BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target Lowered to $109.00 at JPMorgan Chase & Co.

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target lowered by JPMorgan Chase & Co. from $110.00 to $109.00 in a report published on Wednesday, Benzinga reports. The firm currently has an overweight rating on the biotechnology company’s stock.

A number of other research analysts also recently issued reports on the company. Bank of America dropped their price target on BioMarin Pharmaceutical from $130.00 to $115.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. Evercore ISI decreased their price objective on BioMarin Pharmaceutical from $115.00 to $105.00 and set an “outperform” rating for the company in a report on Wednesday. StockNews.com upgraded shares of BioMarin Pharmaceutical from a “hold” rating to a “buy” rating in a research report on Thursday, August 8th. Sanford C. Bernstein dropped their price objective on shares of BioMarin Pharmaceutical from $116.00 to $90.00 and set an “outperform” rating on the stock in a research note on Tuesday, September 17th. Finally, Scotiabank dropped their price objective on shares of BioMarin Pharmaceutical from $95.00 to $78.00 and set a “sector perform” rating on the stock in a research note on Tuesday, September 17th. Eight investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $93.67.

BioMarin Pharmaceutical Trading Down 4.6 %

Shares of BioMarin Pharmaceutical stock opened at $66.68 on Wednesday. The company has a fifty day simple moving average of $76.08 and a 200-day simple moving average of $80.94. BioMarin Pharmaceutical has a 12-month low of $65.78 and a 12-month high of $99.56. The company has a current ratio of 3.05, a quick ratio of 1.95 and a debt-to-equity ratio of 0.11. The stock has a market cap of $12.66 billion, a price-to-earnings ratio of 62.32, a PEG ratio of 0.81 and a beta of 0.31.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings results on Tuesday, October 29th. The biotechnology company reported $0.55 earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.23). BioMarin Pharmaceutical had a net margin of 9.91% and a return on equity of 6.91%. The company had revenue of $746.00 million during the quarter, compared to analysts’ expectations of $703.37 million. During the same period last year, the firm earned $0.26 earnings per share. BioMarin Pharmaceutical’s revenue was up 28.4% on a year-over-year basis. On average, equities analysts forecast that BioMarin Pharmaceutical will post 2.39 EPS for the current fiscal year.

Hedge Funds Weigh In On BioMarin Pharmaceutical

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. boosted its holdings in BioMarin Pharmaceutical by 11.6% during the first quarter. Principal Financial Group Inc. now owns 33,159 shares of the biotechnology company’s stock worth $2,896,000 after buying an additional 3,453 shares in the last quarter. Commonwealth Equity Services LLC increased its stake in BioMarin Pharmaceutical by 6.6% in the 1st quarter. Commonwealth Equity Services LLC now owns 7,290 shares of the biotechnology company’s stock valued at $637,000 after purchasing an additional 454 shares in the last quarter. Van ECK Associates Corp increased its stake in BioMarin Pharmaceutical by 6.5% in the 1st quarter. Van ECK Associates Corp now owns 142,837 shares of the biotechnology company’s stock valued at $12,475,000 after purchasing an additional 8,741 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in BioMarin Pharmaceutical by 110.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 108,081 shares of the biotechnology company’s stock valued at $9,834,000 after purchasing an additional 56,784 shares in the last quarter. Finally, Nordea Investment Management AB grew its holdings in BioMarin Pharmaceutical by 17.9% in the first quarter. Nordea Investment Management AB now owns 13,675 shares of the biotechnology company’s stock valued at $1,207,000 after purchasing an additional 2,081 shares during the last quarter. 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.