BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target Cut to $85.00 by Analysts at Royal Bank of Canada

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target reduced by Royal Bank of Canada from $100.00 to $85.00 in a research report released on Tuesday, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the biotechnology company’s stock.

Other equities analysts have also recently issued reports about the stock. StockNews.com raised shares of BioMarin Pharmaceutical from a hold rating to a buy rating in a research note on Thursday, August 8th. Cantor Fitzgerald reissued an overweight rating and issued a $110.00 price objective on shares of BioMarin Pharmaceutical in a research report on Monday, September 9th. Bank of America dropped their target price on shares of BioMarin Pharmaceutical from $130.00 to $115.00 and set a buy rating on the stock in a report on Tuesday. Sanford C. Bernstein reduced their price target on BioMarin Pharmaceutical from $116.00 to $90.00 and set an outperform rating for the company in a report on Tuesday. Finally, Evercore ISI upped their price objective on BioMarin Pharmaceutical from $113.00 to $115.00 and gave the company an outperform rating in a research note on Tuesday, August 6th. Eight analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $98.84.

BioMarin Pharmaceutical Stock Performance

Shares of BMRN opened at $70.69 on Tuesday. 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 has a 12 month low of $68.83 and a 12 month high of $99.56. The firm has a fifty day simple moving average of $85.57 and a 200 day simple moving average of $84.29. The stock has a market capitalization of $13.42 billion, a price-to-earnings ratio of 66.07, a PEG ratio of 1.03 and a beta of 0.32.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings data on Monday, August 5th. The biotechnology company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.39. The company had revenue of $712.03 million during the quarter, compared to analysts’ expectations of $660.51 million. BioMarin Pharmaceutical had a return on equity of 6.91% and a net margin of 9.91%. Research analysts forecast that BioMarin Pharmaceutical will post 2.4 EPS for the current fiscal year.

Institutional Trading of BioMarin Pharmaceutical

Large investors have recently bought and sold shares of the business. Primecap Management Co. CA grew its holdings in shares of BioMarin Pharmaceutical by 0.4% during the 2nd quarter. Primecap Management Co. CA now owns 18,790,085 shares of the biotechnology company’s stock valued at $1,546,988,000 after purchasing an additional 76,190 shares during the last quarter. Vanguard Group Inc. boosted its position in BioMarin Pharmaceutical by 0.4% in the first quarter. Vanguard Group Inc. now owns 18,117,108 shares of the biotechnology company’s stock valued at $1,582,348,000 after buying an additional 67,046 shares in the last quarter. Capital Research Global Investors grew its stake in shares of BioMarin Pharmaceutical by 79.0% during the fourth quarter. Capital Research Global Investors now owns 10,774,641 shares of the biotechnology company’s stock worth $1,038,907,000 after buying an additional 4,756,671 shares during the last quarter. Avoro Capital Advisors LLC increased its holdings in shares of BioMarin Pharmaceutical by 4.4% during the second quarter. Avoro Capital Advisors LLC now owns 4,557,416 shares of the biotechnology company’s stock worth $375,212,000 after buying an additional 192,416 shares in the last quarter. Finally, Norges Bank bought a new position in shares of BioMarin Pharmaceutical in the 4th quarter valued at $324,098,000. 98.71% of the stock is owned by institutional investors and hedge funds.

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.