BioMarin Pharmaceutical (NASDAQ:BMRN) PT Raised to $115.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its target price hoisted by Wells Fargo & Company from $110.00 to $115.00 in a research note published on Thursday morning, Benzinga reports. They currently have an overweight rating on the biotechnology company’s stock.

Other equities analysts have also recently issued research reports about the stock. Canaccord Genuity Group dropped their target price on shares of BioMarin Pharmaceutical from $91.00 to $89.00 and set a hold rating on the stock in a research report on Friday, April 26th. Citigroup cut their price objective on BioMarin Pharmaceutical from $94.00 to $91.00 and set a neutral rating on the stock in a research report on Thursday, April 25th. Scotiabank raised their target price on BioMarin Pharmaceutical from $83.00 to $85.00 and gave the company a sector perform rating in a research report on Thursday, April 25th. Morgan Stanley cut their price target on shares of BioMarin Pharmaceutical from $115.00 to $112.00 and set an overweight rating on the stock in a report on Friday, April 26th. Finally, Baird R W downgraded shares of BioMarin Pharmaceutical from a strong-buy rating to a hold rating in a report on Friday, May 17th. Nine equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $106.37.

BioMarin Pharmaceutical Stock Performance

BMRN opened at $82.33 on Thursday. BioMarin Pharmaceutical has a 1-year low of $73.68 and a 1-year high of $99.56. The company has a market cap of $15.63 billion, a price-to-earnings ratio of 76.94, a PEG ratio of 1.17 and a beta of 0.31. The company’s fifty day moving average price is $81.37 and its two-hundred day moving average price is $87.23. The company has a current ratio of 2.74, a quick ratio of 1.70 and a debt-to-equity ratio of 0.12.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.12. The business had revenue of $648.83 million for the quarter, compared to analysts’ expectations of $649.75 million. BioMarin Pharmaceutical had a net margin of 8.31% and a return on equity of 5.34%. On average, analysts expect that BioMarin Pharmaceutical will post 1.99 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Erin Burkhart sold 2,286 shares of BioMarin Pharmaceutical stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $90.00, for a total value of $205,740.00. Following the transaction, the chief accounting officer now directly owns 16,156 shares of the company’s stock, valued at $1,454,040. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other BioMarin Pharmaceutical news, CAO Erin Burkhart sold 2,286 shares of the company’s stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $90.00, for a total transaction of $205,740.00. Following the completion of the transaction, the chief accounting officer now owns 16,156 shares of the company’s stock, valued at approximately $1,454,040. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jean Jacques Bienaime sold 20,000 shares of BioMarin Pharmaceutical stock in a transaction that occurred on Friday, April 12th. The stock was sold at an average price of $91.26, for a total value of $1,825,200.00. Following the completion of the sale, the director now owns 474,994 shares in the company, valued at $43,347,952.44. The disclosure for this sale can be found here. Insiders have sold 89,986 shares of company stock valued at $7,240,292 in the last ninety days. Company insiders own 1.85% of the company’s stock.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Several hedge funds have recently made changes to their positions in BMRN. Allspring Global Investments Holdings LLC grew its position in shares of BioMarin Pharmaceutical by 7,368.7% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 60,571 shares of the biotechnology company’s stock worth $5,840,000 after buying an additional 59,760 shares during the period. International Assets Investment Management LLC purchased a new stake in BioMarin Pharmaceutical in the fourth quarter worth about $3,598,000. FMR LLC increased its stake in shares of BioMarin Pharmaceutical by 30.4% during the third quarter. FMR LLC now owns 713,797 shares of the biotechnology company’s stock valued at $63,157,000 after purchasing an additional 166,219 shares in the last quarter. Nordea Investment Management AB lifted its holdings in shares of BioMarin Pharmaceutical by 4.9% during the fourth quarter. Nordea Investment Management AB now owns 11,594 shares of the biotechnology company’s stock valued at $1,121,000 after purchasing an additional 544 shares during the last quarter. Finally, ING Groep NV bought a new stake in shares of BioMarin Pharmaceutical in the 4th quarter worth approximately $20,248,000. 98.71% of the stock is currently owned by institutional investors.

About BioMarin Pharmaceutical

BioMarin Pharmaceutical Inc develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. Its commercial products include Vimizim, an enzyme replacement therapy for the treatment of mucopolysaccharidosis (MPS) IV type A, a lysosomal storage disorder; Naglazyme, a recombinant form of N-acetylgalactosamine 4-sulfatase for patients with MPS VI; and Kuvan, a proprietary synthetic oral form of 6R-BH4 that is used to treat patients with phenylketonuria (PKU), an inherited metabolic disease.