Truist Financial Upgrades BioMarin Pharmaceutical (NASDAQ:BMRN) to “Strong-Buy”

BioMarin Pharmaceutical (NASDAQ:BMRN) was upgraded by equities researchers at Truist Financial to a “strong-buy” rating in a report issued on Wednesday,Zacks.com reports.

Other research analysts have also issued reports about the stock. Guggenheim dropped their price target on shares of BioMarin Pharmaceutical from $106.00 to $86.00 and set a “buy” rating on the stock in a research note on Wednesday, February 25th. Oppenheimer lowered their price objective on BioMarin Pharmaceutical from $98.00 to $95.00 and set an “outperform” rating on the stock in a report on Tuesday, February 24th. Barclays boosted their target price on BioMarin Pharmaceutical from $80.00 to $105.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 3rd. Wolfe Research reissued an “outperform” rating on shares of BioMarin Pharmaceutical in a report on Monday, March 16th. Finally, Bank of America decreased their price target on BioMarin Pharmaceutical from $97.00 to $85.00 and set a “buy” rating on the stock in a research note on Wednesday, March 11th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $90.00.

BioMarin Pharmaceutical Stock Down 0.1%

Shares of BioMarin Pharmaceutical stock opened at $55.55 on Wednesday. The company has a market cap of $10.68 billion, a P/E ratio of 31.21, a PEG ratio of 0.55 and a beta of 0.25. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.50 and a current ratio of 5.21. BioMarin Pharmaceutical has a one year low of $50.76 and a one year high of $73.18. The firm has a fifty day moving average of $58.45 and a two-hundred day moving average of $56.17.

Insider Transactions at BioMarin Pharmaceutical

In other news, EVP Charles Greg Guyer sold 16,486 shares of BioMarin Pharmaceutical stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $60.46, for a total transaction of $996,743.56. Following the completion of the sale, the executive vice president directly owned 79,953 shares in the company, valued at approximately $4,833,958.38. This trade represents a 17.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Gregory R. Friberg sold 6,326 shares of the business’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $60.38, for a total value of $381,963.88. Following the sale, the executive vice president directly owned 37,578 shares in the company, valued at $2,268,959.64. This trade represents a 14.41% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.85% of the company’s stock.

Institutional Trading of BioMarin Pharmaceutical

A number of institutional investors have recently bought and sold shares of BMRN. Hsbc Holdings PLC grew its holdings in BioMarin Pharmaceutical by 78.9% in the fourth quarter. Hsbc Holdings PLC now owns 500,996 shares of the biotechnology company’s stock valued at $29,789,000 after purchasing an additional 220,995 shares during the last quarter. Rockefeller Capital Management L.P. raised its stake in shares of BioMarin Pharmaceutical by 1.4% during the 4th quarter. Rockefeller Capital Management L.P. now owns 361,571 shares of the biotechnology company’s stock worth $21,488,000 after buying an additional 5,043 shares during the last quarter. Wick Capital Partners LLC acquired a new position in shares of BioMarin Pharmaceutical during the 4th quarter worth $256,000. River Road Asset Management LLC purchased a new stake in shares of BioMarin Pharmaceutical in the 4th quarter worth about $53,865,000. Finally, Pacer Advisors Inc. boosted its position in shares of BioMarin Pharmaceutical by 53.6% in the 4th quarter. Pacer Advisors Inc. now owns 937,356 shares of the biotechnology company’s stock worth $55,707,000 after buying an additional 327,204 shares in the last quarter. 98.71% of the stock is currently owned by hedge funds and other institutional investors.

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.