BioMarin Pharmaceutical’s (BMRN) Overweight Rating Reaffirmed at Cantor Fitzgerald

BioMarin Pharmaceutical (NASDAQ:BMRN)‘s stock had its “overweight” rating reiterated by analysts at Cantor Fitzgerald in a report issued on Thursday, Benzinga reports. They currently have a $110.00 price target on the biotechnology company’s stock. Cantor Fitzgerald’s price target would indicate a potential upside of 34.47% from the stock’s previous close.

Several other research analysts also recently commented on the stock. Canaccord Genuity Group reissued a “hold” rating and set a $91.00 price objective on shares of BioMarin Pharmaceutical in a report on Thursday, February 29th. Royal Bank of Canada reissued a “sector perform” rating and set a $100.00 price objective on shares of BioMarin Pharmaceutical in a report on Friday, February 23rd. Wells Fargo & Company upped their target price on shares of BioMarin Pharmaceutical from $100.00 to $110.00 and gave the company an “overweight” rating in a research report on Thursday. Robert W. Baird decreased their target price on shares of BioMarin Pharmaceutical from $127.00 to $104.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 30th. Finally, Piper Sandler decreased their target price on shares of BioMarin Pharmaceutical from $115.00 to $107.00 and set an “overweight” rating on the stock in a research report on Friday, February 23rd. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, BioMarin Pharmaceutical currently has an average rating of “Moderate Buy” and an average target price of $108.72.

BioMarin Pharmaceutical Stock Performance

BMRN traded down $9.40 during mid-day trading on Thursday, reaching $81.80. 3,567,889 shares of the company traded hands, compared to its average volume of 1,376,624. The company has a quick ratio of 1.57, a current ratio of 2.51 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $15.44 billion, a P/E ratio of 93.36, a P/E/G ratio of 1.70 and a beta of 0.31. BioMarin Pharmaceutical has a 52-week low of $76.02 and a 52-week high of $99.56. The company’s fifty day moving average price is $87.86 and its 200-day moving average price is $89.23.

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

Insider Activity

In other news, insider Henry J. Fuchs sold 35,341 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $85.18, for a total transaction of $3,010,346.38. Following the transaction, the insider now directly owns 212,117 shares in the company, valued at $18,068,126.06. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other BioMarin Pharmaceutical news, insider Henry J. Fuchs sold 35,341 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $85.18, for a total value of $3,010,346.38. Following the completion of the sale, the insider now directly owns 212,117 shares in the company, valued at $18,068,126.06. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Jeffrey Robert Ajer sold 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $87.07, for a total transaction 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 $8,188,672.29. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 103,229 shares of company stock worth $9,062,967. Corporate insiders own 1.84% of the company’s stock.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Several institutional investors have recently bought and sold shares of the company. Capital Research Global Investors raised its holdings 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 purchasing an additional 4,756,671 shares during the last quarter. Norges Bank purchased a new position in BioMarin Pharmaceutical in the fourth quarter valued at $324,098,000. Barclays PLC increased its holdings in BioMarin Pharmaceutical by 31.6% in the third quarter. Barclays PLC now owns 5,573,157 shares of the biotechnology company’s stock valued at $493,111,000 after buying an additional 1,336,886 shares in the last quarter. Toronto Dominion Bank increased its holdings in BioMarin Pharmaceutical by 1,832.5% in the third quarter. Toronto Dominion Bank now owns 907,754 shares of the biotechnology company’s stock valued at $80,318,000 after buying an additional 860,782 shares in the last quarter. Finally, Avoro Capital Advisors LLC grew its position in shares of BioMarin Pharmaceutical by 11.7% in the fourth quarter. Avoro Capital Advisors LLC now owns 4,300,000 shares of the biotechnology company’s stock valued at $414,606,000 after purchasing an additional 450,000 shares during the period. 98.71% of the stock is currently 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.