Analysts Set BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) Target Price at $88.67

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) has been assigned a consensus rating of “Moderate Buy” from the twenty-four ratings firms that are currently covering the firm, MarketBeat.com reports. Seven investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $88.6667.

Several equities research analysts have weighed in on BMRN shares. Piper Sandler reduced their price objective on BioMarin Pharmaceutical from $122.00 to $84.00 and set an “overweight” rating on the stock in a research note on Friday, February 6th. The Goldman Sachs Group assumed coverage on BioMarin Pharmaceutical in a research note on Monday, May 11th. They set a “neutral” rating and a $69.00 price objective on the stock. Sanford C. Bernstein cut their target price on BioMarin Pharmaceutical from $94.00 to $82.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 5th. Oppenheimer cut their target price on BioMarin Pharmaceutical from $98.00 to $95.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 24th. Finally, Citigroup assumed coverage on BioMarin Pharmaceutical in a research note on Tuesday, May 19th. They set a “buy” rating and a $75.00 target price on the stock.

BioMarin Pharmaceutical Trading Down 3.1%

Shares of BioMarin Pharmaceutical stock opened at $53.32 on Friday. The firm has a market cap of $10.31 billion, a price-to-earnings ratio of 38.92, a PEG ratio of 0.42 and a beta of 0.25. The business has a 50-day moving average price of $54.22 and a 200-day moving average price of $56.33. The company has a quick ratio of 4.20, a current ratio of 5.81 and a debt-to-equity ratio of 0.23. BioMarin Pharmaceutical has a twelve month low of $49.26 and a twelve month high of $66.28.

Insider Buying and Selling

In related news, EVP Gregory R. Friberg sold 3,281 shares of the stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $53.85, for a total value of $176,681.85. Following the transaction, the executive vice president owned 51,818 shares of the company’s stock, valued at $2,790,399.30. This represents a 5.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Charles Greg Guyer sold 16,486 shares of the stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $60.46, for a total value of $996,743.56. Following the completion of the transaction, the executive vice president directly owned 79,953 shares in the company, valued at approximately $4,833,958.38. This trade represents a 17.09% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.85% of the company’s stock.

Hedge Funds Weigh In On BioMarin Pharmaceutical

Hedge funds and other institutional investors have recently made changes to their positions in the company. Activest Wealth Management purchased a new position in shares of BioMarin Pharmaceutical during the fourth quarter valued at $26,000. CIBC Private Wealth Group LLC increased its stake in shares of BioMarin Pharmaceutical by 38.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 648 shares of the biotechnology company’s stock valued at $39,000 after buying an additional 179 shares during the period. Caitong International Asset Management Co. Ltd purchased a new position in shares of BioMarin Pharmaceutical during the third quarter valued at $40,000. Smartleaf Asset Management LLC increased its stake in shares of BioMarin Pharmaceutical by 92.5% during the third quarter. Smartleaf Asset Management LLC now owns 749 shares of the biotechnology company’s stock valued at $40,000 after buying an additional 360 shares during the period. Finally, V Square Quantitative Management LLC purchased a new position in shares of BioMarin Pharmaceutical during the fourth quarter valued at $45,000. Institutional investors own 98.71% of the company’s stock.

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.