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

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target boosted by equities researchers at Wells Fargo & Company from $100.00 to $110.00 in a report issued on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the biotechnology company’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 35.95% from the company’s previous close.

A number of other equities analysts have also commented on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $100.00 target price on shares of BioMarin Pharmaceutical in a research report on Friday, February 23rd. Piper Sandler cut their price objective on shares of BioMarin Pharmaceutical from $115.00 to $107.00 and set an “overweight” rating on the stock in a report on Friday, February 23rd. Canaccord Genuity Group reissued a “hold” rating and set a $91.00 price objective on shares of BioMarin Pharmaceutical in a report on Thursday, February 29th. Robert W. Baird cut their price objective on shares of BioMarin Pharmaceutical from $127.00 to $104.00 and set an “outperform” rating on the stock in a report on Tuesday, January 30th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $100.00 price objective on shares of BioMarin Pharmaceutical in a report on Friday, February 23rd. Seven equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, BioMarin Pharmaceutical currently has an average rating of “Moderate Buy” and an average target price of $107.50.

BioMarin Pharmaceutical Stock Performance

Shares of NASDAQ:BMRN opened at $80.91 on Thursday. The firm has a market cap of $15.27 billion, a PE ratio of 75.62, a price-to-earnings-growth ratio of 1.68 and a beta of 0.31. The firm’s 50 day simple moving average is $87.58 and its 200-day simple moving average is $89.13. BioMarin Pharmaceutical has a one year low of $76.02 and a one year high of $99.56. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.57 and a current ratio of 2.51.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its earnings results on Thursday, February 22nd. The biotechnology company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.05. The business had revenue of $646.21 million for the quarter, compared to analyst estimates of $639.53 million. BioMarin Pharmaceutical had a net margin of 8.31% and a return on equity of 5.39%. The company’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same period last year, the company posted $0.11 earnings per share. As a group, equities analysts predict that BioMarin Pharmaceutical will post 1.85 EPS for the current year.

Insider Transactions at BioMarin Pharmaceutical

In other news, insider Henry J. Fuchs sold 35,341 shares of BioMarin Pharmaceutical stock in a transaction 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 sale, the insider now directly owns 212,117 shares in the company, valued at $18,068,126.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Jean Jacques Bienaime sold 15,000 shares of the firm’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $88.28, for a total transaction of $1,324,200.00. Following the completion of the transaction, the director now owns 419,602 shares of the company’s stock, valued at $37,042,464.56. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Henry J. Fuchs sold 35,341 shares of the firm’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $85.18, for a total transaction of $3,010,346.38. Following the transaction, the insider now directly owns 212,117 shares of the company’s stock, valued at approximately $18,068,126.06. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 103,229 shares of company stock worth $9,062,967. Company insiders own 1.84% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. KB Financial Partners LLC raised its holdings in shares of BioMarin Pharmaceutical by 51.3% during the third quarter. KB Financial Partners LLC now owns 348 shares of the biotechnology company’s stock worth $31,000 after purchasing an additional 118 shares during the last quarter. Lindbrook Capital LLC raised its holdings in shares of BioMarin Pharmaceutical by 259.8% during the fourth quarter. Lindbrook Capital LLC now owns 385 shares of the biotechnology company’s stock worth $37,000 after purchasing an additional 278 shares during the last quarter. Castleview Partners LLC purchased a new position in shares of BioMarin Pharmaceutical during the third quarter worth $35,000. Benjamin F. Edwards & Company Inc. increased its holdings in BioMarin Pharmaceutical by 135.3% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 433 shares of the biotechnology company’s stock valued at $42,000 after buying an additional 249 shares in the last quarter. Finally, Jones Financial Companies Lllp purchased a new position in BioMarin Pharmaceutical in the fourth quarter valued at $43,000. Hedge funds and other institutional investors own 98.71% of the company’s stock.

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.