Wells Fargo & Company Raises BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $110.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price objective lifted by Wells Fargo & Company from $100.00 to $110.00 in a research note issued to investors on Thursday morning, Benzinga reports. They currently have an overweight rating on the biotechnology company’s stock.

BMRN has been the subject of several other reports. Piper Sandler lowered their price objective on BioMarin Pharmaceutical from $115.00 to $107.00 and set an overweight rating for the company in a report on Friday, February 23rd. Royal Bank of Canada reissued a sector perform rating and issued a $100.00 price objective on shares of BioMarin Pharmaceutical in a report on Friday, February 23rd. Canaccord Genuity Group reissued a hold rating and issued a $91.00 price objective on shares of BioMarin Pharmaceutical in a report on Thursday, February 29th. Cantor Fitzgerald reissued an overweight rating and issued a $100.00 price objective on shares of BioMarin Pharmaceutical in a report on Friday, February 23rd. Finally, Robert W. Baird lowered their price objective on BioMarin Pharmaceutical from $127.00 to $104.00 and set an outperform rating for the company in a report on Tuesday, January 30th. Seven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $107.50.

BioMarin Pharmaceutical Stock Down 1.5 %

Shares of NASDAQ BMRN opened at $80.91 on Thursday. BioMarin Pharmaceutical has a 1 year low of $76.02 and a 1 year high of $99.56. The firm has a market cap of $15.27 billion, a price-to-earnings ratio of 75.62, a PEG ratio of 1.51 and a beta of 0.31. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.57 and a current ratio of 2.51. The stock’s 50-day simple moving average is $87.58 and its 200-day simple moving average is $89.14.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its earnings results on Thursday, February 22nd. The biotechnology company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.05. BioMarin Pharmaceutical had a return on equity of 5.39% and a net margin of 8.31%. The business had revenue of $646.21 million for the quarter, compared to analyst estimates of $639.53 million. During the same period in the previous year, the company earned $0.11 earnings per share. The company’s revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, equities analysts anticipate that BioMarin Pharmaceutical will post 1.85 earnings per share for the current fiscal year.

Insider Transactions at BioMarin Pharmaceutical

In other news, CAO Erin Burkhart sold 2,286 shares of the business’s stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $90.00, for a total transaction of $205,740.00. Following the completion of the transaction, the chief accounting officer now directly owns 16,156 shares in the company, valued at $1,454,040. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CAO Erin Burkhart sold 2,286 shares of the business’s stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $90.00, for a total transaction of $205,740.00. Following the completion of the transaction, the chief accounting officer now directly owns 16,156 shares in the company, valued at $1,454,040. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP George Eric Davis sold 24,602 shares of the business’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $88.34, for a total value of $2,173,340.68. Following the transaction, the executive vice president now owns 55,856 shares of the company’s stock, valued at $4,934,319.04. The disclosure for this sale can be found here. Over the last three months, insiders sold 103,229 shares of company stock worth $9,062,967. Company insiders own 1.84% of the company’s stock.

Institutional Investors Weigh In On BioMarin Pharmaceutical

A number of institutional investors have recently added to or reduced their stakes in BMRN. Capital Research Global Investors lifted its position in BioMarin Pharmaceutical by 79.0% in the fourth quarter. Capital Research Global Investors now owns 10,774,641 shares of the biotechnology company’s stock worth $1,038,907,000 after purchasing an additional 4,756,671 shares during the period. Norges Bank acquired a new stake in BioMarin Pharmaceutical in the fourth quarter worth approximately $324,098,000. Barclays PLC lifted its position in BioMarin Pharmaceutical by 31.6% in the third quarter. Barclays PLC now owns 5,573,157 shares of the biotechnology company’s stock worth $493,111,000 after purchasing an additional 1,336,886 shares during the period. Toronto Dominion Bank lifted its position in BioMarin Pharmaceutical by 1,832.5% in the third quarter. Toronto Dominion Bank now owns 907,754 shares of the biotechnology company’s stock worth $80,318,000 after purchasing an additional 860,782 shares during the period. Finally, Avoro Capital Advisors LLC lifted its position in BioMarin Pharmaceutical by 11.7% in the fourth quarter. Avoro Capital Advisors LLC now owns 4,300,000 shares of the biotechnology company’s stock worth $414,606,000 after purchasing an additional 450,000 shares during the period. 98.71% of the stock is currently owned by institutional investors and hedge funds.

About BioMarin Pharmaceutical

BioMarin Pharmaceutical Inc develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. Its commercial products include Vimizim, an enzyme replacement therapy for the treatment of mucopolysaccharidosis (MPS) IV type A, a lysosomal storage disorder; Naglazyme, a recombinant form of N-acetylgalactosamine 4-sulfatase for patients with MPS VI; and Kuvan, a proprietary synthetic oral form of 6R-BH4 that is used to treat patients with phenylketonuria (PKU), an inherited metabolic disease.