BioMarin Pharmaceutical’s (BMRN) Hold Rating Reiterated at Canaccord Genuity Group

BioMarin Pharmaceutical (NASDAQ:BMRN)‘s stock had its “hold” rating reaffirmed by analysts at Canaccord Genuity Group in a note issued to investors on Thursday, Benzinga reports. They currently have a $89.00 price target on the biotechnology company’s stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 5.16% from the stock’s current price.

Several other brokerages also recently commented on BMRN. Baird R W downgraded BioMarin Pharmaceutical from a “strong-buy” rating to a “hold” rating in a report on Friday, May 17th. Scotiabank upped their price objective on BioMarin Pharmaceutical from $83.00 to $85.00 and gave the stock a “sector perform” rating in a report on Thursday, April 25th. StockNews.com downgraded BioMarin Pharmaceutical from a “buy” rating to a “hold” rating in a report on Monday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $110.00 price objective on shares of BioMarin Pharmaceutical in a report on Monday. Finally, Morgan Stanley reduced their price objective on BioMarin Pharmaceutical from $115.00 to $112.00 and set an “overweight” rating on the stock in a report on Friday, April 26th. Ten equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, BioMarin Pharmaceutical has an average rating of “Moderate Buy” and a consensus target price of $102.00.

BioMarin Pharmaceutical Stock Up 0.2 %

Shares of BMRN opened at $84.63 on Thursday. The company has a market capitalization of $16.07 billion, a P/E ratio of 79.09, a PEG ratio of 1.20 and a beta of 0.32. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.74 and a quick ratio of 1.70. BioMarin Pharmaceutical has a one year low of $73.68 and a one year high of $99.56. The business’s 50 day simple moving average is $81.43 and its 200-day simple moving average is $85.65.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its earnings results on Wednesday, April 24th. The biotechnology company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.37 by $0.12. The business had revenue of $648.83 million for the quarter, compared to the consensus estimate of $649.75 million. BioMarin Pharmaceutical had a return on equity of 5.34% and a net margin of 8.31%. As a group, sell-side analysts predict that BioMarin Pharmaceutical will post 2 EPS for the current fiscal year.

Insider Activity at BioMarin Pharmaceutical

In related news, EVP George Eric Davis sold 40,850 shares of the company’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $74.51, for a total value of $3,043,733.50. Following the completion of the sale, the executive vice president now owns 56,157 shares in the company, valued at approximately $4,184,258.07. The transaction was disclosed in a filing with the SEC, which is available through this link. In other BioMarin Pharmaceutical news, EVP George Eric Davis sold 40,850 shares of the stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $74.51, for a total transaction of $3,043,733.50. Following the completion of the transaction, the executive vice president now owns 56,157 shares in the company, valued at approximately $4,184,258.07. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Brian Mueller sold 5,000 shares of the stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $75.19, for a total value of $375,950.00. Following the transaction, the chief financial officer now owns 72,159 shares of the company’s stock, valued at approximately $5,425,635.21. The disclosure for this sale can be found here. Insiders sold a total of 67,700 shares of company stock worth $5,209,352 in the last quarter. Corporate insiders own 1.85% of the company’s stock.

Hedge Funds Weigh In On BioMarin Pharmaceutical

Large investors have recently added to or reduced their stakes in the company. Capital Research Global Investors grew its holdings in shares of BioMarin Pharmaceutical by 79.0% in the 4th 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 in the last quarter. Norges Bank bought a new position in shares of BioMarin Pharmaceutical in the 4th quarter valued at about $324,098,000. Avoro Capital Advisors LLC grew its holdings in shares of BioMarin Pharmaceutical by 11.7% in the 4th quarter. Avoro Capital Advisors LLC now owns 4,300,000 shares of the biotechnology company’s stock valued at $414,606,000 after acquiring an additional 450,000 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of BioMarin Pharmaceutical by 33.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,605,983 shares of the biotechnology company’s stock valued at $154,850,000 after acquiring an additional 401,152 shares in the last quarter. Finally, Third Point LLC bought a new position in shares of BioMarin Pharmaceutical in the 4th quarter valued at about $37,122,000. 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.