Scotiabank Issues Positive Forecast for BioMarin Pharmaceutical (NASDAQ:BMRN) Stock Price

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price objective boosted by Scotiabank from $78.00 to $80.00 in a research note issued to investors on Thursday,Benzinga reports. Scotiabank currently has a sector perform rating on the biotechnology company’s stock.

Other analysts have also recently issued reports about the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $90.00 target price on shares of BioMarin Pharmaceutical in a research note on Thursday. Piper Sandler boosted their price objective on shares of BioMarin Pharmaceutical from $122.00 to $126.00 and gave the stock an “overweight” rating in a research note on Thursday. StockNews.com upgraded shares of BioMarin Pharmaceutical from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, February 11th. Evercore ISI reduced their price objective on shares of BioMarin Pharmaceutical from $115.00 to $105.00 and set an “outperform” rating for the company in a research note on Wednesday, October 30th. Finally, UBS Group boosted their price objective on shares of BioMarin Pharmaceutical from $109.00 to $113.00 and gave the stock a “buy” rating in a research note on Thursday. Seven research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, BioMarin Pharmaceutical has an average rating of “Moderate Buy” and an average target price of $93.81.

BioMarin Pharmaceutical Stock Performance

Shares of BMRN opened at $68.73 on Thursday. The company’s 50 day moving average price is $64.79 and its 200 day moving average price is $71.06. BioMarin Pharmaceutical has a 52 week low of $60.63 and a 52 week high of $94.85. The company has a market capitalization of $13.10 billion, a PE ratio of 41.16, a PEG ratio of 0.57 and a beta of 0.28. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.62 and a current ratio of 4.27.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings data on Wednesday, February 19th. The biotechnology company reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.18. BioMarin Pharmaceutical had a net margin of 11.71% and a return on equity of 8.53%. The firm had revenue of $747.31 million for the quarter, compared to the consensus estimate of $711.05 million. Research analysts expect that BioMarin Pharmaceutical will post 2.5 EPS for the current fiscal year.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Large investors have recently made changes to their positions in the company. LRI Investments LLC grew its holdings in shares of BioMarin Pharmaceutical by 856.9% in the 4th quarter. LRI Investments LLC now owns 488 shares of the biotechnology company’s stock worth $32,000 after purchasing an additional 437 shares during the last quarter. TD Private Client Wealth LLC grew its holdings in shares of BioMarin Pharmaceutical by 57.4% in the 3rd quarter. TD Private Client Wealth LLC now owns 510 shares of the biotechnology company’s stock worth $36,000 after purchasing an additional 186 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in BioMarin Pharmaceutical during the 4th quarter worth about $36,000. CIBC Private Wealth Group LLC lifted its position in BioMarin Pharmaceutical by 64.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 596 shares of the biotechnology company’s stock worth $41,000 after buying an additional 233 shares in the last quarter. Finally, Meeder Asset Management Inc. lifted its position in BioMarin Pharmaceutical by 920.8% during the 3rd quarter. Meeder Asset Management Inc. now owns 735 shares of the biotechnology company’s stock worth $52,000 after buying an additional 663 shares in the last quarter. 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.