Canaccord Genuity Group Lowers BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $111.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target lowered by equities research analysts at Canaccord Genuity Group from $116.00 to $111.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the biotechnology company’s stock. Canaccord Genuity Group’s price objective indicates a potential upside of 106.95% from the company’s current price.

A number of other equities research analysts have also recently commented on the stock. Wolfe Research reaffirmed an “outperform” rating on shares of BioMarin Pharmaceutical in a report on Monday, March 16th. Loop Capital set a $105.00 price target on shares of BioMarin Pharmaceutical in a report on Monday, March 2nd. Weiss Ratings cut shares of BioMarin Pharmaceutical from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, May 15th. HC Wainwright lowered their price target on shares of BioMarin Pharmaceutical from $55.00 to $50.00 and set a “neutral” rating on the stock in a report on Monday. Finally, Truist Financial raised shares of BioMarin Pharmaceutical to a “strong-buy” rating in a report on Wednesday, March 25th. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, BioMarin Pharmaceutical currently has an average rating of “Moderate Buy” and a consensus price target of $88.67.

BioMarin Pharmaceutical Stock Performance

Shares of BioMarin Pharmaceutical stock traded down $0.46 during mid-day trading on Friday, hitting $53.64. 883,694 shares of the stock were exchanged, compared to its average volume of 2,061,387. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.20 and a current ratio of 5.81. The company has a market capitalization of $10.37 billion, a P/E ratio of 39.11, a P/E/G ratio of 0.38 and a beta of 0.23. BioMarin Pharmaceutical has a 12 month low of $49.26 and a 12 month high of $66.28. The company has a 50-day simple moving average of $54.69 and a 200 day simple moving average of $56.26.

Insiders Place Their Bets

In other news, EVP Gregory R. Friberg sold 6,326 shares of the business’s stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $60.38, for a total transaction of $381,963.88. Following the completion of the transaction, the executive vice president directly owned 37,578 shares in the company, valued at $2,268,959.64. The trade was a 14.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Charles Greg Guyer sold 16,486 shares of the business’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $60.46, for a total transaction of $996,743.56. Following the transaction, the executive vice president owned 79,953 shares of the company’s stock, valued at $4,833,958.38. This trade represents a 17.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 26,093 shares of company stock valued at $1,555,389 over the last 90 days. Company insiders own 0.85% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Viking Global Investors LP grew its position 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 valued at $675,505,000 after purchasing an additional 1,488,552 shares in the last quarter. Norges Bank purchased a new position in shares of BioMarin Pharmaceutical during the 4th quarter valued at $447,572,000. AQR Capital Management LLC grew its position in BioMarin Pharmaceutical by 12.7% in the fourth quarter. AQR Capital Management LLC now owns 6,686,916 shares of the biotechnology company’s stock worth $395,197,000 after acquiring an additional 754,807 shares in the last quarter. Dimensional Fund Advisors LP grew its position in BioMarin Pharmaceutical by 14.5% in the first quarter. Dimensional Fund Advisors LP now owns 3,802,930 shares of the biotechnology company’s stock worth $214,804,000 after acquiring an additional 481,176 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in BioMarin Pharmaceutical by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 3,674,089 shares of the biotechnology company’s stock worth $218,395,000 after acquiring an additional 131,969 shares in the last quarter. 98.71% of the stock is currently owned by hedge funds and other institutional investors.

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.