Wedbush Reiterates Outperform Rating for BioMarin Pharmaceutical (NASDAQ:BMRN)

BioMarin Pharmaceutical (NASDAQ:BMRN)‘s stock had its “outperform” rating reiterated by equities research analysts at Wedbush in a research note issued to investors on Thursday,RTT News reports. They presently have a $94.00 price target on the biotechnology company’s stock. Wedbush’s price target points to a potential upside of 36.77% from the stock’s previous close.

Other research analysts have also recently issued reports about the stock. Citigroup raised their target price on shares of BioMarin Pharmaceutical from $81.00 to $82.00 and gave the stock a “neutral” rating in a report on Thursday. Royal Bank of Canada restated a “sector perform” rating and set a $70.00 price objective on shares of BioMarin Pharmaceutical in a research note on Thursday. Scotiabank increased their target price on BioMarin Pharmaceutical from $78.00 to $80.00 and gave the stock a “sector perform” rating in a report on Thursday. Robert W. Baird dropped their price target on BioMarin Pharmaceutical from $72.00 to $65.00 and set a “neutral” rating for the company in a research note on Wednesday, October 30th. Finally, Bank of America upped their price objective on shares of BioMarin Pharmaceutical from $99.00 to $103.00 and gave the stock a “buy” rating in a research report on Thursday. Seven equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, BioMarin Pharmaceutical has a consensus rating of “Moderate Buy” and an average target price of $93.81.

BioMarin Pharmaceutical Stock Performance

NASDAQ:BMRN traded up $3.12 during mid-day trading on Thursday, hitting $68.73. 4,346,721 shares of the stock were exchanged, compared to its average volume of 1,594,604. The firm’s 50-day simple moving average is $64.79 and its 200 day simple moving average is $71.06. The stock has a market capitalization of $13.10 billion, a price-to-earnings ratio of 41.16, a price-to-earnings-growth ratio of 0.57 and a beta of 0.28. BioMarin Pharmaceutical has a fifty-two week low of $60.63 and a fifty-two week high of $94.85. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.62 and a current ratio of 4.27.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its earnings results on Wednesday, February 19th. The biotechnology company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.18. BioMarin Pharmaceutical had a return on equity of 8.53% and a net margin of 11.71%. The company had revenue of $747.31 million during the quarter, compared to the consensus estimate of $711.05 million. As a group, equities analysts anticipate that BioMarin Pharmaceutical will post 2.5 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Mackenzie Financial Corp raised its holdings in BioMarin Pharmaceutical by 203.4% during the 4th quarter. Mackenzie Financial Corp now owns 220,661 shares of the biotechnology company’s stock worth $14,504,000 after purchasing an additional 147,927 shares during the last quarter. Forum Financial Management LP acquired a new stake in shares of BioMarin Pharmaceutical during the fourth quarter worth $298,000. Toronto Dominion Bank raised its stake in BioMarin Pharmaceutical by 3.8% during the fourth quarter. Toronto Dominion Bank now owns 24,862 shares of the biotechnology company’s stock worth $1,634,000 after buying an additional 920 shares during the last quarter. GF Fund Management CO. LTD. acquired a new position in BioMarin Pharmaceutical in the fourth quarter valued at $263,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in BioMarin Pharmaceutical by 19.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,055,087 shares of the biotechnology company’s stock valued at $69,351,000 after acquiring an additional 174,634 shares during the last quarter. 98.71% of the stock is owned by institutional investors.

BioMarin Pharmaceutical Company Profile

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.