BioMarin Pharmaceutical’s (BMRN) Overweight Rating Reiterated at Cantor Fitzgerald

Cantor Fitzgerald reiterated their overweight rating on shares of BioMarin Pharmaceutical (NASDAQ:BMRN) in a report issued on Monday, Benzinga reports. They currently have a $110.00 price objective on the biotechnology company’s stock. Cantor Fitzgerald also issued estimates for BioMarin Pharmaceutical’s FY2024 earnings at $2.35 EPS.

A number of other brokerages also recently weighed in on BMRN. Morgan Stanley reduced their target price on BioMarin Pharmaceutical from $115.00 to $112.00 and set an overweight rating on the stock in a report on Friday, April 26th. Canaccord Genuity Group reaffirmed a hold rating and issued a $89.00 price objective on shares of BioMarin Pharmaceutical in a research note on Thursday, July 25th. Robert W. Baird downgraded BioMarin Pharmaceutical from an outperform rating to a neutral rating and lowered their target price for the stock from $104.00 to $72.00 in a research note on Friday, May 17th. Baird R W cut shares of BioMarin Pharmaceutical from a strong-buy rating to a hold rating in a report on Friday, May 17th. Finally, StockNews.com raised shares of BioMarin Pharmaceutical from a hold rating to a buy rating in a report on Tuesday, July 30th. Nine investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, BioMarin Pharmaceutical currently has a consensus rating of Moderate Buy and a consensus price target of $103.63.

BioMarin Pharmaceutical Price Performance

Shares of NASDAQ:BMRN opened at $87.90 on Monday. The company has a current ratio of 2.74, a quick ratio of 1.70 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $16.69 billion, a PE ratio of 82.15, a PEG ratio of 1.20 and a beta of 0.32. The firm has a 50 day moving average of $83.38 and a 200-day moving average of $84.97. BioMarin Pharmaceutical has a 12 month low of $73.68 and a 12 month high of $99.56.

Insider Buying and Selling at BioMarin Pharmaceutical

In other news, CFO Brian Mueller sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $75.19, for a total value of $375,950.00. Following the transaction, the chief financial officer now owns 72,159 shares in the company, valued at approximately $5,425,635.21. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP George Eric Davis sold 40,850 shares of the company’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $74.51, for a total transaction of $3,043,733.50. Following the sale, the executive vice president now owns 56,157 shares in the company, valued at approximately $4,184,258.07. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Brian Mueller sold 5,000 shares of BioMarin Pharmaceutical stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $75.19, for a total value of $375,950.00. Following the completion of the sale, the chief financial officer now owns 72,159 shares of the company’s stock, valued at $5,425,635.21. The disclosure for this sale can be found here. Insiders own 1.85% of the company’s stock.

Institutional Trading of BioMarin Pharmaceutical

Several large investors have recently modified their holdings of the stock. Capital Research Global Investors lifted its position in shares of BioMarin Pharmaceutical by 79.0% during the 4th quarter. Capital Research Global Investors now owns 10,774,641 shares of the biotechnology company’s stock valued at $1,038,907,000 after acquiring an additional 4,756,671 shares during the period. Norges Bank acquired a new position in shares of BioMarin Pharmaceutical during the fourth quarter valued at about $324,098,000. Principal Financial Group Inc. boosted its position in shares of BioMarin Pharmaceutical by 1,858.6% during the 2nd quarter. Principal Financial Group Inc. now owns 649,460 shares of the biotechnology company’s stock worth $53,470,000 after purchasing an additional 616,301 shares in the last quarter. Avoro Capital Advisors LLC boosted its position in shares of BioMarin Pharmaceutical by 11.7% during the 4th quarter. Avoro Capital Advisors LLC now owns 4,300,000 shares of the biotechnology company’s stock worth $414,606,000 after purchasing an additional 450,000 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of BioMarin Pharmaceutical by 33.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,605,983 shares of the biotechnology company’s stock valued at $154,850,000 after buying an additional 401,152 shares during the period. Institutional investors and hedge funds own 98.71% of the company’s stock.

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.