Canaccord Genuity Group Issues Positive Forecast for BioMarin Pharmaceutical (NASDAQ:BMRN) Stock Price

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price objective lifted by Canaccord Genuity Group from $104.00 to $116.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a buy rating on the biotechnology company’s stock.

Several other equities research analysts have also recently weighed in on BMRN. Bank of America dropped their price target on shares of BioMarin Pharmaceutical from $97.00 to $85.00 and set a “buy” rating for the company in a research report on Wednesday, March 11th. Morgan Stanley dropped their target price on shares of BioMarin Pharmaceutical from $120.00 to $119.00 and set an “overweight” rating for the company in a research report on Tuesday. Wolfe Research reaffirmed an “outperform” rating on shares of BioMarin Pharmaceutical in a research report on Monday, March 16th. Weiss Ratings raised shares of BioMarin Pharmaceutical from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, May 1st. Finally, Stifel Nicolaus set a $68.00 target price on shares of BioMarin Pharmaceutical in a research report on Tuesday, February 24th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, BioMarin Pharmaceutical presently has an average rating of “Moderate Buy” and an average price target of $90.86.

BioMarin Pharmaceutical Trading Down 0.9%

Shares of BMRN opened at $54.12 on Thursday. The stock has a market capitalization of $10.46 billion, a P/E ratio of 39.50, a PEG ratio of 0.39 and a beta of 0.23. The company has a quick ratio of 3.50, a current ratio of 5.81 and a debt-to-equity ratio of 0.23. The firm has a fifty day simple moving average of $56.38 and a two-hundred day simple moving average of $56.34. BioMarin Pharmaceutical has a twelve month low of $50.76 and a twelve month high of $66.28.

Insider Activity

In other news, EVP Charles Greg Guyer sold 16,486 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $60.46, for a total value 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 approximately $4,833,958.38. This trade represents a 17.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 completion of the sale, the executive vice president directly owned 37,578 shares of the company’s stock, valued at approximately $2,268,959.64. This represents a 14.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.85% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Federated Hermes Inc. increased its stake in BioMarin Pharmaceutical by 292.6% during 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 shares of BioMarin Pharmaceutical by 56.2% during the 3rd quarter. Mediolanum International Funds Ltd now owns 137,675 shares of the biotechnology company’s stock valued at $7,437,000 after acquiring an additional 49,534 shares during the last quarter. Rakuten Investment Management Inc. purchased a new position in shares of BioMarin Pharmaceutical in the third quarter worth approximately $1,265,000. DNB Asset Management AS boosted its holdings in shares of BioMarin Pharmaceutical by 13.8% in the third quarter. DNB Asset Management AS now owns 1,274,284 shares of the biotechnology company’s stock worth $69,015,000 after buying an additional 154,954 shares during the last quarter. Finally, Savant Capital LLC boosted its holdings in shares of BioMarin Pharmaceutical by 54.4% in the third quarter. Savant Capital LLC now owns 82,827 shares of the biotechnology company’s stock worth $4,486,000 after buying an additional 29,174 shares during the last quarter. 98.71% of the stock is currently owned by 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.