BioMarin Pharmaceutical (NASDAQ:BMRN) Cut to Market Perform at William Blair

by · The Cerbat Gem

William Blair cut shares of BioMarin Pharmaceutical (NASDAQ:BMRN – Free Report) from an outperform rating to a market perform rating in a research note issued to investors on Wednesday morning, Marketbeat reports.

A number of other research analysts have also recently issued reports on BMRN. Raymond James reiterated an “outperform” rating and issued a $79.00 target price on shares of BioMarin Pharmaceutical in a research report on Thursday, October 10th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $110.00 price objective on shares of BioMarin Pharmaceutical in a research note on Monday, September 9th. Bank of America decreased their target price on shares of BioMarin Pharmaceutical from $130.00 to $115.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. JPMorgan Chase & Co. raised their price target on shares of BioMarin Pharmaceutical from $111.00 to $120.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. Finally, Truist Financial reduced their price objective on shares of BioMarin Pharmaceutical from $118.00 to $90.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. Eight research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $93.67.

Get Our Latest Analysis on BMRN

BioMarin Pharmaceutical Stock Performance

Shares of BioMarin Pharmaceutical stock opened at $66.60 on Wednesday. The company has a 50 day moving average of $75.13 and a 200-day moving average of $80.67. The company has a market cap of $12.65 billion, a PE ratio of 39.88, a price-to-earnings-growth ratio of 0.77 and a beta of 0.31. The company has a current ratio of 4.27, a quick ratio of 1.95 and a debt-to-equity ratio of 0.11. BioMarin Pharmaceutical has a 1-year low of $65.35 and a 1-year high of $99.56.

BioMarin Pharmaceutical (NASDAQ:BMRN – Get Free Report) last issued its earnings results on Tuesday, October 29th. The biotechnology company reported $0.55 earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.23). BioMarin Pharmaceutical had a net margin of 11.71% and a return on equity of 8.53%. The business had revenue of $746.00 million during the quarter, compared to analyst estimates of $703.37 million. During the same period in the prior year, the business posted $0.26 EPS. The company’s revenue for the quarter was up 28.4% compared to the same quarter last year. As a group, equities research analysts forecast that BioMarin Pharmaceutical will post 2.39 earnings per share for the current fiscal year.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Several hedge funds and other institutional investors have recently made changes to their positions in BMRN. Innealta Capital LLC bought a new position in BioMarin Pharmaceutical in the 2nd quarter valued at about $25,000. BOKF NA bought a new stake in BioMarin Pharmaceutical during the 2nd quarter worth approximately $31,000. Quent Capital LLC raised its stake in shares of BioMarin Pharmaceutical by 58.9% in the second quarter. Quent Capital LLC now owns 391 shares of the biotechnology company’s stock worth $32,000 after purchasing an additional 145 shares during the last quarter. nVerses Capital LLC purchased a new position in shares of BioMarin Pharmaceutical during the third quarter valued at approximately $28,000. Finally, Itau Unibanco Holding S.A. purchased a new position in shares of BioMarin Pharmaceutical during the second quarter valued at approximately $47,000. 98.71% of the stock is owned by institutional investors.

About BioMarin Pharmaceutical

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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.

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