Royal Bank of Canada Cuts BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $85.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its target price lowered by Royal Bank of Canada from $100.00 to $85.00 in a research report sent to investors on Tuesday morning, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the biotechnology company’s stock.

BMRN has been the topic of a number of other research reports. William Blair upgraded BioMarin Pharmaceutical to a strong-buy rating in a report on Friday, August 30th. Scotiabank raised their price objective on BioMarin Pharmaceutical from $86.00 to $95.00 and gave the company a sector perform rating in a report on Thursday, September 5th. JPMorgan Chase & Co. lifted their price target on BioMarin Pharmaceutical from $111.00 to $120.00 and gave the stock an overweight rating in a report on Thursday, September 5th. TD Cowen reduced their price target on BioMarin Pharmaceutical from $125.00 to $120.00 and set a buy rating on the stock in a report on Tuesday, August 6th. Finally, Wells Fargo & Company lifted their price target on BioMarin Pharmaceutical from $110.00 to $115.00 and gave the stock an overweight rating in a report on Thursday, June 27th. Eight investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $98.84.

BioMarin Pharmaceutical Trading Up 0.4 %

Shares of NASDAQ:BMRN opened at $71.41 on Tuesday. BioMarin Pharmaceutical has a 1 year low of $68.83 and a 1 year high of $99.56. The firm has a market capitalization of $13.56 billion, a price-to-earnings ratio of 66.74, a price-to-earnings-growth ratio of 1.03 and a beta of 0.32. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.05 and a quick ratio of 1.95. The business’s 50 day moving average price is $85.86 and its 200-day moving average price is $84.40.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings data on Monday, August 5th. The biotechnology company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.39. The company had revenue of $712.03 million for the quarter, compared to analyst estimates of $660.51 million. BioMarin Pharmaceutical had a return on equity of 6.91% and a net margin of 9.91%. On average, equities research analysts forecast that BioMarin Pharmaceutical will post 2.4 earnings per share for the current fiscal year.

Hedge Funds Weigh In On BioMarin Pharmaceutical

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Primecap Management Co. CA boosted its stake in shares of BioMarin Pharmaceutical by 0.4% in the 2nd quarter. Primecap Management Co. CA now owns 18,790,085 shares of the biotechnology company’s stock valued at $1,546,988,000 after buying an additional 76,190 shares during the period. Vanguard Group Inc. boosted its stake in shares of BioMarin Pharmaceutical by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 18,117,108 shares of the biotechnology company’s stock valued at $1,582,348,000 after buying an additional 67,046 shares during the period. Capital Research Global Investors boosted its stake in shares of BioMarin Pharmaceutical by 79.0% in the 4th quarter. Capital Research Global Investors now owns 10,774,641 shares of the biotechnology company’s stock valued at $1,038,907,000 after buying an additional 4,756,671 shares during the period. Avoro Capital Advisors LLC boosted its stake in shares of BioMarin Pharmaceutical by 4.4% in the 2nd quarter. Avoro Capital Advisors LLC now owns 4,557,416 shares of the biotechnology company’s stock valued at $375,212,000 after buying an additional 192,416 shares during the period. Finally, Norges Bank purchased a new position in shares of BioMarin Pharmaceutical in the 4th quarter valued at about $324,098,000. Hedge funds and other 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.