BioMarin Pharmaceutical (NASDAQ:BMRN) Given “Hold” Rating at Canaccord Genuity Group

Canaccord Genuity Group restated their hold rating on shares of BioMarin Pharmaceutical (NASDAQ:BMRN) in a research note published on Thursday, Benzinga reports. The firm currently has a $89.00 price target on the biotechnology company’s stock.

A number of other brokerages have also recently commented on BMRN. Morgan Stanley reduced their target price on shares of BioMarin Pharmaceutical from $115.00 to $112.00 and set an overweight rating for the company in a research report on Friday, April 26th. Wells Fargo & Company increased their target price on shares of BioMarin Pharmaceutical from $110.00 to $115.00 and gave the company an overweight rating in a research report on Thursday, June 27th. Robert W. Baird cut shares of BioMarin Pharmaceutical from an outperform rating to a neutral rating and reduced their target price for the company from $104.00 to $72.00 in a research report on Friday, May 17th. Cantor Fitzgerald reiterated an overweight rating and issued a $110.00 target price on shares of BioMarin Pharmaceutical in a research report on Monday, July 22nd. Finally, Scotiabank increased their target price on shares of BioMarin Pharmaceutical from $83.00 to $85.00 and gave the company a sector perform rating in a research report on Thursday, April 25th. Ten research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $102.00.

BioMarin Pharmaceutical Stock Performance

NASDAQ:BMRN opened at $84.59 on Thursday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.70 and a current ratio of 2.74. The company has a fifty day moving average of $81.75 and a two-hundred day moving average of $85.47. The stock has a market capitalization of $16.06 billion, a PE ratio of 79.06, a P/E/G ratio of 1.22 and a beta of 0.32. BioMarin Pharmaceutical has a fifty-two week low of $73.68 and a fifty-two week high of $99.56.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its earnings results on Wednesday, April 24th. The biotechnology company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.12. The business had revenue of $648.83 million during the quarter, compared to analysts’ expectations of $649.75 million. BioMarin Pharmaceutical had a net margin of 8.31% and a return on equity of 5.34%. As a group, research analysts forecast that BioMarin Pharmaceutical will post 2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other BioMarin Pharmaceutical news, EVP George Eric Davis sold 40,850 shares of the stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $74.51, for a total transaction of $3,043,733.50. Following the completion of the transaction, the executive vice president now owns 56,157 shares of the company’s stock, valued at $4,184,258.07. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CFO Brian Mueller sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $75.19, for a total value of $375,950.00. Following the completion of the transaction, the chief financial officer now owns 72,159 shares of the company’s stock, valued at $5,425,635.21. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP George Eric Davis sold 40,850 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $74.51, for a total transaction of $3,043,733.50. Following the completion of the transaction, the executive vice president now directly owns 56,157 shares of the company’s stock, valued at approximately $4,184,258.07. The disclosure for this sale can be found here. Insiders sold a total of 67,700 shares of company stock valued at $5,209,352 over the last 90 days. 1.85% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in BMRN. Stratos Wealth Partners LTD. lifted its stake in BioMarin Pharmaceutical by 2.1% in the fourth quarter. Stratos Wealth Partners LTD. now owns 5,709 shares of the biotechnology company’s stock worth $550,000 after acquiring an additional 115 shares during the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in BioMarin Pharmaceutical by 1.2% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 10,668 shares of the biotechnology company’s stock worth $932,000 after acquiring an additional 130 shares during the last quarter. First Horizon Advisors Inc. lifted its stake in BioMarin Pharmaceutical by 33.3% in the fourth quarter. First Horizon Advisors Inc. now owns 576 shares of the biotechnology company’s stock worth $56,000 after acquiring an additional 144 shares during the last quarter. Quent Capital LLC lifted its stake in BioMarin Pharmaceutical by 58.9% in the second quarter. Quent Capital LLC now owns 391 shares of the biotechnology company’s stock worth $32,000 after acquiring an additional 145 shares during the last quarter. Finally, Atria Wealth Solutions Inc. lifted its stake in BioMarin Pharmaceutical by 1.6% in the fourth quarter. Atria Wealth Solutions Inc. now owns 9,729 shares of the biotechnology company’s stock worth $938,000 after acquiring an additional 153 shares during the last quarter. Hedge funds and other institutional investors own 98.71% of the company’s stock.

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.