BioMarin Pharmaceutical (NASDAQ:BMRN) Now Covered by Morgan Stanley

Morgan Stanley began coverage on shares of BioMarin Pharmaceutical (NASDAQ:BMRN) in a research note published on Monday morning. The firm issued an overweight rating and a $120.00 price objective on the biotechnology company’s stock.

A number of other analysts have also recently weighed in on BMRN. Piper Sandler cut their price target on BioMarin Pharmaceutical from $122.00 to $84.00 and set an “overweight” rating on the stock in a research note on Friday, February 6th. Bank of America cut 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. Truist Financial upgraded BioMarin Pharmaceutical to a “strong-buy” rating in a research note on Wednesday, March 25th. Guggenheim cut their price target on BioMarin Pharmaceutical from $106.00 to $86.00 and set a “buy” rating on the stock in a research note on Wednesday, February 25th. Finally, Wells Fargo & Company raised their price target on BioMarin Pharmaceutical from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, February 18th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $90.92.

BioMarin Pharmaceutical Stock Up 1.2%

Shares of NASDAQ BMRN opened at $53.81 on Monday. BioMarin Pharmaceutical has a 12-month low of $50.76 and a 12-month high of $66.28. The company has a current ratio of 5.21, a quick ratio of 3.50 and a debt-to-equity ratio of 0.10. The stock has a market cap of $10.40 billion, a P/E ratio of 30.23, a PEG ratio of 0.52 and a beta of 0.29. The business’s fifty day simple moving average is $57.41 and its 200-day simple moving average is $56.29.

Insider Activity

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

Hedge Funds Weigh In On BioMarin Pharmaceutical

A number of hedge funds and other institutional investors have recently made changes to their positions in BMRN. Financiere des Professionnels Fonds d investissement inc. purchased a new stake in BioMarin Pharmaceutical in the 3rd quarter valued at approximately $1,047,000. Federated Hermes Inc. boosted its holdings in BioMarin Pharmaceutical by 292.6% in the 3rd quarter. Federated Hermes Inc. now owns 278,315 shares of the biotechnology company’s stock valued at $15,074,000 after purchasing an additional 207,430 shares in the last quarter. Mediolanum International Funds Ltd boosted its holdings in BioMarin Pharmaceutical by 56.2% in the 3rd quarter. Mediolanum International Funds Ltd now owns 137,675 shares of the biotechnology company’s stock valued at $7,437,000 after purchasing an additional 49,534 shares in the last quarter. Rakuten Investment Management Inc. purchased a new stake in BioMarin Pharmaceutical in the 3rd quarter valued at approximately $1,265,000. Finally, DNB Asset Management AS boosted its holdings in BioMarin Pharmaceutical by 13.8% in the 3rd quarter. DNB Asset Management AS now owns 1,274,284 shares of the biotechnology company’s stock valued at $69,015,000 after purchasing an additional 154,954 shares in the last quarter. Hedge funds and other institutional investors own 98.71% of the company’s stock.

BioMarin Pharmaceutical Company Profile

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.