Canaccord Genuity Group Trims BioMarin Pharmaceutical (NASDAQ:BMRN) Target Price to $89.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target trimmed by Canaccord Genuity Group from $91.00 to $89.00 in a report issued on Friday morning, Benzinga reports. They currently have a hold rating on the biotechnology company’s stock.

A number of other analysts have also recently issued reports on the company. Royal Bank of Canada restated a sector perform rating and set a $100.00 price objective on shares of BioMarin Pharmaceutical in a research report on Friday, February 23rd. Wells Fargo & Company increased their price objective on shares of BioMarin Pharmaceutical from $100.00 to $110.00 and gave the company an overweight rating in a research note on Thursday. Cantor Fitzgerald reiterated an overweight rating and set a $110.00 target price on shares of BioMarin Pharmaceutical in a research report on Thursday. Robert W. Baird lowered 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 note on Tuesday, January 30th. Finally, Scotiabank raised their price target on shares of BioMarin Pharmaceutical from $83.00 to $85.00 and gave the stock a sector perform rating in a research note on Thursday. Seven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $107.50.

BioMarin Pharmaceutical Trading Down 1.5 %

Shares of BMRN stock opened at $80.91 on Friday. The firm has a market capitalization of $15.27 billion, a P/E ratio of 75.62, a price-to-earnings-growth ratio of 1.51 and a beta of 0.31. BioMarin Pharmaceutical has a 1 year low of $76.02 and a 1 year high of $99.56. The firm’s fifty day simple moving average is $87.58 and its 200 day simple moving average is $89.13. The company has a current ratio of 2.51, a quick ratio of 1.57 and a debt-to-equity ratio of 0.12.

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

Insider Transactions at BioMarin Pharmaceutical

In related news, CAO Erin Burkhart sold 2,286 shares of the stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $90.00, for a total value of $205,740.00. Following the transaction, the chief accounting officer now directly owns 16,156 shares in the company, valued at $1,454,040. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Jean Jacques Bienaime sold 15,000 shares of the company’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $88.28, for a total value of $1,324,200.00. Following the completion of the sale, the director now directly owns 419,602 shares of the company’s stock, valued at approximately $37,042,464.56. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Erin Burkhart sold 2,286 shares of the stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $90.00, for a total transaction of $205,740.00. Following the completion of the sale, the chief accounting officer now owns 16,156 shares in the company, valued at $1,454,040. The disclosure for this sale can be found here. Insiders sold a total of 103,229 shares of company stock worth $9,062,967 in the last quarter. 1.84% of the stock is owned by company insiders.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Several large investors have recently bought and sold shares of BMRN. Capital Research Global Investors boosted its position 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 in the last quarter. Norges Bank bought a new position in BioMarin Pharmaceutical during the fourth quarter worth about $324,098,000. Barclays PLC grew its stake 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 acquiring an additional 1,336,886 shares during the period. Toronto Dominion Bank grew its stake 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 acquiring an additional 860,782 shares during the period. Finally, Avoro Capital Advisors LLC increased its holdings 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 worth $414,606,000 after acquiring an additional 450,000 shares in the last quarter. 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.