Piper Sandler Raises BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $126.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its target price raised by equities research analysts at Piper Sandler from $122.00 to $126.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the biotechnology company’s stock. Piper Sandler’s price target suggests a potential upside of 92.04% from the company’s current price.

BMRN has been the topic of several other reports. Citigroup dropped their price objective on shares of BioMarin Pharmaceutical from $93.00 to $81.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 30th. William Blair cut shares of BioMarin Pharmaceutical from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 30th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $80.00 price target on shares of BioMarin Pharmaceutical in a research note on Wednesday, October 30th. Robert W. Baird lowered their price target on shares of BioMarin Pharmaceutical from $72.00 to $65.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 30th. Finally, Evercore ISI lowered their price target on shares of BioMarin Pharmaceutical from $115.00 to $105.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 30th. Seven analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, BioMarin Pharmaceutical presently has a consensus rating of “Moderate Buy” and a consensus target price of $93.80.

BioMarin Pharmaceutical Price Performance

Shares of BMRN opened at $65.61 on Thursday. The firm has a 50-day simple moving average of $64.79 and a two-hundred day simple moving average of $71.06. 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 has a 1-year low of $60.63 and a 1-year high of $94.85. The stock has a market cap of $12.50 billion, a PE ratio of 39.29, a P/E/G ratio of 0.57 and a beta of 0.28.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its quarterly earnings results on Wednesday, February 19th. The biotechnology company reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.18. BioMarin Pharmaceutical had a net margin of 11.71% and a return on equity of 8.53%. As a group, analysts forecast that BioMarin Pharmaceutical will post 2.5 EPS for the current year.

Hedge Funds Weigh In On BioMarin Pharmaceutical

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

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.