Zacks Research Has Bullish Forecast for BMRN FY2024 Earnings

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) – Stock analysts at Zacks Research raised their FY2024 earnings estimates for shares of BioMarin Pharmaceutical in a research note issued on Tuesday, November 19th. Zacks Research analyst S. Ganoria now expects that the biotechnology company will earn $2.46 per share for the year, up from their prior estimate of $2.32. The consensus estimate for BioMarin Pharmaceutical’s current full-year earnings is $2.49 per share. Zacks Research also issued estimates for BioMarin Pharmaceutical’s Q4 2024 earnings at $0.49 EPS, Q3 2025 earnings at $0.72 EPS, Q4 2025 earnings at $0.66 EPS, FY2025 earnings at $2.65 EPS and Q3 2026 earnings at $0.86 EPS.

BMRN has been the topic of several other research reports. Bank of America cut their price target on shares of BioMarin Pharmaceutical from $130.00 to $115.00 and set a “buy” rating on the stock in a report on Tuesday, September 17th. Scotiabank reduced their target price on shares of BioMarin Pharmaceutical from $95.00 to $78.00 and set a “sector perform” rating on the stock in a report on Tuesday, September 17th. Citigroup decreased their price target on shares of BioMarin Pharmaceutical from $93.00 to $81.00 and set a “neutral” rating for the company in a research report on Wednesday, October 30th. Evercore ISI cut their price objective on BioMarin Pharmaceutical from $115.00 to $105.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Finally, Stifel Nicolaus reduced their price objective on BioMarin Pharmaceutical from $115.00 to $87.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. Seven investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $94.20.

BioMarin Pharmaceutical Stock Up 1.3 %

Shares of BMRN opened at $64.26 on Friday. The company has a quick ratio of 2.62, a current ratio of 4.27 and a debt-to-equity ratio of 0.11. The firm has a market cap of $12.25 billion, a PE ratio of 38.48, a price-to-earnings-growth ratio of 0.62 and a beta of 0.31. The company’s fifty day moving average is $68.25 and its two-hundred day moving average is $78.44. BioMarin Pharmaceutical has a fifty-two week low of $61.15 and a fifty-two week high of $99.56.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings data on Tuesday, October 29th. The biotechnology company reported $0.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.23). BioMarin Pharmaceutical had a return on equity of 8.53% and a net margin of 11.71%. The business had revenue of $746.00 million for the quarter, compared to analyst estimates of $703.37 million. During the same quarter last year, the business earned $0.26 EPS. BioMarin Pharmaceutical’s revenue for the quarter was up 28.4% compared to the same quarter last year.

Hedge Funds Weigh In On BioMarin Pharmaceutical

A number of institutional investors have recently bought and sold shares of the stock. Acadian Asset Management LLC boosted its position in shares of BioMarin Pharmaceutical by 32.7% in the first quarter. Acadian Asset Management LLC now owns 2,537 shares of the biotechnology company’s stock worth $221,000 after buying an additional 625 shares during the period. UniSuper Management Pty Ltd boosted its position in BioMarin Pharmaceutical by 107.7% during the 1st quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the biotechnology company’s stock worth $236,000 after acquiring an additional 1,400 shares during the period. EntryPoint Capital LLC purchased a new position in BioMarin Pharmaceutical during the 1st quarter valued at about $106,000. Advisors Asset Management Inc. increased its holdings in shares of BioMarin Pharmaceutical by 13.6% in the 1st quarter. Advisors Asset Management Inc. now owns 10,382 shares of the biotechnology company’s stock valued at $907,000 after purchasing an additional 1,240 shares during the period. Finally, Canada Pension Plan Investment Board lifted its position in shares of BioMarin Pharmaceutical by 12.6% in the first quarter. Canada Pension Plan Investment Board now owns 312,638 shares of the biotechnology company’s stock worth $27,306,000 after purchasing an additional 34,867 shares in the last quarter. Hedge funds and other institutional investors own 98.71% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Charles Greg Guyer sold 5,278 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $66.37, for a total transaction of $350,300.86. Following the completion of the sale, the executive vice president now directly owns 68,909 shares in the company, valued at approximately $4,573,490.33. This trade represents a 7.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.85% of the stock is owned by company insiders.

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.