Wells Fargo & Company Issues Positive Forecast for BioMarin Pharmaceutical (NASDAQ:BMRN) Stock Price

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price objective boosted by Wells Fargo & Company from $70.00 to $75.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the biotechnology company’s stock.

A number of other brokerages have also recently commented on BMRN. Barclays began coverage on shares of BioMarin Pharmaceutical in a research report on Wednesday, January 28th. They issued an “overweight” rating and a $80.00 target price for the company. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $66.00 price objective on shares of BioMarin Pharmaceutical in a research note on Tuesday, October 28th. Morgan Stanley decreased their target price on shares of BioMarin Pharmaceutical from $104.00 to $98.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 28th. Tudor Pickering set a $88.00 target price on BioMarin Pharmaceutical in a report on Monday, November 3rd. Finally, Piper Sandler dropped their price target on BioMarin Pharmaceutical from $122.00 to $84.00 and set an “overweight” rating for the company in a research report on Friday, February 6th. Seventeen equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $88.50.

BioMarin Pharmaceutical Stock Up 3.1%

Shares of BMRN opened at $61.83 on Wednesday. The stock has a 50 day moving average price of $57.67 and a 200 day moving average price of $56.02. BioMarin Pharmaceutical has a one year low of $50.76 and a one year high of $73.51. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.10 and a current ratio of 4.83. The stock has a market capitalization of $11.88 billion, a price-to-earnings ratio of 23.24, a PEG ratio of 0.65 and a beta of 0.26.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of BioMarin Pharmaceutical during the 4th quarter worth $447,572,000. AQR Capital Management LLC lifted its position in BioMarin Pharmaceutical by 90.7% in the second quarter. AQR Capital Management LLC now owns 5,580,573 shares of the biotechnology company’s stock valued at $306,429,000 after buying an additional 2,654,768 shares during the last quarter. Vestal Point Capital LP lifted its position in BioMarin Pharmaceutical by 261.4% in the fourth quarter. Vestal Point Capital LP now owns 3,000,000 shares of the biotechnology company’s stock valued at $178,290,000 after buying an additional 2,170,000 shares during the last quarter. Capital Research Global Investors boosted its stake in BioMarin Pharmaceutical by 547.5% during the third quarter. Capital Research Global Investors now owns 2,537,596 shares of the biotechnology company’s stock worth $137,436,000 after buying an additional 2,145,717 shares during the period. Finally, Viking Global Investors LP increased its position in shares of BioMarin Pharmaceutical by 13.8% during the second quarter. Viking Global Investors LP now owns 12,288,611 shares of the biotechnology company’s stock valued at $675,505,000 after acquiring an additional 1,488,552 shares during the last quarter. Institutional investors and hedge funds own 98.71% of the company’s stock.

About BioMarin Pharmaceutical

BioMarin Pharmaceutical Inc is a biopharmaceutical company specializing in the development and commercialization of therapies for rare genetic and metabolic diseases. The company focuses on addressing unmet medical needs by leveraging enzyme replacement therapy, small molecule pharmacological chaperones and gene therapy technologies. Headquartered in Novato, California, BioMarin operates research and development facilities in the United States and Europe.

The company’s commercial portfolio includes several approved therapies targeting inherited disorders.