BioMarin Pharmaceutical (NASDAQ:BMRN) Earns Sector Perform Rating from Royal Bank of Canada

BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report)'s stock had its "sector perform" rating restated by equities research analysts at Royal Bank of Canada in a note issued to investors on Wednesday, Benzinga reports. They currently have a $80.00 target price on the biotechnology company's stock. Royal Bank of Canada's price target points to a potential upside of 19.98% from the company's previous close.

Several other brokerages also recently commented on BMRN. William Blair downgraded BioMarin Pharmaceutical from an "outperform" rating to a "market perform" rating in a research note on Wednesday. Scotiabank reduced their price objective on BioMarin Pharmaceutical from $95.00 to $78.00 and set a "sector perform" rating for the company in a report on Tuesday, September 17th. Stifel Nicolaus lowered their target price on shares of BioMarin Pharmaceutical from $115.00 to $87.00 and set a "buy" rating on the stock in a research note on Tuesday, September 17th. Truist Financial reduced their price target on shares of BioMarin Pharmaceutical from $118.00 to $90.00 and set a "buy" rating for the company in a research note on Tuesday, September 17th. Finally, Sanford C. Bernstein dropped their target price on shares of BioMarin Pharmaceutical from $116.00 to $90.00 and set an "outperform" rating on the stock in a report on Tuesday, September 17th. Eight research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $93.67.

BioMarin Pharmaceutical Trading Down 4.6 %

Shares of BMRN stock traded down $3.23 during trading hours on Wednesday, reaching $66.68. The company's stock had a trading volume of 2,782,432 shares, compared to its average volume of 1,848,883. 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 firm's fifty day simple moving average is $76.60 and its 200 day simple moving average is $81.04. The stock has a market capitalization of $12.66 billion, a P/E ratio of 62.91, a P/E/G ratio of 0.81 and a beta of 0.31. BioMarin Pharmaceutical has a one year low of $65.78 and a one year high of $99.56.

BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report) last announced its earnings results 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 net margin of 9.91% and a return on equity of 6.91%. The business had revenue of $746.00 million for the quarter, compared to the consensus estimate of $703.37 million. During the same quarter last year, the firm posted $0.26 EPS. The business's quarterly revenue was up 28.4% on a year-over-year basis. Equities research analysts expect that BioMarin Pharmaceutical will post 2.39 EPS for the current year.

Institutional Trading of BioMarin Pharmaceutical

Institutional investors have recently bought and sold shares of the stock. Principal Financial Group Inc. boosted its stake 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. Assenagon Asset Management S.A. boosted its holdings in shares of 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 valued at $29,019,000 after purchasing an additional 349,329 shares during the period. Rhumbline Advisers raised its position in BioMarin Pharmaceutical by 122.1% during the 2nd quarter. Rhumbline Advisers now owns 551,553 shares of the biotechnology company's stock valued at $45,409,000 after purchasing an additional 303,207 shares in the last quarter. Swedbank AB purchased a new stake in shares of BioMarin Pharmaceutical in the 1st quarter worth $25,864,000. Finally, Dimensional Fund Advisors LP grew its position in shares of BioMarin Pharmaceutical by 38.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,034,457 shares of the biotechnology company's stock worth $85,178,000 after buying an additional 289,953 shares in 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.