Citigroup Cuts BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $81.00

by · The Markets Daily

BioMarin Pharmaceutical (NASDAQ:BMRN – Free Report) had its target price lowered by Citigroup from $93.00 to $81.00 in a research report released on Wednesday morning, Benzinga reports. The firm currently has a neutral rating on the biotechnology company’s stock.

Other equities analysts have also issued reports about the stock. Sanford C. Bernstein cut their target price on shares of BioMarin Pharmaceutical from $116.00 to $90.00 and set an “outperform” rating for the company in a report on Tuesday, September 17th. Evercore ISI cut their price objective on shares of BioMarin Pharmaceutical from $115.00 to $105.00 and set an “outperform” rating for the company in a report on Wednesday. Stifel Nicolaus lowered their target price on shares of BioMarin Pharmaceutical from $115.00 to $87.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. William Blair lowered BioMarin Pharmaceutical from an “outperform” rating to a “market perform” rating in a research note on Wednesday. Finally, Bank of America dropped their price objective on BioMarin Pharmaceutical from $130.00 to $115.00 and set a “buy” rating on the stock in a report on Tuesday, September 17th. Eight analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $93.67.

Read Our Latest Research Report on BMRN

BioMarin Pharmaceutical Price Performance

Shares of BMRN opened at $66.60 on Wednesday. The business’s 50-day moving average is $75.13 and its two-hundred day moving average is $80.67. The company has a market capitalization of $12.65 billion, a P/E ratio of 39.88, a P/E/G ratio of 0.77 and a beta of 0.31. BioMarin Pharmaceutical has a fifty-two week low of $65.35 and a fifty-two week high of $99.56. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.95 and a current ratio of 4.27.

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

Hedge Funds Weigh In On BioMarin Pharmaceutical

Several large investors have recently modified their holdings of the business. Covestor Ltd lifted its holdings in shares of BioMarin Pharmaceutical by 336.4% in the 3rd quarter. Covestor Ltd now owns 1,030 shares of the biotechnology company’s stock worth $72,000 after acquiring an additional 794 shares during the last quarter. AIA Group Ltd raised its position in BioMarin Pharmaceutical by 15.4% in the third quarter. AIA Group Ltd now owns 3,435 shares of the biotechnology company’s stock valued at $241,000 after purchasing an additional 458 shares during the period. Stoneridge Investment Partners LLC acquired a new position in BioMarin Pharmaceutical during the third quarter worth $295,000. AlphaCentric Advisors LLC boosted its position in shares of BioMarin Pharmaceutical by 97.0% during the third quarter. AlphaCentric Advisors LLC now owns 32,500 shares of the biotechnology company’s stock worth $2,284,000 after buying an additional 16,000 shares during the period. Finally, National Pension Service grew its stake in shares of BioMarin Pharmaceutical by 4.2% in the third quarter. National Pension Service now owns 345,387 shares of the biotechnology company’s stock valued at $24,277,000 after buying an additional 13,878 shares in the last quarter. Institutional investors and hedge funds own 98.71% of the company’s stock.

About BioMarin Pharmaceutical

(Get Free Report)

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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