Scotiabank Cuts BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $78.00

BioMarin Pharmaceutical (NASDAQ:BMRN - Free Report) had its target price lowered by Scotiabank from $95.00 to $78.00 in a research report released on Tuesday, Benzinga reports. The firm currently has a sector perform rating on the biotechnology company's stock.

Other research analysts also recently issued reports about the stock. Evercore ISI raised their price target on shares of BioMarin Pharmaceutical from $113.00 to $115.00 and gave the stock an outperform rating in a research report on Tuesday, August 6th. Royal Bank of Canada cut their price objective on shares of BioMarin Pharmaceutical from $100.00 to $85.00 and set a sector perform rating on the stock in a research report on Tuesday. JPMorgan Chase & Co. lifted their price objective on shares of BioMarin Pharmaceutical from $111.00 to $120.00 and gave the company an overweight rating in a research report on Thursday, September 5th. Truist Financial lowered their target price on shares of BioMarin Pharmaceutical from $118.00 to $90.00 and set a buy rating on the stock in a research note on Tuesday. Finally, William Blair raised shares of BioMarin Pharmaceutical to a strong-buy rating in a research note on Friday, August 30th. Eight analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $99.90.

BioMarin Pharmaceutical Stock Up 1.0 %

NASDAQ BMRN traded up $0.69 during trading hours on Tuesday, reaching $70.55. 4,649,759 shares of the company traded hands, compared to its average volume of 1,901,175. BioMarin Pharmaceutical has a 12 month low of $68.83 and a 12 month high of $99.56. The company has a current ratio of 3.05, a quick ratio of 1.95 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $13.40 billion, a PE ratio of 66.56, a PEG ratio of 1.03 and a beta of 0.32. The company has a 50 day moving average of $86.58 and a two-hundred day moving average of $84.71.

BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report) last posted its quarterly earnings results on Monday, August 5th. The biotechnology company reported $0.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.38 by $0.39. BioMarin Pharmaceutical had a net margin of 9.91% and a return on equity of 6.91%. The company had revenue of $712.03 million for the quarter, compared to the consensus estimate of $660.51 million. As a group, equities analysts expect that BioMarin Pharmaceutical will post 2.4 earnings per share for the current year.

Institutional Trading of BioMarin Pharmaceutical

Institutional investors have recently made changes to their positions in the stock. AMI Asset Management Corp boosted its holdings in shares of BioMarin Pharmaceutical by 51.9% during the first quarter. AMI Asset Management Corp now owns 346,189 shares of the biotechnology company's stock worth $30,236,000 after purchasing an additional 118,230 shares during the period. AGF Management Ltd. acquired a new stake in BioMarin Pharmaceutical in the second quarter valued at approximately $2,563,000. Fisher Asset Management LLC acquired a new stake in BioMarin Pharmaceutical in the fourth quarter valued at approximately $1,301,000. APG Asset Management US Inc. acquired a new stake in BioMarin Pharmaceutical in the fourth quarter valued at approximately $3,462,000. Finally, Bridgewater Associates LP lifted its stake in BioMarin Pharmaceutical by 18.3% in the fourth quarter. Bridgewater Associates LP now owns 190,970 shares of the biotechnology company's stock valued at $18,413,000 after acquiring an additional 29,576 shares during the last quarter. 98.71% of the stock is currently owned by institutional investors and hedge funds.

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.