BioMarin Pharmaceutical (NASDAQ:BMRN) Stock Price Target Lowered at Morgan Stanley

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target decreased by research analysts at Morgan Stanley from $119.00 to $103.00 in a research note issued on Friday, Benzinga reports. The firm presently has an “overweight” rating on the biotechnology company’s stock. Morgan Stanley‘s price target would suggest a potential upside of 80.43% from the stock’s current price.

Several other equities analysts have also recently weighed in on BMRN. Citigroup lifted their price target on BioMarin Pharmaceutical from $75.00 to $76.00 and gave the company a “buy” rating in a research report on Thursday, July 16th. Oppenheimer dropped their price objective on BioMarin Pharmaceutical from $97.00 to $94.00 and set an “outperform” rating on the stock in a report on Tuesday, November 3rd. Jefferies Financial Group raised their target price on BioMarin Pharmaceutical from $104.00 to $105.00 and gave the stock a “buy” rating in a research note on Monday, August 31st. William Blair upgraded BioMarin Pharmaceutical to a “hold” rating in a research note on Wednesday, September 23rd. Finally, Raymond James Financial raised BioMarin Pharmaceutical from an “outperform” rating to a “strong-buy” rating and set a $109.00 target price for the company in a report on Monday, October 12th. Three analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, BioMarin Pharmaceutical currently has an average rating of “Moderate Buy” and a consensus target price of $87.22.

BioMarin Pharmaceutical Stock Performance

BMRN traded up $0.39 on Friday, hitting $57.09. The company’s stock had a trading volume of 298,554 shares, compared to its average volume of 2,118,782. BioMarin Pharmaceutical has a 12 month low of $49.26 and a 12 month high of $70.98. The firm has a market cap of $11.06 billion, a P/E ratio of -571.16, a price-to-earnings-growth ratio of 0.78 and a beta of 0.21. The company has a quick ratio of 1.32, a current ratio of 2.44 and a debt-to-equity ratio of 0.56. The company’s 50 day simple moving average is $59.04 and its 200-day simple moving average is $58.48.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its earnings results on Monday, November 2nd. The biotechnology company reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.28. The business had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $1.02 billion. BioMarin Pharmaceutical had a negative net margin of 0.52% and a positive return on equity of 5.58%. The business’s revenue for the quarter was up 32.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.12 EPS. Analysts forecast that BioMarin Pharmaceutical will post 2.20 EPS for the current year.

Hedge Funds Weigh In On BioMarin Pharmaceutical

A number of hedge funds and other institutional investors have recently modified their holdings of the company. State Board of Administration of Florida Retirement System increased its position in shares of BioMarin Pharmaceutical by 0.3% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 158,033 shares of the biotechnology company’s stock valued at $9,482,000 after purchasing an additional 475 shares during the last quarter. Bleakley Financial Group LLC lifted its position in BioMarin Pharmaceutical by 11.3% in the 3rd quarter. Bleakley Financial Group LLC now owns 13,241 shares of the biotechnology company’s stock worth $794,000 after buying an additional 1,349 shares during the last quarter. N.F.U. MUTUAL UNIT MANAGERS Ltd bought a new stake in BioMarin Pharmaceutical in the 3rd quarter worth approximately $280,000. First Trust Advisors LP boosted its stake in BioMarin Pharmaceutical by 19.2% in the third quarter. First Trust Advisors LP now owns 1,915,123 shares of the biotechnology company’s stock worth $114,907,000 after buying an additional 308,850 shares in the last quarter. Finally, Allianz SE boosted its stake in BioMarin Pharmaceutical by 3.9% in the third quarter. Allianz SE now owns 76,228 shares of the biotechnology company’s stock worth $4,574,000 after buying an additional 2,828 shares in the last quarter. 98.71% of the stock is currently owned by hedge funds and other institutional investors.

About BioMarin Pharmaceutical

BioMarin Pharmaceutical is a biotechnology company focused on developing and commercializing medicines for people with rare genetic diseases. Its work includes research, clinical development, manufacturing and distribution of therapies for conditions that often have limited treatment options. The company’s marketed treatments address disorders including phenylketonuria, mucopolysaccharidosis, late-infantile neuronal ceroid lipofuscinosis, achondroplasia and hemophilia A. Its products include Kuvan and Palynziq for phenylketonuria, Vimizim for Morquio A syndrome, Brineura for CLN2 disease, Voxzogo for achondroplasia and Roctavian for hemophilia A. Founded in 1997 and headquartered in San Rafael, California, BioMarin serves patients and healthcare providers in the United States and international markets, including Europe.