BioMarin Pharmaceutical (NASDAQ:BMRN) Updates FY24 Earnings Guidance

BioMarin Pharmaceutical (NASDAQ:BMRN) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $2.75-2.95 for the period, compared to the consensus earnings per share estimate of $2.59. The company issued revenue guidance of $2.7-2.8 billion, compared to the consensus revenue estimate of $2.75 billion.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Royal Bank of Canada restated a sector perform rating and set a $100.00 price target on shares of BioMarin Pharmaceutical in a report on Friday, February 23rd. Piper Sandler reduced their price target on shares of BioMarin Pharmaceutical from $115.00 to $107.00 and set an overweight rating for the company in a research report on Friday, February 23rd. Canaccord Genuity Group reaffirmed a hold rating and set a $91.00 price objective on shares of BioMarin Pharmaceutical in a report on Thursday, February 29th. Cantor Fitzgerald reiterated an overweight rating and set a $100.00 target price on shares of BioMarin Pharmaceutical in a research note on Friday, February 23rd. Finally, Robert W. Baird lowered their target price on BioMarin Pharmaceutical from $127.00 to $104.00 and set an outperform rating on the stock in a research note on Tuesday, January 30th. Seven research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $107.61.

BioMarin Pharmaceutical Trading Down 0.9 %

Shares of BMRN stock traded down $0.86 on Wednesday, hitting $91.20. The stock had a trading volume of 1,558,345 shares, compared to its average volume of 1,354,930. BioMarin Pharmaceutical has a 1 year low of $76.02 and a 1 year high of $99.56. The firm has a market capitalization of $17.21 billion, a P/E ratio of 104.61, a P/E/G ratio of 1.65 and a beta of 0.31. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.51 and a quick ratio of 1.57. The company’s 50 day moving average price is $87.76 and its 200-day moving average price is $89.21.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its earnings results on Thursday, February 22nd. The biotechnology company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.44 by $0.05. The firm had revenue of $646.21 million during the quarter, compared to analysts’ expectations of $639.53 million. BioMarin Pharmaceutical had a return on equity of 5.01% and a net margin of 6.93%. BioMarin Pharmaceutical’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.11 EPS. Analysts anticipate that BioMarin Pharmaceutical will post 1.85 earnings per share for the current year.

Insider Buying and Selling at BioMarin Pharmaceutical

In other BioMarin Pharmaceutical news, insider Henry J. Fuchs sold 35,341 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $85.18, for a total transaction of $3,010,346.38. Following the completion of the sale, the insider now directly owns 212,117 shares of the company’s stock, valued at approximately $18,068,126.06. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Jean Jacques Bienaime sold 1,000 shares of the stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $85.51, for a total transaction of $85,510.00. Following the completion of the transaction, the director now directly owns 561,203 shares of the company’s stock, valued at approximately $47,988,468.53. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Henry J. Fuchs sold 35,341 shares of the stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $85.18, for a total value of $3,010,346.38. Following the transaction, the insider now directly owns 212,117 shares of the company’s stock, valued at $18,068,126.06. 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 ninety days. Insiders own 1.84% of the company’s stock.

BioMarin Pharmaceutical Company Profile

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.