BioMarin Pharmaceutical (NASDAQ:BMRN) Given New $112.00 Price Target at Morgan Stanley

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price objective lowered by Morgan Stanley from $115.00 to $112.00 in a research report report published on Friday morning, Benzinga reports. The brokerage currently has an overweight rating on the biotechnology company’s stock.

Several other equities research analysts have also recently commented on BMRN. Piper Sandler cut their price target on BioMarin Pharmaceutical from $115.00 to $107.00 and set an overweight rating for the company in a report on Friday, February 23rd. Citigroup cut their price target on BioMarin Pharmaceutical from $94.00 to $91.00 and set a neutral rating for the company in a report on Thursday. Robert W. Baird cut their price target on BioMarin Pharmaceutical from $127.00 to $104.00 and set an outperform rating for the company in a report on Tuesday, January 30th. Royal Bank of Canada reaffirmed a sector perform rating and issued a $100.00 price target on shares of BioMarin Pharmaceutical in a report on Friday, February 23rd. Finally, Wells Fargo & Company increased their price target on BioMarin Pharmaceutical from $100.00 to $110.00 and gave the company an overweight rating in a report on Thursday. Seven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $107.50.

BioMarin Pharmaceutical Price Performance

Shares of BioMarin Pharmaceutical stock opened at $80.91 on Friday. The business has a 50 day simple moving average of $87.58 and a two-hundred day simple moving average of $89.14. BioMarin Pharmaceutical has a 12 month low of $76.02 and a 12 month high of $99.56. The stock has a market capitalization of $15.27 billion, a P/E ratio of 75.62, a PEG ratio of 1.49 and a beta of 0.31. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.51 and a quick ratio of 1.57.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings results on Thursday, February 22nd. The biotechnology company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.44 by $0.05. BioMarin Pharmaceutical had a return on equity of 5.39% and a net margin of 8.31%. The firm had revenue of $646.21 million during the quarter, compared to analysts’ expectations of $639.53 million. During the same quarter last year, the firm earned $0.11 earnings per share. The business’s revenue for the quarter was up 20.2% on a year-over-year basis. As a group, analysts predict that BioMarin Pharmaceutical will post 1.85 EPS for the current fiscal year.

Insider Activity at BioMarin Pharmaceutical

In related news, Director Jean Jacques Bienaime sold 20,000 shares of BioMarin Pharmaceutical stock in a transaction on Friday, April 12th. The stock was sold at an average price of $91.26, for a total value of $1,825,200.00. Following the completion of the transaction, the director now directly owns 474,994 shares in the company, valued at $43,347,952.44. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other BioMarin Pharmaceutical news, Director Jean Jacques Bienaime sold 20,000 shares of BioMarin Pharmaceutical stock in a transaction dated Friday, April 12th. The stock was sold at an average price of $91.26, for a total transaction of $1,825,200.00. Following the completion of the sale, the director now directly owns 474,994 shares of the company’s stock, valued at approximately $43,347,952.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Erin Burkhart sold 2,286 shares of BioMarin Pharmaceutical stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $90.00, for a total value of $205,740.00. Following the sale, the chief accounting officer now directly owns 16,156 shares of the company’s stock, valued at $1,454,040. 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 Trading of BioMarin Pharmaceutical

Institutional investors have recently bought and sold shares of the business. CWM LLC increased its position in shares of BioMarin Pharmaceutical by 10.0% during the third quarter. CWM LLC now owns 1,301 shares of the biotechnology company’s stock worth $115,000 after purchasing an additional 118 shares in the last quarter. State of Alaska Department of Revenue increased its position in shares of BioMarin Pharmaceutical by 3.2% during the third quarter. State of Alaska Department of Revenue now owns 27,605 shares of the biotechnology company’s stock worth $2,442,000 after purchasing an additional 865 shares in the last quarter. Handelsbanken Fonder AB increased its position in shares of BioMarin Pharmaceutical by 1.8% during the third quarter. Handelsbanken Fonder AB now owns 91,755 shares of the biotechnology company’s stock worth $8,118,000 after purchasing an additional 1,593 shares in the last quarter. Simplicity Solutions LLC increased its position in shares of BioMarin Pharmaceutical by 8.4% during the third quarter. Simplicity Solutions LLC now owns 2,971 shares of the biotechnology company’s stock worth $263,000 after purchasing an additional 229 shares in the last quarter. Finally, AMI Asset Management Corp acquired a new position in BioMarin Pharmaceutical in the 3rd quarter valued at about $27,838,000. 98.71% of the stock is owned by hedge funds and other institutional investors.

BioMarin Pharmaceutical Company Profile

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.