BioMarin Pharmaceutical's (BMRN) "Hold" Rating Reaffirmed at Canaccord Genuity Group

BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report)'s stock had its "hold" rating reaffirmed by research analysts at Canaccord Genuity Group in a note issued to investors on Friday, Benzinga reports. They currently have a $93.00 price target on the biotechnology company's stock. Canaccord Genuity Group's price target would indicate a potential upside of 9.54% from the stock's previous close.

Several other brokerages have also recently issued reports on BMRN. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $100.00 target price on shares of BioMarin Pharmaceutical in a research note on Thursday, September 5th. Stifel Nicolaus lifted their target price on shares of BioMarin Pharmaceutical from $112.00 to $115.00 and gave the stock a "buy" rating in a research note on Wednesday, August 21st. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $110.00 target price on shares of BioMarin Pharmaceutical in a research note on Monday. Barclays lowered their target price on shares of BioMarin Pharmaceutical from $111.00 to $110.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 6th. 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 assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $106.30.

BioMarin Pharmaceutical Price Performance

BioMarin Pharmaceutical stock traded up $0.52 during trading on Friday, reaching $84.90. The company had a trading volume of 1,190,020 shares, compared to its average volume of 1,836,612. The firm's 50-day simple moving average is $86.84 and its 200 day simple moving average is $84.89. BioMarin Pharmaceutical has a 1-year low of $73.68 and a 1-year high of $99.56. The firm has a market capitalization of $16.12 billion, a PE ratio of 79.35, a price-to-earnings-growth ratio of 1.03 and a beta of 0.32. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.95 and a current ratio of 3.05.

BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report) last released its quarterly earnings results on Monday, August 5th. The biotechnology company reported $0.77 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $712.03 million for the quarter, compared to analysts' expectations of $660.51 million. As a group, equities research analysts anticipate that BioMarin Pharmaceutical will post 2.4 earnings per share for the current fiscal year.

Institutional Trading of BioMarin Pharmaceutical

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Sanctuary Advisors LLC purchased a new stake in BioMarin Pharmaceutical during the second quarter worth about $1,783,000. Teachers Retirement System of The State of Kentucky increased its stake in BioMarin Pharmaceutical by 17.4% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 194,207 shares of the biotechnology company's stock worth $15,990,000 after purchasing an additional 28,837 shares during the period. Novo Holdings A S increased its stake in BioMarin Pharmaceutical by 8.9% during the second quarter. Novo Holdings A S now owns 490,000 shares of the biotechnology company's stock worth $40,342,000 after purchasing an additional 40,000 shares during the period. NewEdge Advisors LLC increased its stake in BioMarin Pharmaceutical by 3,931.5% during the second quarter. NewEdge Advisors LLC now owns 10,885 shares of the biotechnology company's stock worth $896,000 after purchasing an additional 10,615 shares during the period. Finally, Creative Planning increased its stake in BioMarin Pharmaceutical by 4.6% during the second quarter. Creative Planning now owns 11,825 shares of the biotechnology company's stock worth $974,000 after purchasing an additional 524 shares during the period. 98.71% of the stock is currently owned by hedge funds and other institutional investors.

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.