Royal Bank of Canada Cuts BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $80.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its target price trimmed by Royal Bank of Canada from $85.00 to $80.00 in a report released on Friday morning, Benzinga reports. The brokerage currently has a sector perform rating on the biotechnology company’s stock.

A number of other research firms have also recently commented on BMRN. Evercore ISI lifted their price target on BioMarin Pharmaceutical from $113.00 to $115.00 and gave the stock an outperform rating in a report on Tuesday, August 6th. Barclays dropped their price target on BioMarin Pharmaceutical from $110.00 to $86.00 and set an overweight rating for the company in a research note on Friday. Wells Fargo & Company decreased their price target on BioMarin Pharmaceutical from $115.00 to $90.00 and set an overweight rating on the stock in a research note on Tuesday, September 17th. Stifel Nicolaus dropped their price objective on shares of BioMarin Pharmaceutical from $115.00 to $87.00 and set a buy rating for the company in a research note on Tuesday, September 17th. Finally, TD Cowen lowered their price objective on BioMarin Pharmaceutical from $125.00 to $120.00 and set a buy rating for the company in a research note on Tuesday, August 6th. Seven research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, BioMarin Pharmaceutical has an average rating of Moderate Buy and an average target price of $97.32.

BioMarin Pharmaceutical Trading Up 2.0 %

Shares of NASDAQ BMRN opened at $69.51 on Friday. The company’s 50 day simple moving average is $82.55 and its 200 day simple moving average is $83.17. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.05 and a quick ratio of 1.95. The firm has a market capitalization of $13.20 billion, a P/E ratio of 64.96, a P/E/G ratio of 0.80 and a beta of 0.31. BioMarin Pharmaceutical has a fifty-two week low of $67.75 and a fifty-two week high of $99.56.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its quarterly earnings data on Monday, August 5th. The biotechnology company reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.39. BioMarin Pharmaceutical had a net margin of 9.91% and a return on equity of 6.91%. The business had revenue of $712.03 million for the quarter, compared to analyst estimates of $660.51 million. On average, analysts predict that BioMarin Pharmaceutical will post 2.39 EPS for the current year.

Institutional Investors Weigh In On BioMarin Pharmaceutical

A number of institutional investors and hedge funds have recently modified their holdings of the company. Handelsbanken Fonder AB raised its stake in BioMarin Pharmaceutical by 2.0% in the 3rd quarter. Handelsbanken Fonder AB now owns 124,022 shares of the biotechnology company’s stock valued at $8,718,000 after purchasing an additional 2,456 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of BioMarin Pharmaceutical in the 2nd quarter worth $1,783,000. Teachers Retirement System of The State of Kentucky raised its position in BioMarin Pharmaceutical by 17.4% in the second 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 acquiring an additional 28,837 shares in the last quarter. Novo Holdings A S boosted its position in BioMarin Pharmaceutical by 8.9% during the second 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 in the last quarter. Finally, NewEdge Advisors LLC lifted its stake in BioMarin Pharmaceutical by 3,931.5% in the 2nd quarter. NewEdge Advisors LLC now owns 10,885 shares of the biotechnology company’s stock valued at $896,000 after buying an additional 10,615 shares in the last quarter. 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.