Wells Fargo & Company Increases BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $110.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price objective boosted by analysts at Wells Fargo & Company from $100.00 to $110.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the biotechnology company’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 32.96% from the company’s current price.

Several other research analysts have also issued reports on the company. Piper Sandler dropped their price objective on BioMarin Pharmaceutical from $115.00 to $107.00 and set an “overweight” rating for the company in a research note on Friday, February 23rd. Robert W. Baird decreased their price target on shares of BioMarin Pharmaceutical from $127.00 to $104.00 and set an “outperform” rating for the company in a report on Tuesday, January 30th. Royal Bank of Canada reissued a “sector perform” rating and set a $100.00 price target on shares of BioMarin Pharmaceutical in a research report on Friday, February 23rd. Canaccord Genuity Group reiterated a “hold” rating and issued a $91.00 price target on shares of BioMarin Pharmaceutical in a research note on Thursday, February 29th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $100.00 price objective on shares of BioMarin Pharmaceutical in a research note on Friday, February 23rd. Seven equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $108.17.

BioMarin Pharmaceutical Trading Down 9.3 %

NASDAQ BMRN traded down $8.47 during mid-day trading on Thursday, hitting $82.73. The company’s stock had a trading volume of 1,719,689 shares, compared to its average volume of 1,347,004. The firm has a market capitalization of $15.61 billion, a P/E ratio of 94.01, a price-to-earnings-growth ratio of 1.70 and a beta of 0.31. The stock’s fifty day simple moving average is $87.86 and its two-hundred day simple moving average is $89.23. BioMarin Pharmaceutical has a 52-week low of $76.02 and a 52-week high of $99.56. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.51 and a quick ratio of 1.57.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings data on Thursday, February 22nd. The biotechnology company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.05. BioMarin Pharmaceutical had a net margin of 6.93% and a return on equity of 5.01%. The business had revenue of $646.21 million during the quarter, compared to the consensus estimate of $639.53 million. During the same quarter in the prior year, the company posted $0.11 earnings per share. The company’s quarterly revenue was up 20.2% compared to the same quarter last year. Research analysts expect that BioMarin Pharmaceutical will post 1.85 EPS for the current year.

Insiders Place Their Bets

In other news, Director Jean Jacques Bienaime sold 20,000 shares of the stock in a transaction that occurred on Friday, April 12th. The shares were sold at an average price of $91.26, for a total transaction of $1,825,200.00. Following the sale, the director now directly owns 474,994 shares of the company’s stock, valued at $43,347,952.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other BioMarin Pharmaceutical news, Director Jean Jacques Bienaime sold 20,000 shares of the firm’s stock in a transaction on Friday, April 12th. The shares were sold at an average price of $91.26, for a total value of $1,825,200.00. Following the transaction, the director now directly owns 474,994 shares of the company’s stock, valued at $43,347,952.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Henry J. Fuchs sold 35,341 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $85.18, for a total transaction of $3,010,346.38. Following the completion of the transaction, the insider now owns 212,117 shares of the company’s stock, valued at $18,068,126.06. The disclosure for this sale can be found here. Insiders sold 103,229 shares of company stock worth $9,062,967 over the last ninety days. Company insiders own 1.84% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of BMRN. Stratos Wealth Partners LTD. raised its position in BioMarin Pharmaceutical by 2.1% in the 4th quarter. Stratos Wealth Partners LTD. now owns 5,709 shares of the biotechnology company’s stock valued at $550,000 after purchasing an additional 115 shares in the last quarter. CWM LLC increased its holdings in shares of BioMarin Pharmaceutical by 10.0% in the 3rd quarter. CWM LLC now owns 1,301 shares of the biotechnology company’s stock valued at $115,000 after acquiring an additional 118 shares during the last quarter. KB Financial Partners LLC boosted its position in BioMarin Pharmaceutical by 51.3% during the 3rd quarter. KB Financial Partners LLC now owns 348 shares of the biotechnology company’s stock worth $31,000 after acquiring an additional 118 shares during the period. First Horizon Advisors Inc. raised its position in BioMarin Pharmaceutical by 33.3% during the fourth quarter. First Horizon Advisors Inc. now owns 576 shares of the biotechnology company’s stock valued at $56,000 after buying an additional 144 shares during the period. Finally, Atria Wealth Solutions Inc. boosted its stake in shares of BioMarin Pharmaceutical by 1.6% during the 4th quarter. Atria Wealth Solutions Inc. now owns 9,729 shares of the biotechnology company’s stock worth $938,000 after acquiring an additional 153 shares in the last quarter. 98.71% of the stock is owned by institutional investors and hedge funds.

BioMarin Pharmaceutical Company Profile

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.