BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) Receives $88.26 Consensus Target Price from Brokerages

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) has earned an average recommendation of “Moderate Buy” from the twenty-four research firms that are covering the stock, Marketbeat reports. Eight investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $88.2609.

BMRN has been the subject of a number of research analyst reports. Weiss Ratings raised BioMarin Pharmaceutical from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, June 26th. HC Wainwright restated a “neutral” rating on shares of BioMarin Pharmaceutical in a report on Tuesday, July 14th. Morgan Stanley dropped their target price on shares of BioMarin Pharmaceutical from $120.00 to $119.00 and set an “overweight” rating for the company in a research report on Tuesday, May 5th. Citigroup lifted their target price on shares of BioMarin Pharmaceutical from $75.00 to $76.00 and gave the company a “buy” rating in a research note on Thursday, July 16th. Finally, Sanford C. Bernstein reduced their price target on shares of BioMarin Pharmaceutical from $94.00 to $82.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 5th.

Insiders Place Their Bets

In other BioMarin Pharmaceutical news, EVP Gregory R. Friberg sold 3,281 shares of BioMarin Pharmaceutical stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $53.85, for a total transaction of $176,681.85. Following the sale, the executive vice president directly owned 51,818 shares of the company’s stock, valued at approximately $2,790,399.30. The trade was a 5.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.68% of the company’s stock.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BMRN. Activest Wealth Management purchased a new position in BioMarin Pharmaceutical during the fourth quarter valued at $26,000. CIBC Private Wealth Group LLC grew its position in shares of BioMarin Pharmaceutical by 38.2% in the 4th quarter. CIBC Private Wealth Group LLC now owns 648 shares of the biotechnology company’s stock worth $39,000 after buying an additional 179 shares during the period. Caitong International Asset Management Co. Ltd purchased a new position in BioMarin Pharmaceutical during the 3rd quarter valued at about $40,000. V Square Quantitative Management LLC purchased a new position in BioMarin Pharmaceutical during the fourth quarter valued at $45,000. Finally, Parallel Advisors LLC boosted its holdings in BioMarin Pharmaceutical by 62.2% in the third quarter. Parallel Advisors LLC now owns 769 shares of the biotechnology company’s stock worth $42,000 after acquiring an additional 295 shares in the last quarter. 98.71% of the stock is owned by hedge funds and other institutional investors.

BioMarin Pharmaceutical Price Performance

Shares of BioMarin Pharmaceutical stock opened at $59.11 on Friday. The company has a quick ratio of 4.20, a current ratio of 5.81 and a debt-to-equity ratio of 0.23. The firm has a market cap of $11.42 billion, a PE ratio of 43.15, a price-to-earnings-growth ratio of 0.45 and a beta of 0.24. BioMarin Pharmaceutical has a 12-month low of $49.26 and a 12-month high of $66.28. The company’s fifty day simple moving average is $56.05 and its two-hundred day simple moving average is $56.83.

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.