Canaccord Genuity Group Increases BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $116.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its target price hoisted by research analysts at Canaccord Genuity Group from $104.00 to $116.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. Canaccord Genuity Group’s price target would indicate a potential upside of 114.58% from the company’s previous close.

Several other brokerages have also weighed in on BMRN. Guggenheim cut their price target on BioMarin Pharmaceutical from $106.00 to $86.00 and set a “buy” rating for the company in a research note on Wednesday, February 25th. Sanford C. Bernstein cut their price target on BioMarin Pharmaceutical from $94.00 to $82.00 and set an “outperform” rating for the company in a research note on Tuesday. Stifel Nicolaus set a $68.00 price target on BioMarin Pharmaceutical in a research note on Tuesday, February 24th. Piper Sandler cut their price target on BioMarin Pharmaceutical from $122.00 to $84.00 and set an “overweight” rating for the company in a research note on Friday, February 6th. Finally, Wolfe Research restated an “outperform” rating on shares of BioMarin Pharmaceutical in a research note on Monday, March 16th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $90.86.

BioMarin Pharmaceutical Stock Performance

NASDAQ BMRN opened at $54.06 on Thursday. The stock has a 50-day simple moving average of $56.38 and a two-hundred day simple moving average of $56.34. The firm has a market capitalization of $10.45 billion, a P/E ratio of 39.46, a PEG ratio of 0.39 and a beta of 0.23. BioMarin Pharmaceutical has a fifty-two week low of $50.76 and a fifty-two week high of $66.28. The company has a debt-to-equity ratio of 0.23, a quick ratio of 3.50 and a current ratio of 5.81.

Insider Activity

In other BioMarin Pharmaceutical news, EVP Gregory R. Friberg sold 6,326 shares of the business’s stock in a transaction that occurred on 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 in the company, valued at approximately $2,268,959.64. The trade was a 14.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Charles Greg Guyer sold 16,486 shares of the stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $60.46, for a total value 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 SEC filing for this sale provides additional information. 0.85% of the stock is owned by insiders.

Hedge Funds Weigh In On BioMarin Pharmaceutical

A number of hedge funds have recently made changes to their positions in BMRN. Federated Hermes Inc. boosted its holdings in shares of BioMarin Pharmaceutical by 292.6% during the 3rd quarter. Federated Hermes Inc. now owns 278,315 shares of the biotechnology company’s stock worth $15,074,000 after purchasing an additional 207,430 shares during 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 worth $7,437,000 after purchasing an additional 49,534 shares during the last quarter. Rakuten Investment Management Inc. acquired a new position in shares of BioMarin Pharmaceutical during the 3rd quarter worth approximately $1,265,000. DNB Asset Management AS boosted its holdings in shares of BioMarin Pharmaceutical by 13.8% during the 3rd quarter. DNB Asset Management AS now owns 1,274,284 shares of the biotechnology company’s stock worth $69,015,000 after purchasing an additional 154,954 shares during the last quarter. Finally, Savant Capital LLC boosted its holdings in shares of BioMarin Pharmaceutical by 54.4% during the 3rd quarter. Savant Capital LLC now owns 82,827 shares of the biotechnology company’s stock worth $4,486,000 after purchasing an additional 29,174 shares during the last quarter. Institutional investors and hedge funds own 98.71% of the company’s stock.

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.