Royal Bank Of Canada Cuts BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $62.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price objective lowered by analysts at Royal Bank Of Canada from $66.00 to $62.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “sector perform” rating on the biotechnology company’s stock. Royal Bank Of Canada’s target price suggests a potential upside of 4.13% from the company’s current price.

Several other analysts have also recently commented on the company. HC Wainwright restated a “neutral” rating on shares of BioMarin Pharmaceutical in a research report on Monday, June 22nd. The Goldman Sachs Group started coverage on BioMarin Pharmaceutical in a report on Monday, May 11th. They set a “neutral” rating and a $69.00 price target on the stock. Weiss Ratings raised shares of BioMarin Pharmaceutical from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, June 26th. Jefferies Financial Group reissued a “buy” rating and set a $103.00 target price on shares of BioMarin Pharmaceutical in a research note on Thursday, March 12th. Finally, Wall Street Zen lowered shares of BioMarin Pharmaceutical from a “buy” rating to a “hold” rating in a research note on Saturday, June 6th. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, BioMarin Pharmaceutical currently has an average rating of “Moderate Buy” and an average target price of $88.50.

BioMarin Pharmaceutical Stock Performance

NASDAQ BMRN traded up $0.75 on Tuesday, hitting $59.54. The stock had a trading volume of 447,718 shares, compared to its average volume of 2,099,740. BioMarin Pharmaceutical has a one year low of $49.26 and a one year 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 market cap of $11.51 billion, a price-to-earnings ratio of 43.51, a P/E/G ratio of 0.45 and a beta of 0.24. The company’s 50-day moving average is $54.90 and its two-hundred day moving average is $56.76.

Insiders Place Their Bets

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

Institutional Trading of BioMarin Pharmaceutical

Several institutional investors and hedge funds have recently added to or reduced their stakes in BMRN. Versant Capital Management Inc boosted its stake in BioMarin Pharmaceutical by 310.5% in the 2nd quarter. Versant Capital Management Inc now owns 2,549 shares of the biotechnology company’s stock worth $146,000 after purchasing an additional 1,928 shares during the period. NewEdge Advisors LLC raised its stake in BioMarin Pharmaceutical by 2.2% during the 1st quarter. NewEdge Advisors LLC now owns 24,351 shares of the biotechnology company’s stock valued at $1,376,000 after purchasing an additional 525 shares during the period. Bull Harbor Capital LLC purchased a new stake in shares of BioMarin Pharmaceutical in the first quarter valued at $1,085,000. ADAR1 Capital Management LLC boosted its position in shares of BioMarin Pharmaceutical by 41.1% in the first quarter. ADAR1 Capital Management LLC now owns 18,200 shares of the biotechnology company’s stock worth $1,028,000 after buying an additional 5,300 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position in shares of BioMarin Pharmaceutical by 12.3% in the first quarter. EverSource Wealth Advisors LLC now owns 6,845 shares of the biotechnology company’s stock worth $387,000 after buying an additional 752 shares during the period. 98.71% of the stock is owned by institutional investors and hedge funds.

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.