BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target Cut to $80.00 by Analysts at Bank of America

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price objective reduced by Bank of America from $85.00 to $80.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the biotechnology company’s stock. Bank of America‘s target price would suggest a potential upside of 60.07% from the company’s current price.

BMRN has been the subject of a number of other research reports. Truist Financial upgraded shares of BioMarin Pharmaceutical to a “strong-buy” rating in a research note on Wednesday, March 25th. Morgan Stanley decreased their price target on shares of BioMarin Pharmaceutical from $120.00 to $119.00 and set an “overweight” rating for the company in a research note on Tuesday, May 5th. Royal Bank Of Canada restated a “sector perform” rating and set a $66.00 price target on shares of BioMarin Pharmaceutical in a research note on Tuesday, May 5th. Piper Sandler reduced their target price on shares of BioMarin Pharmaceutical from $122.00 to $84.00 and set an “overweight” rating for the company in a research note on Friday, February 6th. Finally, Loop Capital set a $105.00 target price on shares of BioMarin Pharmaceutical in a research note on Monday, March 2nd. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $88.88.

BioMarin Pharmaceutical Trading Up 0.6%

Shares of NASDAQ BMRN traded up $0.31 during midday trading on Tuesday, reaching $49.98. The stock had a trading volume of 1,372,092 shares, compared to its average volume of 2,033,081. The firm has a market cap of $9.66 billion, a price-to-earnings ratio of 36.46, a price-to-earnings-growth ratio of 0.39 and a beta of 0.23. BioMarin Pharmaceutical has a twelve month low of $49.26 and a twelve month high of $66.28. 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’s 50 day moving average price is $55.26 and its 200 day moving average price is $56.28.

Insider Transactions at BioMarin Pharmaceutical

In other news, EVP Gregory R. Friberg sold 3,281 shares of the stock in a transaction dated Thursday, May 7th. The shares were 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 of the company’s stock, valued at approximately $2,790,399.30. This represents a 5.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Charles Greg Guyer sold 16,486 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $60.46, for a total transaction of $996,743.56. Following the completion of the transaction, the executive vice president owned 79,953 shares in the company, valued at approximately $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. Over the last three months, insiders sold 26,093 shares of company stock worth $1,555,389. Insiders own 0.85% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Norges Bank purchased a new stake in BioMarin Pharmaceutical in the fourth quarter worth $447,572,000. Vestal Point Capital LP lifted its stake in BioMarin Pharmaceutical by 261.4% in the fourth quarter. Vestal Point Capital LP now owns 3,000,000 shares of the biotechnology company’s stock worth $178,290,000 after acquiring an additional 2,170,000 shares during the period. Capital Research Global Investors lifted its position in BioMarin Pharmaceutical by 547.5% during the third quarter. Capital Research Global Investors now owns 2,537,596 shares of the biotechnology company’s stock valued at $137,436,000 after buying an additional 2,145,717 shares during the period. Viking Global Investors LP lifted its position in 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. Finally, Dimensional Fund Advisors LP lifted its position in BioMarin Pharmaceutical by 48.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,321,754 shares of the biotechnology company’s stock valued at $197,405,000 after buying an additional 1,076,568 shares during the period. Institutional investors own 98.71% of the company’s stock.

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.