BioMarin Pharmaceutical (BMRN) Coverage Initiated by Analysts at Canaccord Genuity

Equities research analysts at Canaccord Genuity started coverage on shares of BioMarin Pharmaceutical (NASDAQ:BMRN) in a research note issued to investors on Wednesday, MarketBeat Ratings reports. The firm set a “buy” rating and a $101.00 price target on the biotechnology company’s stock. Canaccord Genuity’s price objective suggests a potential upside of 14.21% from the stock’s previous close.

BMRN has been the topic of a number of other research reports. BidaskClub lowered shares of BioMarin Pharmaceutical from a “sell” rating to a “strong sell” rating in a report on Tuesday, April 24th. JPMorgan Chase decreased their target price on shares of BioMarin Pharmaceutical from $131.00 to $129.00 and set an “outperform” rating on the stock in a report on Wednesday, January 24th. Royal Bank of Canada reaffirmed a “hold” rating and set a $94.00 target price on shares of BioMarin Pharmaceutical in a report on Tuesday, February 27th. Credit Suisse Group reaffirmed an “outperform” rating and set a $113.00 target price on shares of BioMarin Pharmaceutical in a report on Thursday, January 18th. Finally, Morgan Stanley upped their target price on shares of BioMarin Pharmaceutical from $112.00 to $113.00 and gave the stock an “overweight” rating in a report on Monday, April 30th. Seven research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $111.15.

BioMarin Pharmaceutical opened at $88.43 on Wednesday, according to MarketBeat Ratings. BioMarin Pharmaceutical has a 12-month low of $88.57 and a 12-month high of $89.39. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.29 and a current ratio of 2.90. The company has a market capitalization of $15.67 billion, a PE ratio of -131.99 and a beta of 1.68.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its earnings results on Thursday, February 22nd. The biotechnology company reported ($0.30) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.24) by ($0.06). The firm had revenue of $358.31 million for the quarter, compared to the consensus estimate of $346.24 million. BioMarin Pharmaceutical had a negative return on equity of 3.01% and a negative net margin of 10.48%. research analysts predict that BioMarin Pharmaceutical will post -0.12 earnings per share for the current fiscal year.

In other BioMarin Pharmaceutical news, CEO Jean Jacques Bienaime sold 37,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 15th. The shares were sold at an average price of $88.75, for a total value of $3,328,125.00. Following the completion of the transaction, the chief executive officer now owns 309,350 shares of the company’s stock, valued at approximately $27,454,812.50. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Brian Mueller sold 2,450 shares of the business’s stock in a transaction that occurred on Thursday, May 10th. The stock was sold at an average price of $89.50, for a total transaction of $219,275.00. Following the completion of the transaction, the senior vice president now directly owns 17,846 shares of the company’s stock, valued at approximately $1,597,217. The disclosure for this sale can be found here. In the last three months, insiders sold 149,087 shares of company stock valued at $12,679,085. Corporate insiders own 1.90% of the company’s stock.

Several institutional investors have recently made changes to their positions in BMRN. Thrivent Financial for Lutherans boosted its stake in shares of BioMarin Pharmaceutical by 581.0% in the 1st quarter. Thrivent Financial for Lutherans now owns 1,224,776 shares of the biotechnology company’s stock valued at $99,293,000 after purchasing an additional 1,044,921 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of BioMarin Pharmaceutical by 49.8% in the 4th quarter. American Century Companies Inc. now owns 920,762 shares of the biotechnology company’s stock valued at $82,104,000 after purchasing an additional 305,900 shares in the last quarter. Carillon Tower Advisers Inc. purchased a new stake in shares of BioMarin Pharmaceutical in the 4th quarter valued at $22,892,000. USS Investment Management Ltd boosted its stake in shares of BioMarin Pharmaceutical by 22.9% in the 1st quarter. USS Investment Management Ltd now owns 1,339,671 shares of the biotechnology company’s stock valued at $111,869,000 after purchasing an additional 249,738 shares in the last quarter. Finally, State of Wisconsin Investment Board boosted its stake in shares of BioMarin Pharmaceutical by 187.8% in the 1st quarter. State of Wisconsin Investment Board now owns 263,571 shares of the biotechnology company’s stock valued at $21,368,000 after purchasing an additional 171,994 shares in the last quarter.

About BioMarin Pharmaceutical

BioMarin Pharmaceutical, Inc, a biotechnology company, develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. Its commercial products include Aldurazyme that is used for the treatment of patients with mucopolysaccharidosis I, a genetic disease; Brineura for the treatment of late infantile neuronal ceroid lipofuscinosis type 2, a form of Batten disease; and Firdapse for Lambert Eaton Myasthenic Syndrome.

Analyst Recommendations for BioMarin Pharmaceutical (NASDAQ:BMRN)

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