BioMarin Pharmaceutical (NASDAQ:BMRN) Upgraded at Truist Financial

BioMarin Pharmaceutical (NASDAQ:BMRN) was upgraded by research analysts at Truist Financial to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports.

Several other brokerages have also recently issued reports on BMRN. Bank of America dropped their price objective on BioMarin Pharmaceutical from $97.00 to $85.00 and set a “buy” rating on the stock in a research note on Wednesday, March 11th. Sanford C. Bernstein lifted their target price on BioMarin Pharmaceutical from $90.00 to $94.00 and gave the company an “outperform” rating in a research report on Wednesday, February 25th. Weiss Ratings reiterated a “sell (d)” rating on shares of BioMarin Pharmaceutical in a report on Monday, December 29th. Barclays increased their price target on BioMarin Pharmaceutical from $80.00 to $105.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 3rd. Finally, Jefferies Financial Group restated a “buy” rating and issued a $103.00 price objective on shares of BioMarin Pharmaceutical in a report on Thursday, March 12th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $90.00.

BioMarin Pharmaceutical Price Performance

Shares of BMRN stock opened at $55.59 on Wednesday. The company has a market capitalization of $10.69 billion, a P/E ratio of 31.23, a P/E/G ratio of 0.53 and a beta of 0.25. The company’s 50-day simple moving average is $58.44 and its two-hundred day simple moving average is $56.17. BioMarin Pharmaceutical has a one year low of $50.76 and a one year high of $73.18. The company has a debt-to-equity ratio of 0.10, a current ratio of 5.21 and a quick ratio of 3.50.

Insiders Place Their Bets

In related news, EVP Gregory R. Friberg sold 6,326 shares of the firm’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $60.38, for a total transaction of $381,963.88. Following the sale, the executive vice president owned 37,578 shares of the company’s stock, valued at $2,268,959.64. This trade represents a 14.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Charles Greg Guyer sold 16,486 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $60.46, for a total value of $996,743.56. Following the sale, the executive vice president directly owned 79,953 shares in the company, valued at approximately $4,833,958.38. The trade was a 17.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.85% of the company’s stock.

Institutional Trading of BioMarin Pharmaceutical

Several hedge funds have recently modified their holdings of BMRN. Activest Wealth Management purchased a new position in shares of BioMarin Pharmaceutical in the 4th quarter worth approximately $26,000. Quent Capital LLC purchased a new stake in BioMarin Pharmaceutical during the third quarter valued at approximately $28,000. CIBC Private Wealth Group LLC boosted its stake in 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 acquiring an additional 179 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in BioMarin Pharmaceutical by 92.5% in the third quarter. Smartleaf Asset Management LLC now owns 749 shares of the biotechnology company’s stock valued at $40,000 after acquiring an additional 360 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd purchased a new position in BioMarin Pharmaceutical in the third quarter worth $40,000. 98.71% of the stock is 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.