BioMarin Pharmaceutical (NASDAQ:BMRN) Given New $114.00 Price Target at UBS Group

BioMarin Pharmaceutical (NASDAQ:BMRN) had its target price boosted by UBS Group from $113.00 to $114.00 in a research note released on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the biotechnology company’s stock.

Several other brokerages have also recently weighed in on BMRN. JPMorgan Chase & Co. raised their target price on shares of BioMarin Pharmaceutical from $108.00 to $113.00 and gave the company an “overweight” rating in a report on Monday, July 14th. Morgan Stanley reduced their price objective on BioMarin Pharmaceutical from $97.00 to $96.00 and set an “overweight” rating for the company in a research note on Tuesday, July 22nd. Wolfe Research set a $95.00 target price on BioMarin Pharmaceutical and gave the stock an “outperform” rating in a research report on Tuesday, July 15th. Citigroup lowered their target price on shares of BioMarin Pharmaceutical from $82.00 to $78.00 and set a “neutral” rating on the stock in a research report on Friday, May 2nd. Finally, Wall Street Zen cut shares of BioMarin Pharmaceutical from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 18th. Six analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $93.78.

BioMarin Pharmaceutical Trading Up 2.7%

BMRN opened at $61.93 on Tuesday. The business’s 50 day moving average price is $57.24 and its 200 day moving average price is $61.79. BioMarin Pharmaceutical has a one year low of $52.93 and a one year high of $94.85. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.49 and a current ratio of 5.52. The stock has a market capitalization of $11.88 billion, a PE ratio of 18.38, a P/E/G ratio of 0.83 and a beta of 0.18.

Insiders Place Their Bets

In related news, CAO Erin Burkhart sold 1,786 shares of the stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $59.31, for a total value of $105,927.66. Following the sale, the chief accounting officer directly owned 14,173 shares in the company, valued at $840,600.63. This trade represents a 11.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.85% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Several institutional investors and hedge funds have recently added to or reduced their stakes in BMRN. CIBC Private Wealth Group LLC increased its holdings in shares of BioMarin Pharmaceutical by 64.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 596 shares of the biotechnology company’s stock valued at $41,000 after purchasing an additional 233 shares during the last quarter. Resona Asset Management Co. Ltd. acquired a new position in BioMarin Pharmaceutical in the fourth quarter valued at about $4,838,000. Quadrant Capital Group LLC raised its position in BioMarin Pharmaceutical by 58.9% during the fourth quarter. Quadrant Capital Group LLC now owns 1,776 shares of the biotechnology company’s stock valued at $117,000 after purchasing an additional 658 shares in the last quarter. Bank of Nova Scotia grew its holdings in shares of BioMarin Pharmaceutical by 15.5% during the 4th quarter. Bank of Nova Scotia now owns 15,507 shares of the biotechnology company’s stock valued at $1,019,000 after purchasing an additional 2,083 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its stake in shares of BioMarin Pharmaceutical by 4.1% in the 4th quarter. Renaissance Technologies LLC now owns 435,871 shares of the biotechnology company’s stock valued at $28,650,000 after acquiring an additional 17,000 shares during the last quarter. 98.71% of the stock is owned by institutional investors.

About BioMarin Pharmaceutical

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.