Piper Sandler Issues Pessimistic Forecast for BioMarin Pharmaceutical (NASDAQ:BMRN) Stock Price

BioMarin Pharmaceutical (NASDAQ:BMRN) had its target price cut by analysts at Piper Sandler from $122.00 to $84.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the biotechnology company’s stock. Piper Sandler’s price target points to a potential upside of 44.50% from the company’s current price.

A number of other equities research analysts have also recently weighed in on BMRN. Canaccord Genuity Group upgraded BioMarin Pharmaceutical from a “hold” rating to a “buy” rating and upped their price target for the stock from $84.00 to $98.00 in a report on Tuesday, January 20th. Weiss Ratings restated a “sell (d)” rating on shares of BioMarin Pharmaceutical in a research report on Monday, December 29th. Wolfe Research reaffirmed an “outperform” rating on shares of BioMarin Pharmaceutical in a research note on Tuesday, October 28th. Morgan Stanley lowered their price objective 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. Finally, Royal Bank Of Canada restated a “sector perform” rating and set a $66.00 target price on shares of BioMarin Pharmaceutical in a report on Tuesday, October 28th. Seventeen analysts have rated the stock with a Buy rating, seven 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 $88.29.

BioMarin Pharmaceutical Stock Performance

Shares of BMRN opened at $58.13 on Friday. The company has a market capitalization of $11.17 billion, a PE ratio of 21.85, a P/E/G ratio of 0.64 and a beta of 0.26. BioMarin Pharmaceutical has a 52-week low of $50.76 and a 52-week high of $73.51. The company has a 50-day simple moving average of $56.71 and a 200-day simple moving average of $55.95. The company has a quick ratio of 3.10, a current ratio of 4.83 and a debt-to-equity ratio of 0.10.

Institutional Trading of BioMarin Pharmaceutical

Several institutional investors have recently made changes to their positions in the stock. Activest Wealth Management purchased a new position in shares of BioMarin Pharmaceutical in the 4th quarter worth $26,000. Quent Capital LLC purchased a new position in shares of BioMarin Pharmaceutical in the 3rd quarter worth about $28,000. Smartleaf Asset Management LLC lifted its stake in shares of BioMarin Pharmaceutical by 92.5% in the 3rd quarter. Smartleaf Asset Management LLC now owns 749 shares of the biotechnology company’s stock valued at $40,000 after purchasing an additional 360 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of BioMarin Pharmaceutical during the 3rd quarter worth about $40,000. Finally, Parallel Advisors LLC grew its holdings in shares of BioMarin Pharmaceutical by 62.2% during the 3rd quarter. Parallel Advisors LLC now owns 769 shares of the biotechnology company’s stock worth $42,000 after purchasing an additional 295 shares during the period. 98.71% of the stock is owned by hedge funds and other institutional investors.

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.