BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target Lowered to $90.00 at Truist Financial

BioMarin Pharmaceutical (NASDAQ:BMRN) had its target price cut by Truist Financial from $118.00 to $90.00 in a research report report published on Tuesday morning, Benzinga reports. They currently have a buy rating on the biotechnology company’s stock.

BMRN has been the topic of several other research reports. Royal Bank of Canada lowered their price objective on shares of BioMarin Pharmaceutical from $100.00 to $85.00 and set a sector perform rating on the stock in a report on Tuesday. TD Cowen lowered their price target on BioMarin Pharmaceutical from $125.00 to $120.00 and set a buy rating for the company in a research report on Tuesday, August 6th. Sanford C. Bernstein decreased their price objective on shares of BioMarin Pharmaceutical from $116.00 to $90.00 and set an outperform rating for the company in a research note on Tuesday. Cantor Fitzgerald reiterated an overweight rating and set a $110.00 price target on shares of BioMarin Pharmaceutical in a report on Monday, September 9th. Finally, William Blair raised BioMarin Pharmaceutical to a strong-buy rating in a research report on Friday, August 30th. Eight equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $98.84.

BioMarin Pharmaceutical Price Performance

BMRN stock opened at $70.69 on Tuesday. The company has a fifty day moving average price of $85.57 and a 200-day moving average price of $84.29. BioMarin Pharmaceutical has a 52-week low of $68.83 and a 52-week high of $99.56. The company has a market capitalization of $13.42 billion, a P/E ratio of 66.07, a PEG ratio of 1.03 and a beta of 0.32. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.95 and a current ratio of 3.05.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings results on Monday, August 5th. The biotechnology company reported $0.77 earnings per share (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 firm had revenue of $712.03 million during the quarter, compared to analyst estimates of $660.51 million. As a group, equities analysts expect that BioMarin Pharmaceutical will post 2.4 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Envestnet Portfolio Solutions Inc. boosted its position in shares of BioMarin Pharmaceutical by 1.2% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 10,668 shares of the biotechnology company’s stock valued at $932,000 after acquiring an additional 130 shares during the last quarter. Quent Capital LLC raised its position in BioMarin Pharmaceutical by 58.9% during the second quarter. Quent Capital LLC now owns 391 shares of the biotechnology company’s stock valued at $32,000 after purchasing an additional 145 shares in the last quarter. Yousif Capital Management LLC increased its position in shares of BioMarin Pharmaceutical by 8.9% during the 1st quarter. Yousif Capital Management LLC now owns 2,414 shares of the biotechnology company’s stock valued at $211,000 after purchasing an additional 198 shares during the last quarter. Integrated Advisors Network LLC boosted its stake in BioMarin Pharmaceutical by 6.2% in the fourth quarter. Integrated Advisors Network LLC now owns 3,533 shares of the biotechnology company’s stock worth $341,000 after buying an additional 206 shares in the last quarter. Finally, SteelPeak Wealth LLC grew its position in BioMarin Pharmaceutical by 10.9% during the first quarter. SteelPeak Wealth LLC now owns 2,498 shares of the biotechnology company’s stock valued at $218,000 after acquiring 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.