Citigroup Upgrades BioMarin Pharmaceutical (NASDAQ:BMRN) to Strong-Buy

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

Other analysts also recently issued research reports about the stock. Wells Fargo & Company raised their price objective on shares of BioMarin Pharmaceutical from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, February 18th. Jefferies Financial Group restated a “buy” rating and set a $103.00 price objective on shares of BioMarin Pharmaceutical in a report on Thursday, March 12th. Barclays raised their price objective on shares of BioMarin Pharmaceutical from $80.00 to $105.00 and gave the stock an “overweight” rating in a report on Tuesday, March 3rd. Oppenheimer decreased their price objective on shares of BioMarin Pharmaceutical from $98.00 to $95.00 and set an “outperform” rating for the company in a report on Tuesday, February 24th. Finally, Piper Sandler decreased their price objective on shares of BioMarin Pharmaceutical from $122.00 to $84.00 and set an “overweight” rating for the company in a report on Friday, February 6th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $88.88.

BioMarin Pharmaceutical Price Performance

BMRN opened at $49.84 on Monday. The company has a debt-to-equity ratio of 0.23, a current ratio of 5.81 and a quick ratio of 4.20. The company has a market capitalization of $9.63 billion, a price-to-earnings ratio of 36.38, a P/E/G ratio of 0.37 and a beta of 0.23. The firm’s fifty day moving average price is $55.04 and its two-hundred day moving average price is $56.27. BioMarin Pharmaceutical has a 1 year low of $49.26 and a 1 year high of $66.28.

Insider Transactions at BioMarin Pharmaceutical

In related news, EVP Gregory R. Friberg sold 3,281 shares of the business’s stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $53.85, for a total value of $176,681.85. Following the sale, the executive vice president directly owned 51,818 shares in the company, valued at approximately $2,790,399.30. The trade was a 5.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Charles Greg Guyer sold 16,486 shares of the business’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 completion of the sale, the executive vice president owned 79,953 shares in the company, valued at $4,833,958.38. This represents a 17.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 26,093 shares of company stock worth $1,555,389 over the last 90 days. 0.85% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Viking Global Investors LP increased its position in shares of BioMarin Pharmaceutical by 13.8% during the second quarter. Viking Global Investors LP now owns 12,288,611 shares of the biotechnology company’s stock valued at $675,505,000 after buying an additional 1,488,552 shares during the period. Norges Bank bought a new stake in shares of BioMarin Pharmaceutical during the fourth quarter valued at about $447,572,000. AQR Capital Management LLC increased its position in shares of BioMarin Pharmaceutical by 12.7% during the fourth quarter. AQR Capital Management LLC now owns 6,686,916 shares of the biotechnology company’s stock valued at $395,197,000 after buying an additional 754,807 shares during the period. Dimensional Fund Advisors LP increased its position in shares of BioMarin Pharmaceutical by 14.5% during the first quarter. Dimensional Fund Advisors LP now owns 3,802,930 shares of the biotechnology company’s stock valued at $214,804,000 after buying an additional 481,176 shares during the period. Finally, Geode Capital Management LLC grew its holdings in shares of BioMarin Pharmaceutical by 3.7% during the fourth quarter. Geode Capital Management LLC now owns 3,674,089 shares of the biotechnology company’s stock worth $218,395,000 after purchasing an additional 131,969 shares in the last quarter. 98.71% of the stock is currently owned by 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.