BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target Raised to $76.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target boosted by Citigroup from $75.00 to $76.00 in a report released on Thursday,Benzinga reports. Citigroup currently has a buy rating on the biotechnology company’s stock.

Several other research firms have also recently weighed in on BMRN. Sanford C. Bernstein decreased their price objective on shares of BioMarin Pharmaceutical from $94.00 to $82.00 and set an “outperform” rating for the company in a report on Tuesday, May 5th. The Goldman Sachs Group started coverage on shares of BioMarin Pharmaceutical in a research report on Monday, May 11th. They issued a “neutral” rating and a $69.00 target price for the company. UBS Group reiterated a “neutral” rating on shares of BioMarin Pharmaceutical in a research note on Tuesday. HC Wainwright reissued a “neutral” rating on shares of BioMarin Pharmaceutical in a report on Tuesday. Finally, Canaccord Genuity Group dropped their price target on BioMarin Pharmaceutical from $116.00 to $111.00 and set a “buy” rating on the stock in a research note on Friday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat, BioMarin Pharmaceutical currently has an average rating of “Moderate Buy” and a consensus target price of $88.26.

BioMarin Pharmaceutical Price Performance

Shares of NASDAQ:BMRN opened at $59.59 on Thursday. BioMarin Pharmaceutical has a fifty-two week low of $49.26 and a fifty-two week high of $66.28. The business has a 50-day simple moving average of $55.92 and a two-hundred day simple moving average of $56.85. 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 $11.52 billion, a price-to-earnings ratio of 43.50, a price-to-earnings-growth ratio of 0.45 and a beta of 0.24.

Insider Buying and Selling

In other BioMarin Pharmaceutical news, EVP Gregory R. Friberg sold 3,281 shares of the stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $53.85, for a total value of $176,681.85. Following the transaction, the executive vice president directly owned 51,818 shares in the company, valued at approximately $2,790,399.30. This trade represents a 5.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.85% of the company’s stock.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Hedge funds and other institutional investors have recently modified their holdings of the stock. CIBC Private Wealth Group LLC increased its position in shares of BioMarin Pharmaceutical by 38.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 648 shares of the biotechnology company’s stock valued at $39,000 after buying an additional 179 shares in the last quarter. Northwestern Mutual Investment Management Company LLC raised its position in shares of BioMarin Pharmaceutical by 0.4% in the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 42,982 shares of the biotechnology company’s stock valued at $2,554,000 after buying an additional 183 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of BioMarin Pharmaceutical by 7.7% in the fourth quarter. Nisa Investment Advisors LLC now owns 2,741 shares of the biotechnology company’s stock worth $163,000 after buying an additional 195 shares in the last quarter. Davis Investment Partners LLC lifted its stake in shares of BioMarin Pharmaceutical by 3.1% in the fourth quarter. Davis Investment Partners LLC now owns 8,031 shares of the biotechnology company’s stock worth $477,000 after buying an additional 243 shares in the last quarter. Finally, Caerus Investment Advisors LLC lifted its stake in shares of BioMarin Pharmaceutical by 2.8% in the fourth quarter. Caerus Investment Advisors LLC now owns 10,236 shares of the biotechnology company’s stock worth $608,000 after buying an additional 278 shares in the last quarter. 98.71% of the stock is currently owned by hedge funds and other institutional investors.

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.