BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target Lowered to $112.00 at Morgan Stanley

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price objective decreased by Morgan Stanley from $115.00 to $112.00 in a research note released on Friday, Benzinga reports. Morgan Stanley currently has an overweight rating on the biotechnology company’s stock.

Several other equities research analysts have also recently weighed in on the company. Cantor Fitzgerald reaffirmed an overweight rating and issued a $110.00 price target on shares of BioMarin Pharmaceutical in a research note on Thursday. Canaccord Genuity Group dropped their target price on BioMarin Pharmaceutical from $91.00 to $89.00 and set a hold rating on the stock in a report on Friday. Citigroup reduced their price target on BioMarin Pharmaceutical from $94.00 to $91.00 and set a neutral rating for the company in a report on Thursday. Wells Fargo & Company lifted their target price on shares of BioMarin Pharmaceutical from $100.00 to $110.00 and gave the stock an overweight rating in a report on Thursday. Finally, Piper Sandler cut their price target on shares of BioMarin Pharmaceutical from $115.00 to $107.00 and set an overweight rating on the stock in a report on Friday, February 23rd. Seven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $107.50.

BioMarin Pharmaceutical Stock Performance

NASDAQ:BMRN opened at $80.91 on Friday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.57 and a current ratio of 2.51. BioMarin Pharmaceutical has a fifty-two week low of $76.02 and a fifty-two week high of $99.56. The business has a 50 day moving average price of $87.58 and a 200-day moving average price of $89.13. The firm has a market cap of $15.27 billion, a PE ratio of 75.62, a price-to-earnings-growth ratio of 1.51 and a beta of 0.31.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings results on Thursday, February 22nd. The biotechnology company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.05. The company had revenue of $646.21 million during the quarter, compared to analyst estimates of $639.53 million. BioMarin Pharmaceutical had a return on equity of 5.39% and a net margin of 8.31%. The firm’s revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.11 earnings per share. Equities research analysts predict that BioMarin Pharmaceutical will post 1.85 earnings per share for the current year.

Insider Activity

In related news, Director Jean Jacques Bienaime sold 1,000 shares of BioMarin Pharmaceutical stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $90.35, for a total transaction of $90,350.00. Following the transaction, the director now directly owns 562,203 shares in the company, valued at $50,795,041.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Jean Jacques Bienaime sold 1,000 shares of the firm’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $90.35, for a total transaction of $90,350.00. Following the sale, the director now directly owns 562,203 shares in the company, valued at approximately $50,795,041.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jeffrey Robert Ajer sold 4,000 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $87.07, for a total value of $348,280.00. Following the completion of the sale, the executive vice president now owns 94,047 shares of the company’s stock, valued at approximately $8,188,672.29. The disclosure for this sale can be found here. Insiders sold a total of 103,229 shares of company stock valued at $9,062,967 in the last 90 days. Company insiders own 1.84% of the company’s stock.

Hedge Funds Weigh In On BioMarin Pharmaceutical

Several hedge funds have recently modified their holdings of the stock. CWM LLC boosted its stake in BioMarin Pharmaceutical by 10.0% during the third quarter. CWM LLC now owns 1,301 shares of the biotechnology company’s stock valued at $115,000 after buying an additional 118 shares during the last quarter. State of Alaska Department of Revenue raised its position in shares of BioMarin Pharmaceutical by 3.2% during the 3rd quarter. State of Alaska Department of Revenue now owns 27,605 shares of the biotechnology company’s stock valued at $2,442,000 after buying an additional 865 shares in the last quarter. Handelsbanken Fonder AB lifted its holdings in shares of BioMarin Pharmaceutical by 1.8% in the 3rd quarter. Handelsbanken Fonder AB now owns 91,755 shares of the biotechnology company’s stock valued at $8,118,000 after acquiring an additional 1,593 shares during the last quarter. Simplicity Solutions LLC increased its stake in BioMarin Pharmaceutical by 8.4% during the third quarter. Simplicity Solutions LLC now owns 2,971 shares of the biotechnology company’s stock worth $263,000 after acquiring an additional 229 shares during the last quarter. Finally, AMI Asset Management Corp purchased a new stake in BioMarin Pharmaceutical during the third quarter valued at approximately $27,838,000. Hedge funds and other institutional investors 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.