Bank of America Lowers BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $115.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target dropped by analysts at Bank of America from $130.00 to $115.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the biotechnology company’s stock. Bank of America‘s price objective points to a potential upside of 64.61% from the company’s current price.

BMRN has been the topic of several other research reports. Scotiabank raised their target price on shares of BioMarin Pharmaceutical from $86.00 to $95.00 and gave the company a “sector perform” rating in a research note on Thursday, September 5th. StockNews.com upgraded shares of BioMarin Pharmaceutical from a “hold” rating to a “buy” rating in a research note on Thursday, August 8th. Evercore ISI upped their target price on BioMarin Pharmaceutical from $113.00 to $115.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 6th. Piper Sandler lifted their price target on BioMarin Pharmaceutical from $107.00 to $122.00 and gave the company an “overweight” rating in a research report on Thursday, September 5th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $110.00 target price on shares of BioMarin Pharmaceutical in a research note on Monday, September 9th. Eight research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, BioMarin Pharmaceutical currently has an average rating of “Moderate Buy” and a consensus price target of $104.15.

BioMarin Pharmaceutical Stock Performance

Shares of NASDAQ BMRN opened at $69.86 on Tuesday. BioMarin Pharmaceutical has a 12-month low of $69.60 and a 12-month high of $99.56. The company has a current ratio of 3.05, a quick ratio of 1.95 and a debt-to-equity ratio of 0.11. The company has a market cap of $13.27 billion, a PE ratio of 65.29, a P/E/G ratio of 1.03 and a beta of 0.32. The stock has a 50 day simple moving average of $86.58 and a 200-day simple moving average of $84.71.

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

Institutional Investors Weigh In On BioMarin Pharmaceutical

Several institutional investors have recently bought and sold shares of BMRN. Envestnet Portfolio Solutions Inc. lifted its position in BioMarin Pharmaceutical by 1.2% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 10,668 shares of the biotechnology company’s stock worth $932,000 after buying an additional 130 shares in the last quarter. Quent Capital LLC raised its holdings in shares of BioMarin Pharmaceutical by 58.9% in the 2nd quarter. Quent Capital LLC now owns 391 shares of the biotechnology company’s stock valued at $32,000 after purchasing an additional 145 shares during the period. Yousif Capital Management LLC lifted its position in shares of BioMarin Pharmaceutical by 8.9% in the first quarter. Yousif Capital Management LLC now owns 2,414 shares of the biotechnology company’s stock valued at $211,000 after buying an additional 198 shares during the last quarter. Integrated Advisors Network LLC lifted its holdings in BioMarin Pharmaceutical by 6.2% during the 4th quarter. Integrated Advisors Network LLC now owns 3,533 shares of the biotechnology company’s stock valued at $341,000 after purchasing an additional 206 shares during the last quarter. Finally, SteelPeak Wealth LLC lifted its stake in shares of BioMarin Pharmaceutical by 10.9% during the 1st quarter. SteelPeak Wealth LLC now owns 2,498 shares of the biotechnology company’s stock worth $218,000 after buying an additional 246 shares during the last quarter. 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.