financial Group Inc. now owns 649,460 shares of the biotechnology company’s stock valued at $53,470,000 after purchasing an additional 616,301 shares during the period. Vestal Point Capital LP acquired a new position in shares of BioMarin Pharmaceutical in the third quarter valued at $28,116,000. Assenagon Asset Management S.A. lifted its position in BioMarin Pharmaceutical by 11,107.4% in the second quarter. Assenagon Asset Management S.A. now owns 352,474 shares of the biotechnology company’s stock worth $29,019,000 after purchasing an additional 349,329 shares during the period. Finally, Clearline Capital LP acquired a new stake in BioMarin Pharmaceutical during the third quarter worth $22,477,000. Institutional investors own 98.71% of the company’s stock.

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.