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

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target cut by equities researchers at Royal Bank of Canada from $100.00 to $85.00 in a note issued to investors on Tuesday, Benzinga reports. The firm presently has a “sector perform” rating on the biotechnology company’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 21.67% from the company’s current price.

BMRN has been the subject of several other reports. Evercore ISI raised their target price on shares of BioMarin Pharmaceutical from $113.00 to $115.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 6th. Bank of America lowered their price target on shares of BioMarin Pharmaceutical from $130.00 to $115.00 and set a “buy” rating for the company in a research report on Tuesday. Canaccord Genuity Group reissued a “hold” rating and set a $93.00 price target on shares of BioMarin Pharmaceutical in a research report on Friday. Scotiabank lifted their target price on shares of BioMarin Pharmaceutical from $86.00 to $95.00 and gave the stock a “sector perform” rating in a report on Thursday, September 5th. Finally, StockNews.com raised shares of BioMarin Pharmaceutical from a “hold” rating to a “buy” rating in a report on Thursday, August 8th. Eight research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, BioMarin Pharmaceutical currently has an average rating of “Moderate Buy” and an average price target of $103.40.

BioMarin Pharmaceutical Stock Performance

Shares of NASDAQ:BMRN remained flat at $69.86 during trading on Tuesday. 439,481 shares of the stock were exchanged, compared to its average volume of 1,877,680. The company has a 50 day moving average price of $86.58 and a two-hundred day moving average price of $84.71. The stock has a market cap of $13.27 billion, a PE ratio of 64.78, a P/E/G ratio of 1.03 and a beta of 0.32. BioMarin Pharmaceutical has a 1 year low of $68.83 and a 1 year high of $99.56. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.05 and a quick ratio of 1.95.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its earnings results on Monday, August 5th. The biotechnology company reported $0.77 EPS for the quarter, beating the consensus estimate 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 net margin of 9.91% and a return on equity of 6.91%. As a group, equities research analysts predict that BioMarin Pharmaceutical will post 2.4 earnings per share for the current year.

Hedge Funds Weigh In On BioMarin Pharmaceutical

Several hedge funds have recently bought and sold shares of BMRN. Innealta Capital LLC purchased a new stake in BioMarin Pharmaceutical during the 2nd quarter worth about $25,000. BOKF NA purchased a new stake in BioMarin Pharmaceutical during the 2nd quarter worth about $31,000. Quent Capital LLC increased its holdings in BioMarin Pharmaceutical by 58.9% during the 2nd quarter. Quent Capital LLC now owns 391 shares of the biotechnology company’s stock worth $32,000 after purchasing an additional 145 shares during the period. Jones Financial Companies Lllp purchased a new stake in BioMarin Pharmaceutical during the 4th quarter worth about $43,000. Finally, Itau Unibanco Holding S.A. purchased a new stake in BioMarin Pharmaceutical during the 2nd quarter worth about $47,000. Institutional investors and hedge funds own 98.71% of the company’s stock.

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.