Scotiabank Forecasts Strong Price Appreciation for BioMarin Pharmaceutical (NASDAQ:BMRN) Stock

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price objective boosted by equities research analysts at Scotiabank from $78.00 to $80.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “sector perform” rating on the biotechnology company’s stock. Scotiabank’s target price would suggest a potential upside of 16.11% from the stock’s current price.

Several other equities analysts have also issued reports on the company. Evercore ISI decreased their price target on BioMarin Pharmaceutical from $115.00 to $105.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 30th. Bank of America lifted their price target on BioMarin Pharmaceutical from $99.00 to $103.00 and gave the company a “buy” rating in a research note on Thursday. Piper Sandler lifted their price target on BioMarin Pharmaceutical from $122.00 to $126.00 and gave the company an “overweight” rating in a research note on Thursday. StockNews.com upgraded BioMarin Pharmaceutical from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, February 11th. Finally, Wolfe Research began coverage on BioMarin Pharmaceutical in a research note on Friday, November 15th. They issued an “outperform” rating and a $95.00 price target on the stock. Seven research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, BioMarin Pharmaceutical has an average rating of “Moderate Buy” and a consensus target price of $93.80.

BioMarin Pharmaceutical Price Performance

BioMarin Pharmaceutical stock traded up $3.29 during mid-day trading on Thursday, reaching $68.90. 2,427,357 shares of the company were exchanged, compared to its average volume of 1,534,415. The company has a fifty day simple moving average of $64.79 and a 200-day simple moving average of $71.06. BioMarin Pharmaceutical has a 12 month low of $60.63 and a 12 month 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. The firm has a market cap of $13.13 billion, a PE ratio of 41.20, a PEG ratio of 0.57 and a beta of 0.28.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings data on Wednesday, February 19th. The biotechnology company reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.18. BioMarin Pharmaceutical had a return on equity of 8.53% and a net margin of 11.71%. The firm had revenue of $747.31 million for the quarter, compared to analyst estimates of $711.05 million. As a group, equities research analysts expect that BioMarin Pharmaceutical will post 2.5 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Toronto Dominion Bank lifted its holdings in BioMarin Pharmaceutical by 3.8% during the 4th quarter. Toronto Dominion Bank now owns 24,862 shares of the biotechnology company’s stock worth $1,634,000 after buying an additional 920 shares during the period. GF Fund Management CO. LTD. acquired a new position in shares of BioMarin Pharmaceutical in the 4th quarter valued at about $263,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of BioMarin Pharmaceutical by 19.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,055,087 shares of the biotechnology company’s stock valued at $69,351,000 after purchasing an additional 174,634 shares during the period. Voloridge Investment Management LLC lifted its stake in shares of BioMarin Pharmaceutical by 461.2% in the 4th quarter. Voloridge Investment Management LLC now owns 271,298 shares of the biotechnology company’s stock valued at $17,832,000 after purchasing an additional 222,958 shares during the period. Finally, Worldquant Millennium Advisors LLC lifted its stake in shares of BioMarin Pharmaceutical by 337.5% in the 4th quarter. Worldquant Millennium Advisors LLC now owns 278,118 shares of the biotechnology company’s stock valued at $18,281,000 after purchasing an additional 214,546 shares during the period. 98.71% of the stock is owned by institutional investors and hedge funds.

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.