BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target Cut to $80.00 by Analysts at Bank of America

BioMarin Pharmaceutical (NASDAQ:BMRN) had its target price dropped by Bank of America from $85.00 to $80.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the biotechnology company’s stock. Bank of America‘s target price points to a potential upside of 60.07% from the stock’s previous close.

Other equities analysts also recently issued reports about the company. Canaccord Genuity Group raised their price target on BioMarin Pharmaceutical from $104.00 to $116.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Morgan Stanley reduced their price target on BioMarin Pharmaceutical from $120.00 to $119.00 and set an “overweight” rating for the company in a report on Tuesday, May 5th. Wells Fargo & Company lifted their price objective on BioMarin Pharmaceutical from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, February 18th. Sanford C. Bernstein reduced their price objective on BioMarin Pharmaceutical from $94.00 to $82.00 and set an “outperform” rating for the company in a report on Tuesday, May 5th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and issued a $66.00 price objective on shares of BioMarin Pharmaceutical in a report on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, BioMarin Pharmaceutical has a consensus rating of “Moderate Buy” and an average target price of $88.88.

BioMarin Pharmaceutical Stock Up 0.6%

Shares of NASDAQ:BMRN traded up $0.31 on Tuesday, hitting $49.98. 1,372,092 shares of the company traded hands, compared to its average volume of 2,033,081. BioMarin Pharmaceutical has a 52 week low of $49.26 and a 52 week high of $66.28. The company has a quick ratio of 4.20, a current ratio of 5.81 and a debt-to-equity ratio of 0.23. The stock has a 50 day simple moving average of $55.26 and a 200-day simple moving average of $56.28. The company has a market cap of $9.66 billion, a PE ratio of 36.46, a PEG ratio of 0.39 and a beta of 0.23.

Insider Transactions at BioMarin Pharmaceutical

In other news, EVP Charles Greg Guyer sold 16,486 shares of BioMarin Pharmaceutical stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $60.46, for a total transaction of $996,743.56. Following the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Gregory R. Friberg sold 3,281 shares of BioMarin Pharmaceutical 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 transaction, the executive vice president directly owned 51,818 shares in the company, valued at approximately $2,790,399.30. The trade was a 5.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 26,093 shares of company stock valued at $1,555,389. Corporate insiders own 0.85% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. NewEdge Advisors LLC raised its holdings in shares of BioMarin Pharmaceutical by 11.5% during the 1st quarter. NewEdge Advisors LLC now owns 3,769 shares of the biotechnology company’s stock worth $266,000 after acquiring an additional 388 shares in the last quarter. Empowered Funds LLC raised its holdings in shares of BioMarin Pharmaceutical by 207.4% during the 1st quarter. Empowered Funds LLC now owns 12,023 shares of the biotechnology company’s stock worth $850,000 after acquiring an additional 8,112 shares in the last quarter. Focus Partners Wealth raised its holdings in shares of BioMarin Pharmaceutical by 70.2% during the 1st quarter. Focus Partners Wealth now owns 11,817 shares of the biotechnology company’s stock worth $835,000 after acquiring an additional 4,876 shares in the last quarter. Sivia Capital Partners LLC raised its holdings in shares of BioMarin Pharmaceutical by 33.0% during the 2nd quarter. Sivia Capital Partners LLC now owns 4,439 shares of the biotechnology company’s stock worth $244,000 after acquiring an additional 1,102 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in shares of BioMarin Pharmaceutical by 23.5% during the 2nd quarter. Invesco Ltd. now owns 618,835 shares of the biotechnology company’s stock worth $34,017,000 after acquiring an additional 117,617 shares in the last quarter. 98.71% of the stock is 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.