BioMarin Pharmaceutical (NASDAQ:BMRN) Raised to Buy at Canaccord Genuity Group

BioMarin Pharmaceutical (NASDAQ:BMRN) was upgraded by analysts at Canaccord Genuity Group from a “hold” rating to a “buy” rating in a report issued on Tuesday,Benzinga reports. The brokerage presently has a $98.00 target price on the biotechnology company’s stock, up from their previous target price of $84.00. Canaccord Genuity Group’s price target indicates a potential upside of 79.52% from the stock’s previous close.

Several other research analysts have also commented on BMRN. Wells Fargo & Company cut their price target on shares of BioMarin Pharmaceutical from $90.00 to $70.00 and set an “overweight” rating on the stock in a report on Tuesday, October 28th. Morgan Stanley reduced their price objective on BioMarin Pharmaceutical from $104.00 to $98.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 28th. Sanford C. Bernstein lowered their target price on BioMarin Pharmaceutical from $95.00 to $88.00 and set an “outperform” rating for the company in a research note on Monday, November 3rd. Weiss Ratings reissued a “sell (d)” rating on shares of BioMarin Pharmaceutical in a research report on Monday, December 29th. Finally, Leerink Partners downgraded shares of BioMarin Pharmaceutical from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $82.00 to $60.00 in a research report on Wednesday, December 3rd. Seventeen investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $90.04.

BioMarin Pharmaceutical Price Performance

BioMarin Pharmaceutical stock opened at $54.59 on Tuesday. BioMarin Pharmaceutical has a 1 year low of $50.76 and a 1 year high of $73.51. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.10 and a current ratio of 4.83. The firm has a 50 day moving average price of $56.06 and a 200 day moving average price of $56.03. The company has a market cap of $10.49 billion, a price-to-earnings ratio of 20.52, a PEG ratio of 0.60 and a beta of 0.27.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings results on Monday, October 27th. The biotechnology company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.20). BioMarin Pharmaceutical had a net margin of 16.82% and a return on equity of 9.53%. The company had revenue of $776.13 million during the quarter, compared to analyst estimates of $782.42 million. During the same quarter last year, the business earned $0.91 EPS. The firm’s revenue for the quarter was up 4.1% compared to the same quarter last year. BioMarin Pharmaceutical has set its FY 2025 guidance at 3.500-3.600 EPS. Sell-side analysts predict that BioMarin Pharmaceutical will post 3.15 earnings per share for the current year.

Institutional Trading of BioMarin Pharmaceutical

A number of hedge funds and other institutional investors have recently made changes to their positions in BMRN. AQR Capital Management LLC raised its stake in shares of BioMarin Pharmaceutical by 90.7% in the 2nd quarter. AQR Capital Management LLC now owns 5,580,573 shares of the biotechnology company’s stock valued at $306,429,000 after purchasing an additional 2,654,768 shares in the last quarter. Capital Research Global Investors increased its holdings in BioMarin Pharmaceutical by 547.5% in the third quarter. Capital Research Global Investors now owns 2,537,596 shares of the biotechnology company’s stock valued at $137,436,000 after buying an additional 2,145,717 shares during the last quarter. Norges Bank acquired a new stake in BioMarin Pharmaceutical during the second quarter valued at approximately $112,352,000. Viking Global Investors LP lifted its holdings in BioMarin Pharmaceutical by 13.8% during the 2nd quarter. Viking Global Investors LP now owns 12,288,611 shares of the biotechnology company’s stock worth $675,505,000 after buying an additional 1,488,552 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its position in shares of BioMarin Pharmaceutical by 312.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,419,067 shares of the biotechnology company’s stock worth $84,335,000 after acquiring an additional 1,074,929 shares in the last quarter. Institutional investors own 98.71% of the company’s stock.

About BioMarin Pharmaceutical

BioMarin Pharmaceutical Inc is a biopharmaceutical company specializing in the development and commercialization of therapies for rare genetic and metabolic diseases. The company focuses on addressing unmet medical needs by leveraging enzyme replacement therapy, small molecule pharmacological chaperones and gene therapy technologies. Headquartered in Novato, California, BioMarin operates research and development facilities in the United States and Europe.

The company’s commercial portfolio includes several approved therapies targeting inherited disorders.