Q3 2023 EPS Estimates for BioMarin Pharmaceutical Inc. Reduced by Zacks Research (NASDAQ:BMRN)

Posted by Defense World Staff on Oct 20th, 2023

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN – Free Report) – Investment analysts at Zacks Research decreased their Q3 2023 earnings estimates for shares of BioMarin Pharmaceutical in a report issued on Monday, October 16th. Zacks Research analyst S. Ganoria now forecasts that the biotechnology company will earn $0.22 per share for the quarter, down from their prior estimate of $0.23. The consensus estimate for BioMarin Pharmaceutical’s current full-year earnings is $1.26 per share. Zacks Research also issued estimates for BioMarin Pharmaceutical’s Q2 2024 earnings at $0.45 EPS, Q3 2024 earnings at $0.46 EPS, Q4 2024 earnings at $0.50 EPS, FY2024 earnings at $1.81 EPS, Q2 2025 earnings at $0.59 EPS and FY2025 earnings at $2.32 EPS.

BioMarin Pharmaceutical (NASDAQ:BMRN – Get Free Report) last released its earnings results on Monday, July 31st. The biotechnology company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.10. The company had revenue of $595.28 million for the quarter, compared to the consensus estimate of $591.46 million. BioMarin Pharmaceutical had a net margin of 4.47% and a return on equity of 4.03%.

A number of other research firms also recently weighed in on BMRN. UBS Group assumed coverage on BioMarin Pharmaceutical in a research report on Monday, September 18th. They set a “buy” rating and a $120.00 price target for the company. BMO Capital Markets raised BioMarin Pharmaceutical from a “market perform” rating to an “outperform” rating and set a $102.00 price objective on the stock in a research note on Wednesday, July 5th. 500.com reiterated a “reiterates” rating on shares of BioMarin Pharmaceutical in a report on Friday, June 30th. StockNews.com initiated coverage on BioMarin Pharmaceutical in a report on Thursday, October 5th. They set a “buy” rating for the company. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $100.00 price target on shares of BioMarin Pharmaceutical in a report on Wednesday, September 13th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $115.62.

Read Our Latest Report on BioMarin Pharmaceutical

BioMarin Pharmaceutical Price Performance

NASDAQ BMRN opened at $82.59 on Thursday. The business has a 50 day simple moving average of $89.24 and a 200 day simple moving average of $91.07. BioMarin Pharmaceutical has a 52-week low of $80.53 and a 52-week high of $117.77. The company has a debt-to-equity ratio of 0.23, a quick ratio of 3.31 and a current ratio of 4.94. The stock has a market cap of $15.54 billion, a price-to-earnings ratio of 158.83 and a beta of 0.36.

Insider Transactions at BioMarin Pharmaceutical

In other news, insider Henry J. Fuchs sold 12,000 shares of the company’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $90.43, for a total transaction of $1,085,160.00. Following the sale, the insider now owns 176,187 shares of the company’s stock, valued at $15,932,590.41. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other BioMarin Pharmaceutical news, EVP George Eric Davis sold 11,000 shares of the company’s stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $89.42, for a total value of $983,620.00. Following the completion of the transaction, the executive vice president now owns 69,474 shares in the company, valued at $6,212,365.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Henry J. Fuchs sold 12,000 shares of the stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $90.43, for a total transaction of $1,085,160.00. Following the sale, the insider now owns 176,187 shares of the company’s stock, valued at approximately $15,932,590.41. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,000 shares of company stock valued at $2,871,180. 1.84% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. ICA Group Wealth Management LLC acquired a new position in shares of BioMarin Pharmaceutical in the 4th quarter valued at $31,000. Acadian Asset Management LLC lifted its stake in shares of BioMarin Pharmaceutical by 395.4% in the 1st quarter. Acadian Asset Management LLC now owns 431 shares of the biotechnology company’s stock worth $32,000 after acquiring an additional 344 shares during the period. Allworth Financial LP raised its holdings in shares of BioMarin Pharmaceutical by 57.5% in the 1st quarter. Allworth Financial LP now owns 356 shares of the biotechnology company’s stock worth $35,000 after purchasing an additional 130 shares in the last quarter. MayTech Global Investments LLC acquired a new stake in shares of BioMarin Pharmaceutical during the fourth quarter valued at approximately $36,000. Finally, WealthPLAN Partners LLC purchased a new position in BioMarin Pharmaceutical during the first quarter valued at approximately $37,000. 92.78% of the stock is owned by hedge funds and other institutional investors.

About BioMarin Pharmaceutical

(Get Free Report)

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.