What is Zacks Research’s Forecast for BMRN FY2024 Earnings?

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) – Stock analysts at Zacks Research raised their FY2024 EPS estimates for BioMarin Pharmaceutical in a research report issued to clients and investors on Tuesday, November 19th. Zacks Research analyst S. Ganoria now expects that the biotechnology company will post earnings of $2.46 per share for the year, up from their prior forecast of $2.32. The consensus estimate for BioMarin Pharmaceutical’s current full-year earnings is $2.47 per share. Zacks Research also issued estimates for BioMarin Pharmaceutical’s Q4 2024 earnings at $0.49 EPS, Q3 2025 earnings at $0.72 EPS, Q4 2025 earnings at $0.66 EPS, FY2025 earnings at $2.65 EPS and Q3 2026 earnings at $0.86 EPS.

Several other research analysts have also commented on the stock. Barclays reduced their price objective on shares of BioMarin Pharmaceutical from $110.00 to $86.00 and set an “overweight” rating for the company in a research note on Friday, October 4th. Scotiabank lowered their price objective on BioMarin Pharmaceutical from $95.00 to $78.00 and set a “sector perform” rating for the company in a research report on Tuesday, September 17th. Citigroup decreased their price target on BioMarin Pharmaceutical from $93.00 to $81.00 and set a “neutral” rating for the company in a research note on Wednesday, October 30th. Wedbush raised BioMarin Pharmaceutical to a “strong-buy” rating in a research report on Monday, November 4th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $80.00 price objective on shares of BioMarin Pharmaceutical in a report on Wednesday, October 30th. Seven research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong 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 $94.20.

BioMarin Pharmaceutical Stock Performance

Shares of BioMarin Pharmaceutical stock opened at $63.44 on Friday. BioMarin Pharmaceutical has a one year low of $61.15 and a one year high of $99.56. The company has a market capitalization of $12.09 billion, a PE ratio of 37.99, a P/E/G ratio of 0.61 and a beta of 0.31. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.62 and a current ratio of 4.27. The company has a 50-day simple moving average of $68.67 and a two-hundred day simple moving average of $78.60.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly 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). BioMarin Pharmaceutical had a return on equity of 8.53% and a net margin of 11.71%. The company had revenue of $746.00 million during the quarter, compared to the consensus estimate of $703.37 million. During the same period in the previous year, the firm posted $0.26 earnings per share. The company’s revenue was up 28.4% on a year-over-year basis.

Insider Transactions at BioMarin Pharmaceutical

In other news, EVP Charles Greg Guyer sold 5,278 shares of the company’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $66.37, for a total transaction of $350,300.86. Following the sale, the executive vice president now owns 68,909 shares of the company’s stock, valued at approximately $4,573,490.33. This represents a 7.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.85% of the company’s stock.

Institutional Investors Weigh In On BioMarin Pharmaceutical

A number of hedge funds have recently bought and sold shares of BMRN. Primecap Management Co. CA lifted its holdings in BioMarin Pharmaceutical by 0.4% during the 3rd quarter. Primecap Management Co. CA now owns 18,867,435 shares of the biotechnology company’s stock worth $1,326,192,000 after buying an additional 77,350 shares during the last quarter. Avoro Capital Advisors LLC raised its position in shares of BioMarin Pharmaceutical by 4.4% during the 2nd quarter. Avoro Capital Advisors LLC now owns 4,557,416 shares of the biotechnology company’s stock worth $375,212,000 after acquiring an additional 192,416 shares in the last quarter. Geode Capital Management LLC lifted its stake in BioMarin Pharmaceutical by 1.9% during the third quarter. Geode Capital Management LLC now owns 3,260,050 shares of the biotechnology company’s stock worth $228,632,000 after purchasing an additional 60,692 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in BioMarin Pharmaceutical by 4.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,401,628 shares of the biotechnology company’s stock valued at $98,520,000 after purchasing an additional 55,699 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in BioMarin Pharmaceutical by 38.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,034,457 shares of the biotechnology company’s stock valued at $85,178,000 after purchasing an additional 289,953 shares during the last quarter. Institutional investors and hedge funds 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.