BioMarin Pharmaceutical (NASDAQ:BMRN) PT Lowered to $78.00 at Scotiabank

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price objective decreased by Scotiabank from $95.00 to $78.00 in a research report released on Tuesday morning, Benzinga reports. Scotiabank currently has a sector perform rating on the biotechnology company’s stock.

Other analysts have also issued reports about the company. Wells Fargo & Company dropped their target price on BioMarin Pharmaceutical from $115.00 to $90.00 and set an overweight rating on the stock in a research report on Tuesday. Royal Bank of Canada decreased their target price on BioMarin Pharmaceutical from $100.00 to $85.00 and set a sector perform rating for the company in a research note on Tuesday. Stifel Nicolaus reduced their price objective on BioMarin Pharmaceutical from $115.00 to $87.00 and set a buy rating for the company in a research report on Tuesday. Evercore ISI boosted their target price on BioMarin Pharmaceutical from $113.00 to $115.00 and gave the stock an outperform rating in a report on Tuesday, August 6th. Finally, StockNews.com raised BioMarin Pharmaceutical from a hold rating to a buy rating in a report on Thursday, August 8th. Eight research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $98.84.

BioMarin Pharmaceutical Price Performance

BMRN stock opened at $71.41 on Tuesday. BioMarin Pharmaceutical has a 52-week low of $68.83 and a 52-week high of $99.56. The stock’s fifty day simple moving average is $85.86 and its 200-day simple moving average is $84.40. 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 $13.56 billion, a price-to-earnings ratio of 66.74, a price-to-earnings-growth ratio of 1.03 and a beta of 0.32.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings data 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. The business had revenue of $712.03 million for the quarter, compared to analysts’ expectations of $660.51 million. BioMarin Pharmaceutical had a return on equity of 6.91% and a net margin of 9.91%. Equities research analysts expect that BioMarin Pharmaceutical will post 2.4 EPS for the current year.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Several large investors have recently modified their holdings of the company. Innealta Capital LLC acquired a new stake in BioMarin Pharmaceutical in the second quarter worth $25,000. BOKF NA acquired a new stake in BioMarin Pharmaceutical in the second quarter worth $31,000. Quent Capital LLC grew its holdings in BioMarin Pharmaceutical by 58.9% in the second quarter. Quent Capital LLC now owns 391 shares of the biotechnology company’s stock worth $32,000 after purchasing an additional 145 shares during the period. Jones Financial Companies Lllp bought a new position in shares of BioMarin Pharmaceutical in the fourth quarter valued at $43,000. Finally, Itau Unibanco Holding S.A. bought a new position in shares of BioMarin Pharmaceutical in the second quarter valued at $47,000. 98.71% of the stock is currently owned by institutional investors and hedge funds.

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.