Canaccord Genuity Group Lowers BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $111.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price objective reduced by analysts at Canaccord Genuity Group from $116.00 to $111.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the biotechnology company’s stock. Canaccord Genuity Group’s price target suggests a potential upside of 106.95% from the stock’s current price.

Several other research analysts have also recently weighed in on BMRN. Wells Fargo & Company upped their price objective on BioMarin Pharmaceutical from $70.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 18th. Citigroup initiated coverage on BioMarin Pharmaceutical in a research report on Tuesday. They set a “buy” rating and a $75.00 price objective for the company. Loop Capital set a $105.00 price objective on BioMarin Pharmaceutical in a research report on Monday, March 2nd. Barclays upped their target price on BioMarin Pharmaceutical from $80.00 to $105.00 and gave the stock an “overweight” rating in a report on Tuesday, March 3rd. Finally, Sanford C. Bernstein dropped their target price on BioMarin Pharmaceutical from $94.00 to $82.00 and set an “outperform” rating on the stock in a report on Tuesday, May 5th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $88.67.

BioMarin Pharmaceutical Trading Down 0.9%

NASDAQ:BMRN traded down $0.46 on Friday, reaching $53.64. The company’s stock had a trading volume of 883,694 shares, compared to its average volume of 2,061,387. BioMarin Pharmaceutical has a 1-year low of $49.26 and a 1-year 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 firm has a market cap of $10.37 billion, a PE ratio of 39.11, a PEG ratio of 0.38 and a beta of 0.23. The business’s 50-day moving average price is $54.69 and its two-hundred day moving average price is $56.26.

Insider Activity

In other news, EVP Gregory R. Friberg sold 6,326 shares of the firm’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 completion of the sale, the executive vice president directly owned 37,578 shares in the company, valued at $2,268,959.64. This trade represents a 14.41% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Charles Greg Guyer sold 16,486 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $60.46, for a total value of $996,743.56. Following the completion of the sale, the executive vice president owned 79,953 shares of the company’s stock, valued at approximately $4,833,958.38. This represents a 17.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 26,093 shares of company stock valued at $1,555,389. Corporate insiders own 0.85% of the company’s stock.

Institutional Trading of BioMarin Pharmaceutical

Several large investors have recently made changes to their positions in BMRN. CIBC Private Wealth Group LLC boosted its stake in BioMarin Pharmaceutical by 38.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 648 shares of the biotechnology company’s stock valued at $39,000 after purchasing an additional 179 shares during the last quarter. Northwestern Mutual Investment Management Company LLC boosted its stake in BioMarin Pharmaceutical by 0.4% during the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 42,982 shares of the biotechnology company’s stock valued at $2,554,000 after purchasing an additional 183 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in BioMarin Pharmaceutical by 7.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 2,741 shares of the biotechnology company’s stock valued at $163,000 after purchasing an additional 195 shares during the last quarter. Grandfield & Dodd LLC boosted its stake in BioMarin Pharmaceutical by 1.2% during the 3rd quarter. Grandfield & Dodd LLC now owns 18,967 shares of the biotechnology company’s stock valued at $1,027,000 after purchasing an additional 217 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in BioMarin Pharmaceutical by 3.4% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 7,151 shares of the biotechnology company’s stock valued at $387,000 after purchasing an additional 235 shares during the last quarter. 98.71% of the stock is currently owned by institutional investors and hedge funds.

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.