BioMarin Pharmaceutical’s (BMRN) Hold Rating Reiterated at Canaccord Genuity Group

Canaccord Genuity Group reiterated their hold rating on shares of BioMarin Pharmaceutical (NASDAQ:BMRN) in a research report sent to investors on Thursday morning, Benzinga reports. The firm currently has a $89.00 price objective on the biotechnology company’s stock.

BMRN has been the topic of several other research reports. Morgan Stanley lowered their target price on shares of BioMarin Pharmaceutical from $115.00 to $112.00 and set an overweight rating on the stock in a research note on Friday, April 26th. Baird R W downgraded shares of BioMarin Pharmaceutical from a strong-buy rating to a hold rating in a report on Friday, May 17th. Evercore ISI initiated coverage on shares of BioMarin Pharmaceutical in a report on Tuesday, May 14th. They issued an outperform rating and a $113.00 price objective on the stock. Robert W. Baird downgraded shares of BioMarin Pharmaceutical from an outperform rating to a neutral rating and dropped their price objective for the stock from $104.00 to $72.00 in a report on Friday, May 17th. Finally, StockNews.com downgraded shares of BioMarin Pharmaceutical from a buy rating to a hold rating in a report on Monday, July 22nd. Ten analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $102.00.

BioMarin Pharmaceutical Price Performance

BMRN opened at $84.59 on Thursday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.70 and a current ratio of 2.74. The stock has a market capitalization of $16.06 billion, a P/E ratio of 79.06, a P/E/G ratio of 1.20 and a beta of 0.32. The company’s 50-day simple moving average is $81.75 and its two-hundred day simple moving average is $85.40. BioMarin Pharmaceutical has a 52-week low of $73.68 and a 52-week high of $99.56.

Insider Activity

In other news, EVP George Eric Davis sold 40,850 shares of BioMarin Pharmaceutical stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $74.51, for a total transaction of $3,043,733.50. Following the sale, the executive vice president now owns 56,157 shares in the company, valued at $4,184,258.07. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, EVP George Eric Davis sold 40,850 shares of BioMarin Pharmaceutical stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $74.51, for a total transaction of $3,043,733.50. Following the sale, the executive vice president now owns 56,157 shares in the company, valued at $4,184,258.07. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Brian Mueller sold 5,000 shares of BioMarin Pharmaceutical stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $75.19, for a total transaction of $375,950.00. Following the sale, the chief financial officer now owns 72,159 shares in the company, valued at approximately $5,425,635.21. The disclosure for this sale can be found here. Insiders have sold a total of 67,700 shares of company stock worth $5,209,352 over the last quarter. Insiders own 1.85% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of BMRN. State of Alaska Department of Revenue grew its holdings in shares of BioMarin Pharmaceutical by 1.3% in the fourth quarter. State of Alaska Department of Revenue now owns 27,965 shares of the biotechnology company’s stock valued at $2,696,000 after purchasing an additional 360 shares in the last quarter. Manning & Napier Group LLC grew its holdings in shares of BioMarin Pharmaceutical by 0.5% in the fourth quarter. Manning & Napier Group LLC now owns 1,145,113 shares of the biotechnology company’s stock valued at $110,412,000 after purchasing an additional 6,161 shares in the last quarter. Griffin Asset Management Inc. grew its holdings in shares of BioMarin Pharmaceutical by 2.7% in the fourth quarter. Griffin Asset Management Inc. now owns 17,473 shares of the biotechnology company’s stock valued at $1,685,000 after purchasing an additional 453 shares in the last quarter. Private Ocean LLC purchased a new position in shares of BioMarin Pharmaceutical in the fourth quarter valued at $140,000. Finally, China Universal Asset Management Co. Ltd. boosted its stake in BioMarin Pharmaceutical by 149.3% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 22,156 shares of the biotechnology company’s stock worth $2,136,000 after buying an additional 13,270 shares during the period. 98.71% of the stock is owned by hedge funds and other institutional investors.

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.