Bank of America Lowers BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $85.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its target price lowered by analysts at Bank of America from $97.00 to $85.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the biotechnology company’s stock. Bank of America‘s price objective would indicate a potential upside of 43.90% from the company’s current price.

Several other research firms have also issued reports on BMRN. Piper Sandler dropped their price target on shares of BioMarin Pharmaceutical from $122.00 to $84.00 and set an “overweight” rating for the company in a research report on Friday, February 6th. Sanford C. Bernstein raised their target price on BioMarin Pharmaceutical from $90.00 to $94.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 25th. Stifel Nicolaus set a $68.00 price target on BioMarin Pharmaceutical in a research report on Tuesday, February 24th. Weiss Ratings reiterated a “sell (d)” rating on shares of BioMarin Pharmaceutical in a research note on Monday, December 29th. Finally, Truist Financial lifted their price objective on BioMarin Pharmaceutical from $80.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, December 23rd. Seventeen analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $90.00.

BioMarin Pharmaceutical Trading Down 2.1%

Shares of BMRN opened at $59.07 on Wednesday. The firm has a market capitalization of $11.36 billion, a price-to-earnings ratio of 33.19, a P/E/G ratio of 0.53 and a beta of 0.25. The company has a quick ratio of 3.50, a current ratio of 5.21 and a debt-to-equity ratio of 0.10. BioMarin Pharmaceutical has a 12-month low of $50.76 and a 12-month high of $73.18. The stock’s 50-day moving average price is $58.98 and its 200 day moving average price is $56.34.

Insider Transactions at BioMarin Pharmaceutical

In related news, EVP Charles Greg Guyer sold 16,486 shares of the business’s 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 of the company’s stock, valued at $4,833,958.38. The trade was a 17.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Gregory R. Friberg sold 6,326 shares of the stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $60.38, for a total transaction of $381,963.88. Following the completion of the transaction, the executive vice president owned 37,578 shares in the company, valued at $2,268,959.64. This represents a 14.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate 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 bought and sold shares of the business. Activest Wealth Management acquired a new position in shares of BioMarin Pharmaceutical in the 4th quarter valued at $26,000. Quent Capital LLC acquired a new stake in shares of BioMarin Pharmaceutical during the third quarter worth $28,000. CIBC Private Wealth Group LLC increased its holdings in BioMarin Pharmaceutical by 38.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 648 shares of the biotechnology company’s stock valued at $39,000 after purchasing an additional 179 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in BioMarin Pharmaceutical in the third quarter valued at about $40,000. Finally, Smartleaf Asset Management LLC lifted its stake in BioMarin Pharmaceutical by 92.5% in the third quarter. Smartleaf Asset Management LLC now owns 749 shares of the biotechnology company’s stock valued at $40,000 after buying an additional 360 shares during the period. 98.71% of the stock is owned by 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.