BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target Raised to $75.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target lifted by analysts at Wells Fargo & Company from $70.00 to $75.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the biotechnology company’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 24.39% from the stock’s current price.

A number of other brokerages have also recently issued reports on BMRN. Weiss Ratings restated a “sell (d)” rating on shares of BioMarin Pharmaceutical in a research note on Monday, December 29th. Morgan Stanley lowered their target price on BioMarin Pharmaceutical from $104.00 to $98.00 and set an “overweight” rating for the company in a research note on Tuesday, October 28th. Tudor Pickering set a $88.00 price objective on BioMarin Pharmaceutical in a research report on Monday, November 3rd. Barclays began coverage on shares of BioMarin Pharmaceutical in a research note on Wednesday, January 28th. They issued an “overweight” rating and a $80.00 price objective on the stock. Finally, Leerink Partners downgraded shares of BioMarin Pharmaceutical from an “outperform” rating to a “market perform” rating and cut their price target for the company from $82.00 to $60.00 in a research report on Wednesday, December 3rd. Seventeen research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, BioMarin Pharmaceutical currently has a consensus rating of “Moderate Buy” and a consensus target price of $88.50.

BioMarin Pharmaceutical Stock Performance

NASDAQ:BMRN traded up $0.35 during trading hours on Wednesday, hitting $60.30. 45,861 shares of the company traded hands, compared to its average volume of 2,052,283. BioMarin Pharmaceutical has a twelve month low of $50.76 and a twelve month high of $73.51. The stock has a market capitalization of $11.58 billion, a price-to-earnings ratio of 22.62, a P/E/G ratio of 0.65 and a beta of 0.26. The firm has a 50-day moving average of $57.51 and a 200 day moving average of $55.98. The company has a current ratio of 4.83, a quick ratio of 3.10 and a debt-to-equity ratio of 0.10.

Institutional Trading of BioMarin Pharmaceutical

A number of large investors have recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of BioMarin Pharmaceutical in the 4th quarter valued at about $447,572,000. AQR Capital Management LLC raised its stake in BioMarin Pharmaceutical by 90.7% in the second quarter. AQR Capital Management LLC now owns 5,580,573 shares of the biotechnology company’s stock valued at $306,429,000 after buying an additional 2,654,768 shares during the period. Capital Research Global Investors lifted its position in shares of BioMarin Pharmaceutical by 547.5% in the third quarter. Capital Research Global Investors now owns 2,537,596 shares of the biotechnology company’s stock valued at $137,436,000 after buying an additional 2,145,717 shares during the last quarter. Viking Global Investors LP boosted its stake in shares of BioMarin Pharmaceutical by 13.8% during the 2nd quarter. Viking Global Investors LP now owns 12,288,611 shares of the biotechnology company’s stock worth $675,505,000 after acquiring an additional 1,488,552 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of 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 acquiring an additional 1,076,568 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.