BioMarin Pharmaceutical (NASDAQ:BMRN) Coverage Initiated at Citigroup

Investment analysts at Citigroup initiated coverage on shares of BioMarin Pharmaceutical (NASDAQ:BMRN) in a report issued on Tuesday. The brokerage set a “buy” rating and a $75.00 price target on the biotechnology company’s stock. Citigroup’s target price indicates a potential upside of 51.00% from the stock’s current price.

Several other equities research analysts also recently commented on BMRN. Piper Sandler cut their price objective on BioMarin Pharmaceutical from $122.00 to $84.00 and set an “overweight” rating for the company in a report on Friday, February 6th. Canaccord Genuity Group increased their price target on shares of BioMarin Pharmaceutical from $104.00 to $116.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Bank of America decreased their price objective 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. HC Wainwright dropped their target price on shares of BioMarin Pharmaceutical from $55.00 to $50.00 and set a “neutral” rating on the stock in a report on Monday. Finally, Guggenheim cut their target price on shares of BioMarin Pharmaceutical from $106.00 to $86.00 and set a “buy” rating for the company in a research note on Wednesday, February 25th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $89.08.

BioMarin Pharmaceutical Stock Performance

Shares of NASDAQ BMRN opened at $49.67 on Tuesday. The stock has a 50 day moving average price of $55.26 and a 200 day moving average price of $56.28. BioMarin Pharmaceutical has a 52 week low of $49.26 and a 52 week high of $66.28. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.20 and a current ratio of 5.81. The stock has a market capitalization of $9.60 billion, a PE ratio of 36.26, a price-to-earnings-growth ratio of 0.39 and a beta of 0.23.

Insider Activity

In other BioMarin Pharmaceutical news, EVP Gregory R. Friberg sold 3,281 shares of the business’s stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $53.85, for a total value of $176,681.85. Following the completion of the sale, the executive vice president owned 51,818 shares of the company’s stock, valued at $2,790,399.30. The trade was a 5.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Charles Greg Guyer sold 16,486 shares of the stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $60.46, for a total transaction of $996,743.56. Following the transaction, the executive vice president 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 sold a total of 26,093 shares of company stock valued at $1,555,389 in the last quarter. Corporate insiders own 0.85% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of BioMarin Pharmaceutical in the 4th quarter valued at $447,572,000. Vestal Point Capital LP boosted its stake in shares of BioMarin Pharmaceutical by 261.4% during the fourth quarter. Vestal Point Capital LP now owns 3,000,000 shares of the biotechnology company’s stock valued at $178,290,000 after purchasing an additional 2,170,000 shares in the last quarter. Capital Research Global Investors grew its holdings in shares of BioMarin Pharmaceutical by 547.5% during the third quarter. Capital Research Global Investors now owns 2,537,596 shares of the biotechnology company’s stock worth $137,436,000 after purchasing an additional 2,145,717 shares during the last quarter. Viking Global Investors LP raised its holdings in BioMarin Pharmaceutical by 13.8% in the 2nd quarter. Viking Global Investors LP now owns 12,288,611 shares of the biotechnology company’s stock valued at $675,505,000 after buying an additional 1,488,552 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in BioMarin Pharmaceutical by 48.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,321,754 shares of the biotechnology company’s stock worth $197,405,000 after buying an additional 1,076,568 shares during the period. 98.71% of the stock is owned by 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.