BioMarin Pharmaceutical (NASDAQ:BMRN) Given New $70.00 Price Target at Wells Fargo & Company

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target trimmed by Wells Fargo & Company from $90.00 to $70.00 in a research report report published on Tuesday,Benzinga reports. The firm currently has an overweight rating on the biotechnology company’s stock.

Other analysts have also issued research reports about the stock. HC Wainwright lowered their price objective on shares of BioMarin Pharmaceutical from $60.00 to $55.00 and set a “neutral” rating for the company in a research note on Monday. Royal Bank Of Canada restated a “sector perform” rating and issued a $66.00 price target on shares of BioMarin Pharmaceutical in a report on Tuesday. Barclays reduced their price target on shares of BioMarin Pharmaceutical from $86.00 to $80.00 and set an “overweight” rating for the company in a report on Tuesday. Zacks Research cut shares of BioMarin Pharmaceutical from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 13th. Finally, Wolfe Research reissued an “outperform” rating on shares of BioMarin Pharmaceutical in a research report on Tuesday. Seventeen analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, BioMarin Pharmaceutical has a consensus rating of “Moderate Buy” and a consensus target price of $89.91.

BioMarin Pharmaceutical Stock Up 1.6%

Shares of BioMarin Pharmaceutical stock opened at $53.49 on Tuesday. BioMarin Pharmaceutical has a one year low of $51.56 and a one year high of $73.51. The company has a debt-to-equity ratio of 0.10, a current ratio of 5.56 and a quick ratio of 3.60. The stock’s 50-day moving average is $55.12 and its 200 day moving average is $57.20. The firm has a market cap of $10.27 billion, a price-to-earnings ratio of 20.11, a PEG ratio of 0.66 and a beta of 0.33.

Institutional Investors Weigh In On BioMarin Pharmaceutical

A number of institutional investors and hedge funds have recently made changes to their positions in BMRN. GAMMA Investing LLC raised its holdings in shares of BioMarin Pharmaceutical by 154.0% in the 1st quarter. GAMMA Investing LLC now owns 3,129 shares of the biotechnology company’s stock worth $221,000 after acquiring an additional 1,897 shares during the last quarter. Janney Montgomery Scott LLC increased its holdings in BioMarin Pharmaceutical by 56.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 12,016 shares of the biotechnology company’s stock worth $849,000 after purchasing an additional 4,345 shares in the last quarter. Oppenheimer & Co. Inc. bought a new stake in BioMarin Pharmaceutical during the 1st quarter worth approximately $383,000. Allspring Global Investments Holdings LLC increased its holdings in BioMarin Pharmaceutical by 1.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 101,937 shares of the biotechnology company’s stock worth $6,926,000 after purchasing an additional 1,452 shares in the last quarter. Finally, New York State Teachers Retirement System boosted its position in shares of BioMarin Pharmaceutical by 0.3% during the first quarter. New York State Teachers Retirement System now owns 106,438 shares of the biotechnology company’s stock valued at $7,524,000 after buying an additional 300 shares during the last quarter. Institutional investors and hedge funds own 98.71% of the company’s stock.

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.