Cantor Fitzgerald Cuts BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $90.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its target price cut by Cantor Fitzgerald from $110.00 to $90.00 in a research note released on Wednesday morning, Benzinga reports. They currently have an overweight rating on the biotechnology company’s stock. Cantor Fitzgerald also issued estimates for BioMarin Pharmaceutical’s FY2024 earnings at $2.43 EPS.

BMRN has been the topic of a number of other research reports. Piper Sandler increased their price target on shares of BioMarin Pharmaceutical from $107.00 to $122.00 and gave the company an “overweight” rating in a report on Thursday, September 5th. UBS Group upped their price target on BioMarin Pharmaceutical from $104.00 to $106.00 and gave the company a “buy” rating in a report on Wednesday. Royal Bank of Canada restated a “sector perform” rating and set a $80.00 target price on shares of BioMarin Pharmaceutical in a research note on Wednesday. Scotiabank reduced their price target on shares of BioMarin Pharmaceutical from $95.00 to $78.00 and set a “sector perform” rating for the company in a research note on Tuesday, September 17th. Finally, Canaccord Genuity Group decreased their price objective on shares of BioMarin Pharmaceutical from $93.00 to $84.00 and set a “hold” rating for the company in a report on Wednesday. Eight analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, BioMarin Pharmaceutical presently has a consensus rating of “Moderate Buy” and a consensus target price of $93.67.

BioMarin Pharmaceutical Stock Up 1.1 %

Shares of NASDAQ:BMRN opened at $66.60 on Wednesday. The company has a current ratio of 4.27, a quick ratio of 1.95 and a debt-to-equity ratio of 0.11. The stock has a fifty day simple moving average of $75.13 and a two-hundred day simple moving average of $80.67. BioMarin Pharmaceutical has a 12-month low of $65.35 and a 12-month high of $99.56. The stock has a market capitalization of $12.65 billion, a price-to-earnings ratio of 39.88, a PEG ratio of 0.77 and a beta of 0.31.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its quarterly earnings results on Tuesday, October 29th. The biotechnology company reported $0.55 earnings per share 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 the consensus estimate of $703.37 million. BioMarin Pharmaceutical had a net margin of 11.71% and a return on equity of 8.53%. BioMarin Pharmaceutical’s revenue was up 28.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.26 earnings per share. On average, research analysts anticipate that BioMarin Pharmaceutical will post 2.39 earnings per share for the current fiscal year.

Institutional Trading of BioMarin Pharmaceutical

Several institutional investors and hedge funds have recently modified their holdings of the company. AGF Management Ltd. bought a new stake in BioMarin Pharmaceutical during the second quarter valued at about $2,563,000. Susquehanna Fundamental Investments LLC bought a new position in shares of BioMarin Pharmaceutical during the 2nd quarter valued at about $5,627,000. Teachers Retirement System of The State of Kentucky raised its holdings in BioMarin Pharmaceutical by 17.4% during the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 194,207 shares of the biotechnology company’s stock valued at $15,990,000 after buying an additional 28,837 shares during the period. E Fund Management Co. Ltd. lifted its position in BioMarin Pharmaceutical by 167.4% in the second quarter. E Fund Management Co. Ltd. now owns 13,480 shares of the biotechnology company’s stock worth $1,110,000 after buying an additional 8,438 shares during the last quarter. Finally, Tidal Investments LLC boosted its stake in BioMarin Pharmaceutical by 65.5% during the first quarter. Tidal Investments LLC now owns 17,447 shares of the biotechnology company’s stock worth $1,524,000 after buying an additional 6,906 shares during the period. 98.71% of the stock is currently owned by institutional investors.

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.