BioMarin Pharmaceutical (NASDAQ:BMRN) Stock Rating Raised to Buy at Wall Street Zen

Wall Street Zen upgraded shares of BioMarin Pharmaceutical (NASDAQ:BMRN) from a hold rating to a buy rating in a research report report published on Sunday morning,Wall Street Zen reports.

A number of other analysts have also recently weighed in on BMRN. JPMorgan Chase & Co. reduced their price objective on shares of BioMarin Pharmaceutical from $87.00 to $86.00 and set an “overweight” rating for the company in a research note on Wednesday, November 4th. Citigroup lifted their target price on shares of BioMarin Pharmaceutical from $75.00 to $76.00 and gave the stock a “buy” rating in a report on Thursday, July 16th. Cantor Fitzgerald reissued an “overweight” rating on shares of BioMarin Pharmaceutical in a research report on Tuesday, November 3rd. Oppenheimer decreased their price target on shares of BioMarin Pharmaceutical from $97.00 to $94.00 and set an “outperform” rating for the company in a report on Tuesday, November 3rd. Finally, Jefferies Financial Group raised their price target on BioMarin Pharmaceutical from $104.00 to $105.00 and gave the company a “buy” rating in a research report on Monday, August 31st. Three research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $87.91.

BioMarin Pharmaceutical Stock Performance

BMRN opened at $56.03 on Friday. The company has a market cap of $10.85 billion, a PE ratio of -560.30, a price-to-earnings-growth ratio of 0.75 and a beta of 0.21. The stock has a 50-day moving average of $59.69 and a 200-day moving average of $58.47. BioMarin Pharmaceutical has a 52-week low of $49.26 and a 52-week high of $70.98. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.32 and a current ratio of 2.44.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its earnings results on Monday, November 2nd. The biotechnology company reported $0.23 earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.28. The firm had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.02 billion. BioMarin Pharmaceutical had a positive return on equity of 5.58% and a negative net margin of 0.52%. The company’s revenue for the quarter was up 32.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.12 EPS. As a group, equities research analysts forecast that BioMarin Pharmaceutical will post 2.20 earnings per share for the current fiscal year.

Hedge Funds Weigh In On BioMarin Pharmaceutical

A number of institutional investors and hedge funds have recently bought and sold shares of BMRN. Primecap Management Co. CA bought a new stake in shares of BioMarin Pharmaceutical in the 2nd quarter worth about $811,962,000. Dimensional Fund Advisors LP increased its position in shares of BioMarin Pharmaceutical by 14.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,802,930 shares of the biotechnology company’s stock worth $214,804,000 after purchasing an additional 481,176 shares in the last quarter. First Trust Advisors LP lifted its holdings in BioMarin Pharmaceutical by 43.3% during the 1st quarter. First Trust Advisors LP now owns 1,672,491 shares of the biotechnology company’s stock valued at $94,479,000 after purchasing an additional 505,692 shares during the last quarter. Caisse de depot et placement du Quebec bought a new position in BioMarin Pharmaceutical during the 2nd quarter valued at about $70,749,000. Finally, Bank of New York Mellon Corp bought a new position in BioMarin Pharmaceutical during the 2nd quarter valued at about $66,107,000. Institutional investors own 98.71% of the company’s stock.

BioMarin Pharmaceutical Company Profile

BioMarin Pharmaceutical is a biotechnology company focused on developing and commercializing medicines for people with rare genetic diseases. Its work includes research, clinical development, manufacturing and distribution of therapies for conditions that often have limited treatment options.

The company’s marketed treatments address disorders including phenylketonuria, mucopolysaccharidosis, late-infantile neuronal ceroid lipofuscinosis, achondroplasia and hemophilia A. Its products include Kuvan and Palynziq for phenylketonuria, Vimizim for Morquio A syndrome, Brineura for CLN2 disease, Voxzogo for achondroplasia and Roctavian for hemophilia A.

Founded in 1997 and headquartered in San Rafael, California, BioMarin serves patients and healthcare providers in the United States and international markets, including Europe.