BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target Lowered to $85.00 at Bank of America

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price objective decreased by investment analysts at Bank of America from $97.00 to $85.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. Bank of America‘s target price indicates a potential upside of 39.60% from the company’s current price.

A number of other equities analysts also recently commented on the stock. Barclays boosted their price objective on shares of BioMarin Pharmaceutical from $80.00 to $105.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 3rd. Leerink Partners downgraded BioMarin Pharmaceutical from an “outperform” rating to a “market perform” rating and cut their price target for the company from $82.00 to $60.00 in a report on Wednesday, December 3rd. Canaccord Genuity Group boosted their price target on BioMarin Pharmaceutical from $98.00 to $104.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. Oppenheimer decreased their price objective on BioMarin Pharmaceutical from $98.00 to $95.00 and set an “outperform” rating for the company in a research note on Tuesday, February 24th. Finally, Wells Fargo & Company raised their price objective on BioMarin Pharmaceutical from $70.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, February 18th. Sixteen analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $89.43.

BioMarin Pharmaceutical Stock Up 0.0%

Shares of BioMarin Pharmaceutical stock opened at $60.89 on Wednesday. BioMarin Pharmaceutical has a 1 year low of $50.76 and a 1 year high of $73.18. The company has a debt-to-equity ratio of 0.10, a current ratio of 5.21 and a quick ratio of 3.50. The stock has a market cap of $11.71 billion, a price-to-earnings ratio of 34.21, a PEG ratio of 0.53 and a beta of 0.25. The firm’s 50-day moving average is $58.97 and its two-hundred day moving average is $56.29.

Insider Activity at BioMarin Pharmaceutical

In related news, EVP Gregory R. Friberg sold 6,326 shares of BioMarin Pharmaceutical stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $60.38, for a total transaction of $381,963.88. Following the completion of the sale, the executive vice president owned 37,578 shares of the company’s stock, valued at $2,268,959.64. The trade was a 14.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.85% of the stock is owned by company insiders.

Hedge Funds Weigh In On BioMarin Pharmaceutical

A number of institutional investors have recently bought and sold shares of BMRN. Activest Wealth Management purchased a new stake in shares of BioMarin Pharmaceutical in the 4th quarter valued at $26,000. Quent Capital LLC acquired a new stake in shares of BioMarin Pharmaceutical in the third quarter worth $28,000. CIBC Private Wealth Group LLC raised its holdings in shares of BioMarin Pharmaceutical by 38.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 648 shares of the biotechnology company’s stock worth $39,000 after purchasing an additional 179 shares during the last quarter. Smartleaf Asset Management LLC lifted its position in BioMarin Pharmaceutical by 92.5% during the third quarter. Smartleaf Asset Management LLC now owns 749 shares of the biotechnology company’s stock valued at $40,000 after purchasing an additional 360 shares during the period. Finally, Caitong International Asset Management Co. Ltd acquired a new position in BioMarin Pharmaceutical during the third quarter valued at $40,000. 98.71% of the stock is owned by hedge funds and other institutional investors.

BioMarin Pharmaceutical Company Profile

BioMarin Pharmaceutical Inc is a biopharmaceutical company specializing in the development and commercialization of therapies for rare genetic and metabolic diseases. The company focuses on addressing unmet medical needs by leveraging enzyme replacement therapy, small molecule pharmacological chaperones and gene therapy technologies. Headquartered in Novato, California, BioMarin operates research and development facilities in the United States and Europe.

The company’s commercial portfolio includes several approved therapies targeting inherited disorders.