Scotiabank Boosts BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $80.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target upped by Scotiabank from $78.00 to $80.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “sector perform” rating on the biotechnology company’s stock. Scotiabank’s price objective would indicate a potential upside of 17.22% from the company’s previous close.

BMRN has been the topic of a number of other research reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $90.00 target price on shares of BioMarin Pharmaceutical in a report on Thursday. Piper Sandler increased their price objective on BioMarin Pharmaceutical from $122.00 to $126.00 and gave the company an “overweight” rating in a research note on Thursday. UBS Group boosted their target price on shares of BioMarin Pharmaceutical from $109.00 to $113.00 and gave the company a “buy” rating in a research note on Thursday. Bank of America raised their price target on shares of BioMarin Pharmaceutical from $99.00 to $103.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, William Blair lowered shares of BioMarin Pharmaceutical from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 30th. Seven research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $93.81.

BioMarin Pharmaceutical Stock Performance

NASDAQ BMRN opened at $68.25 on Thursday. The business has a 50 day moving average price of $64.84 and a 200 day moving average price of $71.05. The company has a market capitalization of $13.01 billion, a P/E ratio of 31.02, a PEG ratio of 0.58 and a beta of 0.28. BioMarin Pharmaceutical has a 1-year low of $60.63 and a 1-year high of $94.85. The company has a debt-to-equity ratio of 0.11, a current ratio of 4.27 and a quick ratio of 2.62.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings results on Wednesday, February 19th. The biotechnology company reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.54 by $0.18. BioMarin Pharmaceutical had a return on equity of 10.10% and a net margin of 14.96%. The business had revenue of $747.31 million during the quarter, compared to analysts’ expectations of $711.05 million. Sell-side analysts expect that BioMarin Pharmaceutical will post 3.15 EPS for the current fiscal year.

Institutional Trading of BioMarin Pharmaceutical

A number of institutional investors have recently modified their holdings of the company. Norges Bank acquired a new position in BioMarin Pharmaceutical during the fourth quarter valued at approximately $234,645,000. Capital Research Global Investors raised its stake in shares of BioMarin Pharmaceutical by 23.8% in the 4th quarter. Capital Research Global Investors now owns 12,991,772 shares of the biotechnology company’s stock valued at $853,944,000 after acquiring an additional 2,496,817 shares during the period. Soleus Capital Management L.P. acquired a new position in shares of BioMarin Pharmaceutical during the 4th quarter valued at $65,822,000. Dodge & Cox boosted its position in BioMarin Pharmaceutical by 6.1% during the 4th quarter. Dodge & Cox now owns 14,746,235 shares of the biotechnology company’s stock worth $969,270,000 after purchasing an additional 847,917 shares during the period. Finally, Erste Asset Management GmbH acquired a new stake in BioMarin Pharmaceutical in the 3rd quarter valued at $48,527,000. Hedge funds and other 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.