Citigroup Issues Positive Forecast for BioMarin Pharmaceutical (NASDAQ:BMRN) Stock Price

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target increased by Citigroup from $75.00 to $76.00 in a report released on Thursday,Benzinga reports. They currently have a buy rating on the biotechnology company’s stock.

A number of other equities research analysts also recently commented on the stock. The Goldman Sachs Group began coverage on shares of BioMarin Pharmaceutical in a research report on Monday, May 11th. They issued a “neutral” rating and a $69.00 price objective for the company. Weiss Ratings upgraded BioMarin Pharmaceutical from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, June 26th. Morgan Stanley cut their target price on BioMarin Pharmaceutical from $120.00 to $119.00 and set an “overweight” rating for the company in a research note on Tuesday, May 5th. Royal Bank Of Canada reduced their price target on BioMarin Pharmaceutical from $66.00 to $62.00 and set a “sector perform” rating for the company in a report on Tuesday, July 7th. Finally, UBS Group restated a “neutral” rating on shares of BioMarin Pharmaceutical in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, BioMarin Pharmaceutical currently has an average rating of “Moderate Buy” and a consensus target price of $88.26.

BioMarin Pharmaceutical Stock Up 1.8%

BMRN stock opened at $60.00 on Thursday. BioMarin Pharmaceutical has a one year low of $49.26 and a one year high of $66.28. The stock has a market capitalization of $11.60 billion, a PE ratio of 43.80, a price-to-earnings-growth ratio of 0.45 and a beta of 0.24. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.20 and a current ratio of 5.81. The company has a fifty day moving average of $55.81 and a 200-day moving average of $56.83.

Insiders Place Their Bets

In other BioMarin Pharmaceutical news, EVP Gregory R. Friberg sold 3,281 shares of the stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $53.85, for a total value of $176,681.85. Following the completion of the transaction, the executive vice president directly owned 51,818 shares of the company’s stock, valued at approximately $2,790,399.30. This trade represents a 5.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.85% of the company’s stock.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Institutional investors have recently modified their holdings of the company. Activest Wealth Management purchased a new position in BioMarin Pharmaceutical in the 4th quarter valued at approximately $26,000. CIBC Private Wealth Group LLC raised its holdings in BioMarin Pharmaceutical by 38.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 648 shares of the biotechnology company’s stock worth $39,000 after purchasing an additional 179 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in BioMarin Pharmaceutical during the third quarter worth $40,000. Parallel Advisors LLC grew its holdings in BioMarin Pharmaceutical by 62.2% in the third quarter. Parallel Advisors LLC now owns 769 shares of the biotechnology company’s stock valued at $42,000 after purchasing an additional 295 shares during the last quarter. Finally, V Square Quantitative Management LLC acquired a new stake in BioMarin Pharmaceutical in the fourth quarter valued at $45,000. Hedge funds and other institutional investors 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.