BioMarin Pharmaceutical (NASDAQ:BMRN) Given New $50.00 Price Target at HC Wainwright

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target reduced by equities research analysts at HC Wainwright from $55.00 to $50.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the biotechnology company’s stock. HC Wainwright’s target price would indicate a potential downside of 0.94% from the company’s previous close.

BMRN has been the subject of a number of other reports. Weiss Ratings downgraded BioMarin Pharmaceutical from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday. Wolfe Research restated an “outperform” rating on shares of BioMarin Pharmaceutical in a research report on Monday, March 16th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $66.00 target price on shares of BioMarin Pharmaceutical in a research note on Tuesday, May 5th. Truist Financial raised shares of BioMarin Pharmaceutical to a “strong-buy” rating in a report on Wednesday, March 25th. Finally, Bank of America decreased their target price on shares of BioMarin Pharmaceutical from $97.00 to $85.00 and set a “buy” rating for the company in a research report on Wednesday, March 11th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $89.70.

BioMarin Pharmaceutical Stock Performance

Shares of NASDAQ:BMRN traded down $1.34 during trading on Monday, reaching $50.47. 699,511 shares of the company’s stock traded hands, compared to its average volume of 2,010,429. The stock has a market capitalization of $9.76 billion, a P/E ratio of 36.99, a price-to-earnings-growth ratio of 0.39 and a beta of 0.23. BioMarin Pharmaceutical has a 12 month low of $50.54 and a 12 month high of $66.28. The company has a 50 day moving average of $55.48 and a 200-day moving average of $56.31. The company has a debt-to-equity ratio of 0.23, a current ratio of 5.81 and a quick ratio of 4.20.

Insider Buying and Selling

In other BioMarin Pharmaceutical news, EVP Gregory R. Friberg sold 6,326 shares of the company’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $60.38, for a total value of $381,963.88. Following the transaction, the executive vice president directly owned 37,578 shares of the company’s stock, valued at $2,268,959.64. This represents a 14.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Charles Greg Guyer sold 16,486 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $60.46, for a total transaction of $996,743.56. Following the transaction, the executive vice president directly owned 79,953 shares in the company, valued at approximately $4,833,958.38. The trade was a 17.09% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 26,093 shares of company stock worth $1,555,389 over the last ninety days. 0.85% of the stock is currently owned by insiders.

Hedge Funds Weigh In On BioMarin Pharmaceutical

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC increased its position in BioMarin Pharmaceutical by 11.5% in the 1st quarter. NewEdge Advisors LLC now owns 3,769 shares of the biotechnology company’s stock worth $266,000 after buying an additional 388 shares during the period. Empowered Funds LLC grew its stake in shares of BioMarin Pharmaceutical by 207.4% in the first quarter. Empowered Funds LLC now owns 12,023 shares of the biotechnology company’s stock worth $850,000 after acquiring an additional 8,112 shares during the last quarter. Focus Partners Wealth grew its stake in shares of BioMarin Pharmaceutical by 70.2% in the first quarter. Focus Partners Wealth now owns 11,817 shares of the biotechnology company’s stock worth $835,000 after acquiring an additional 4,876 shares during the last quarter. Sivia Capital Partners LLC increased its position in BioMarin Pharmaceutical by 33.0% during the second quarter. Sivia Capital Partners LLC now owns 4,439 shares of the biotechnology company’s stock worth $244,000 after acquiring an additional 1,102 shares during the period. Finally, Invesco Ltd. raised its stake in BioMarin Pharmaceutical by 23.5% during the 2nd quarter. Invesco Ltd. now owns 618,835 shares of the biotechnology company’s stock valued at $34,017,000 after purchasing an additional 117,617 shares during the last quarter. Institutional investors and hedge funds own 98.71% of the company’s stock.

About BioMarin Pharmaceutical

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.