BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target Raised to $120.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target upped by JPMorgan Chase & Co. from $111.00 to $120.00 in a research note issued to investors on Thursday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the biotechnology company’s stock.

BMRN has been the topic of a number of other reports. StockNews.com raised shares of BioMarin Pharmaceutical from a hold rating to a buy rating in a research note on Thursday, August 8th. Stifel Nicolaus increased their price target on shares of BioMarin Pharmaceutical from $112.00 to $115.00 and gave the company a buy rating in a research report on Wednesday, August 21st. Canaccord Genuity Group restated a hold rating and set a $89.00 price objective on shares of BioMarin Pharmaceutical in a research report on Thursday, July 25th. Cantor Fitzgerald reiterated an overweight rating and set a $110.00 target price on shares of BioMarin Pharmaceutical in a report on Monday, August 5th. Finally, Scotiabank boosted their price target on BioMarin Pharmaceutical from $86.00 to $95.00 and gave the stock a sector perform rating in a report on Thursday. Eight investment 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.com, the company currently has a consensus rating of Moderate Buy and an average target price of $106.10.

BioMarin Pharmaceutical Trading Down 1.2 %

NASDAQ BMRN opened at $84.08 on Thursday. The company has a quick ratio of 1.95, a current ratio of 3.05 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $15.97 billion, a P/E ratio of 78.58 and a beta of 0.32. BioMarin Pharmaceutical has a 52-week low of $73.68 and a 52-week high of $99.56. The firm has a 50-day moving average price of $86.53 and a 200 day moving average price of $85.04.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its earnings results on Monday, August 5th. The biotechnology company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.38 by $0.39. BioMarin Pharmaceutical had a net margin of 9.91% and a return on equity of 6.91%. The company had revenue of $712.03 million for the quarter, compared to analyst estimates of $660.51 million. Equities research analysts expect that BioMarin Pharmaceutical will post 2.35 EPS 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 BMRN. Sanctuary Advisors LLC acquired a new stake in BioMarin Pharmaceutical during the second quarter worth about $1,783,000. Teachers Retirement System of The State of Kentucky grew its holdings in shares of BioMarin Pharmaceutical by 17.4% during the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 194,207 shares of the biotechnology company’s stock worth $15,990,000 after purchasing an additional 28,837 shares during the period. Novo Holdings A S grew its holdings in shares of BioMarin Pharmaceutical by 8.9% during the 2nd quarter. Novo Holdings A S now owns 490,000 shares of the biotechnology company’s stock worth $40,342,000 after purchasing an additional 40,000 shares during the period. NewEdge Advisors LLC increased its position in BioMarin Pharmaceutical by 3,931.5% during the 2nd quarter. NewEdge Advisors LLC now owns 10,885 shares of the biotechnology company’s stock worth $896,000 after purchasing an additional 10,615 shares in the last quarter. Finally, Creative Planning raised its holdings in BioMarin Pharmaceutical by 4.6% in the second quarter. Creative Planning now owns 11,825 shares of the biotechnology company’s stock valued at $974,000 after buying an additional 524 shares during the period. 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.