BioMarin Pharmaceutical (NASDAQ:BMRN) Given New $90.00 Price Target at Wells Fargo & Company

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target reduced by Wells Fargo & Company from $115.00 to $90.00 in a research report sent to investors on Tuesday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the biotechnology company’s stock.

BMRN has been the topic of a number of other research reports. JPMorgan Chase & Co. boosted 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. Royal Bank of Canada cut their target price on shares of BioMarin Pharmaceutical from $100.00 to $85.00 and set a sector perform rating on the stock in a research note on Tuesday. Stifel Nicolaus cut 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. Scotiabank lifted their target price on shares of BioMarin Pharmaceutical from $86.00 to $95.00 and gave the company a sector perform rating in a research note on Thursday, September 5th. Finally, Piper Sandler lifted their target price on shares of BioMarin Pharmaceutical from $107.00 to $122.00 and gave the company an overweight rating in a research note on Thursday, September 5th. Eight equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, BioMarin Pharmaceutical currently has a consensus rating of Moderate Buy and a consensus target price of $98.84.

BioMarin Pharmaceutical Price Performance

BMRN stock opened at $71.41 on Tuesday. The firm’s 50-day moving average price is $85.86 and its two-hundred day moving average price is $84.40. BioMarin Pharmaceutical has a 12-month low of $68.83 and a 12-month high of $99.56. The stock has a market capitalization of $13.56 billion, a price-to-earnings ratio of 66.74, a PEG ratio of 1.03 and a beta of 0.32. The company has a current ratio of 3.05, a quick ratio of 1.95 and a debt-to-equity ratio of 0.11.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings data 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 analysts predict that BioMarin Pharmaceutical will post 2.4 earnings per share for the current year.

Hedge Funds Weigh In On BioMarin Pharmaceutical

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC purchased a new stake in shares of BioMarin Pharmaceutical in the 2nd quarter valued at $1,783,000. Teachers Retirement System of The State of Kentucky grew its stake in BioMarin Pharmaceutical by 17.4% during the 2nd 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 in the last quarter. Novo Holdings A S boosted its position in shares of BioMarin Pharmaceutical by 8.9% during the 2nd quarter. Novo Holdings A S now owns 490,000 shares of the biotechnology company’s stock worth $40,342,000 after acquiring an additional 40,000 shares in the last quarter. NewEdge Advisors LLC boosted its position in shares of BioMarin Pharmaceutical by 3,931.5% during the 2nd quarter. NewEdge Advisors LLC now owns 10,885 shares of the biotechnology company’s stock worth $896,000 after acquiring an additional 10,615 shares in the last quarter. Finally, Creative Planning boosted its position in shares of BioMarin Pharmaceutical by 4.6% during the 2nd quarter. Creative Planning now owns 11,825 shares of the biotechnology company’s stock worth $974,000 after acquiring an additional 524 shares in the last quarter. Institutional investors and hedge funds own 98.71% of the company’s stock.

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.