BioMarin Pharmaceutical (NASDAQ:BMRN) Cut to Market Perform at William Blair

BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report) was downgraded by stock analysts at William Blair from an "outperform" rating to a "market perform" rating in a research note issued to investors on Wednesday, Marketbeat Ratings reports.

Several other research analysts have also recently weighed in on the stock. JPMorgan Chase & Co. boosted their price objective on shares of BioMarin Pharmaceutical from $111.00 to $120.00 and gave the stock an "overweight" rating in a research report on Thursday, September 5th. Bank of America dropped their target price on BioMarin Pharmaceutical from $130.00 to $115.00 and set a "buy" rating for the company in a research report on Tuesday, September 17th. Raymond James reiterated an "outperform" rating and issued a $79.00 price objective on shares of BioMarin Pharmaceutical in a research report on Thursday, October 10th. Canaccord Genuity Group reissued a "hold" rating and set a $93.00 price objective on shares of BioMarin Pharmaceutical in a report on Friday, September 13th. Finally, Royal Bank of Canada reduced their target price on shares of BioMarin Pharmaceutical from $85.00 to $80.00 and set a "sector perform" rating on the stock in a research note on Friday, October 4th. Eight investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $93.67.

BioMarin Pharmaceutical Price Performance

Shares of BMRN stock traded down $3.23 during trading hours on Wednesday, hitting $66.68. 2,782,432 shares of the company's stock were exchanged, compared to its average volume of 1,848,883. BioMarin Pharmaceutical has a 52 week low of $65.78 and a 52 week high of $99.56. The stock has a market cap of $12.66 billion, a price-to-earnings ratio of 62.91, a price-to-earnings-growth ratio of 0.81 and a beta of 0.31. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.05 and a quick ratio of 1.95. The stock's 50-day moving average is $76.60 and its 200-day moving average is $81.04.

BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The biotechnology company reported $0.55 EPS for the quarter, missing analysts' consensus estimates of $0.78 by ($0.23). BioMarin Pharmaceutical had a return on equity of 6.91% and a net margin of 9.91%. The company had revenue of $746.00 million for the quarter, compared to the consensus estimate of $703.37 million. During the same period in the prior year, the company earned $0.26 EPS. The firm's revenue was up 28.4% compared to the same quarter last year. As a group, research analysts forecast that BioMarin Pharmaceutical will post 2.39 EPS for the current year.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Several institutional investors have recently added to or reduced their stakes in BMRN. Innealta Capital LLC acquired a new stake in shares of BioMarin Pharmaceutical in the 2nd quarter valued at about $25,000. nVerses Capital LLC acquired a new position in shares of BioMarin Pharmaceutical during the 3rd quarter worth approximately $28,000. BOKF NA bought a new stake in shares of BioMarin Pharmaceutical during the 2nd quarter worth approximately $31,000. Quent Capital LLC boosted its holdings in shares of BioMarin Pharmaceutical by 58.9% in the 2nd quarter. Quent Capital LLC now owns 391 shares of the biotechnology company's stock valued at $32,000 after buying an additional 145 shares during the last quarter. Finally, Itau Unibanco Holding S.A. bought a new position in shares of BioMarin Pharmaceutical in the second quarter valued at $47,000. 98.71% of the stock is 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.