BioMarin Pharmaceutical (NASDAQ:BMRN) Rating Increased to Strong-Buy at Truist Financial

BioMarin Pharmaceutical (NASDAQ:BMRN) was upgraded by research analysts at Truist Financial to a “strong-buy” rating in a research note issued on Wednesday,Zacks.com reports.

A number of other research analysts have also weighed in on BMRN. Sanford C. Bernstein raised their target price on shares of BioMarin Pharmaceutical from $90.00 to $94.00 and gave the company an “outperform” rating in a report on Wednesday, February 25th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of BioMarin Pharmaceutical in a research note on Monday, December 29th. Leerink Partners lowered shares of BioMarin Pharmaceutical from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $82.00 to $60.00 in a research report on Wednesday, December 3rd. Jefferies Financial Group reissued a “buy” rating and issued a $103.00 price objective on shares of BioMarin Pharmaceutical in a research note on Thursday, March 12th. Finally, Oppenheimer decreased their target price on shares of BioMarin Pharmaceutical from $98.00 to $95.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 24th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, BioMarin Pharmaceutical presently has a consensus rating of “Moderate Buy” and an average price target of $90.00.

BioMarin Pharmaceutical Stock Performance

NASDAQ:BMRN opened at $55.59 on Wednesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 5.21 and a quick ratio of 3.50. BioMarin Pharmaceutical has a 1 year low of $50.76 and a 1 year high of $73.18. The stock’s 50 day simple moving average is $58.44 and its two-hundred day simple moving average is $56.17. The company has a market cap of $10.69 billion, a price-to-earnings ratio of 31.23, a PEG ratio of 0.53 and a beta of 0.25.

Insiders Place Their Bets

In related news, EVP Charles Greg Guyer sold 16,486 shares of BioMarin Pharmaceutical stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $60.46, for a total transaction of $996,743.56. Following the completion of the transaction, the executive vice president directly owned 79,953 shares of the company’s stock, valued at approximately $4,833,958.38. The trade was a 17.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Gregory R. Friberg sold 6,326 shares of the company’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $60.38, for a total transaction of $381,963.88. Following the transaction, the executive vice president owned 37,578 shares in the company, valued at $2,268,959.64. The trade was a 14.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.85% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Activest Wealth Management bought a new stake in shares of BioMarin Pharmaceutical during the 4th quarter worth approximately $26,000. Quent Capital LLC purchased a new stake in BioMarin Pharmaceutical in the third quarter worth $28,000. CIBC Private Wealth Group LLC increased its stake in BioMarin Pharmaceutical by 38.2% in 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 period. Smartleaf Asset Management LLC lifted its position in shares of BioMarin Pharmaceutical by 92.5% during the third quarter. Smartleaf Asset Management LLC now owns 749 shares of the biotechnology company’s stock worth $40,000 after purchasing an additional 360 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new stake in shares of BioMarin Pharmaceutical during the third quarter worth $40,000. Hedge funds and other institutional investors own 98.71% of the company’s stock.

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.