BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target Cut to $98.00 by Analysts at Morgan Stanley

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price objective decreased by Morgan Stanley from $104.00 to $98.00 in a research note published on Tuesday,Benzinga reports. Morgan Stanley currently has an overweight rating on the biotechnology company’s stock.

BMRN has been the topic of several other research reports. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of BioMarin Pharmaceutical in a research note on Wednesday, October 8th. Wall Street Zen downgraded BioMarin Pharmaceutical from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 11th. Wedbush reissued an “outperform” rating and issued a $94.00 price target on shares of BioMarin Pharmaceutical in a research note on Tuesday, August 5th. Wolfe Research reissued an “outperform” rating on shares of BioMarin Pharmaceutical in a research note on Tuesday. Finally, Zacks Research downgraded BioMarin Pharmaceutical from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 13th. Seventeen equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $89.91.

BioMarin Pharmaceutical Stock Performance

Shares of BioMarin Pharmaceutical stock opened at $53.49 on Tuesday. The company has a market capitalization of $10.27 billion, a PE ratio of 20.11, a PEG ratio of 0.66 and a beta of 0.33. BioMarin Pharmaceutical has a 12 month low of $51.56 and a 12 month high of $73.51. The company has a current ratio of 5.56, a quick ratio of 3.60 and a debt-to-equity ratio of 0.10. The stock’s fifty day simple moving average is $55.12 and its 200 day simple moving average is $57.20.

Institutional Trading of BioMarin Pharmaceutical

Hedge funds and other institutional investors have recently modified their holdings of the stock. Rise Advisors LLC acquired a new stake in shares of BioMarin Pharmaceutical in the first quarter valued at about $30,000. V Square Quantitative Management LLC acquired a new stake in shares of BioMarin Pharmaceutical in the second quarter valued at about $25,000. Quent Capital LLC acquired a new stake in shares of BioMarin Pharmaceutical in the third quarter valued at about $28,000. Brooklyn Investment Group increased its position in shares of BioMarin Pharmaceutical by 2,250.0% in the first quarter. Brooklyn Investment Group now owns 564 shares of the biotechnology company’s stock valued at $40,000 after acquiring an additional 540 shares during the last quarter. Finally, Hantz Financial Services Inc. increased its position in shares of BioMarin Pharmaceutical by 480.2% in the second quarter. Hantz Financial Services Inc. now owns 1,056 shares of the biotechnology company’s stock valued at $58,000 after acquiring an additional 874 shares during the last quarter. Institutional investors and hedge funds 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.