Wells Fargo & Company Lowers BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $90.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target cut by equities research analysts at Wells Fargo & Company from $115.00 to $90.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the biotechnology company’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 26.74% from the company’s previous close.

Other research analysts have also issued research reports about the company. Barclays lowered their price objective on BioMarin Pharmaceutical from $111.00 to $110.00 and set an “overweight” rating on the stock in a report on Tuesday, August 6th. Stifel Nicolaus lowered their price target on BioMarin Pharmaceutical from $115.00 to $87.00 and set a “buy” rating on the stock in a report on Tuesday. Evercore ISI lifted their price target on shares of BioMarin Pharmaceutical from $113.00 to $115.00 and gave the company an “outperform” rating in a research report on Tuesday, August 6th. JPMorgan Chase & Co. upped their price objective on shares of BioMarin Pharmaceutical from $111.00 to $120.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. Finally, Canaccord Genuity Group reiterated a “hold” rating and issued a $93.00 target price on shares of BioMarin Pharmaceutical in a report on Friday. Eight equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $100.75.

BioMarin Pharmaceutical Stock Up 1.6 %

BMRN stock traded up $1.15 during trading hours on Tuesday, hitting $71.01. The company’s stock had a trading volume of 1,341,464 shares, compared to its average volume of 1,881,483. The stock has a 50 day moving average price of $86.58 and a two-hundred day moving average price of $84.71. BioMarin Pharmaceutical has a 12 month low of $68.83 and a 12 month high of $99.56. The company has a market capitalization of $13.48 billion, a PE ratio of 66.19, a price-to-earnings-growth ratio of 1.03 and a beta of 0.32. The company has a quick ratio of 1.95, a current ratio of 3.05 and a debt-to-equity ratio of 0.11.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings data on Monday, August 5th. The biotechnology company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.39. The business had revenue of $712.03 million during 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%. On average, equities research analysts expect that BioMarin Pharmaceutical will post 2.4 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Primecap Management Co. CA raised its holdings in shares of BioMarin Pharmaceutical by 0.4% in the 2nd quarter. Primecap Management Co. CA now owns 18,790,085 shares of the biotechnology company’s stock worth $1,546,988,000 after buying an additional 76,190 shares in the last quarter. Vanguard Group Inc. grew its position in BioMarin Pharmaceutical by 0.4% in the first quarter. Vanguard Group Inc. now owns 18,117,108 shares of the biotechnology company’s stock valued at $1,582,348,000 after acquiring an additional 67,046 shares during the period. Capital Research Global Investors grew its position in BioMarin Pharmaceutical by 79.0% in the fourth quarter. Capital Research Global Investors now owns 10,774,641 shares of the biotechnology company’s stock valued at $1,038,907,000 after acquiring an additional 4,756,671 shares during the period. Avoro Capital Advisors LLC raised its stake in BioMarin Pharmaceutical by 4.4% during the second 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. Finally, Norges Bank bought a new position in shares of BioMarin Pharmaceutical during the fourth quarter valued at $324,098,000. Institutional investors 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.