Royal Bank Of Canada Has Lowered Expectations for BioMarin Pharmaceutical (NASDAQ:BMRN) Stock Price

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target cut by equities research analysts at Royal Bank Of Canada from $66.00 to $62.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “sector perform” rating on the biotechnology company’s stock. Royal Bank Of Canada’s target price would suggest a potential upside of 4.13% from the company’s previous close.

Other analysts have also issued reports about the company. HC Wainwright reiterated a “neutral” rating on shares of BioMarin Pharmaceutical in a report on Monday, June 22nd. Wall Street Zen lowered BioMarin Pharmaceutical from a “buy” rating to a “hold” rating in a report on Saturday, June 6th. Canaccord Genuity Group lowered their price target on BioMarin Pharmaceutical from $116.00 to $111.00 and set a “buy” rating for the company in a research note on Friday, May 22nd. Wolfe Research reaffirmed an “outperform” rating on shares of BioMarin Pharmaceutical in a research report on Monday, March 16th. Finally, Truist Financial raised shares of BioMarin Pharmaceutical to a “strong-buy” rating in a research report on Wednesday, March 25th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, BioMarin Pharmaceutical currently has a consensus rating of “Moderate Buy” and an average target price of $88.50.

BioMarin Pharmaceutical Stock Up 1.3%

BMRN stock traded up $0.75 during midday trading on Tuesday, reaching $59.54. The company had a trading volume of 447,718 shares, compared to its average volume of 2,099,740. The company has a 50 day moving average of $54.90 and a two-hundred day moving average of $56.76. The company has a market capitalization of $11.51 billion, a P/E ratio of 43.51, a PEG ratio of 0.45 and a beta of 0.24. BioMarin Pharmaceutical has a 1 year low of $49.26 and a 1 year high of $66.28. The company has a current ratio of 5.81, a quick ratio of 4.20 and a debt-to-equity ratio of 0.23.

Insider Transactions at BioMarin Pharmaceutical

In other BioMarin Pharmaceutical news, EVP Gregory R. Friberg sold 3,281 shares of the stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $53.85, for a total transaction of $176,681.85. Following the transaction, the executive vice president owned 51,818 shares in the company, valued at $2,790,399.30. This trade represents a 5.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.85% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank acquired a new position in BioMarin Pharmaceutical in the 4th quarter valued at approximately $447,572,000. Vestal Point Capital LP boosted its stake in BioMarin Pharmaceutical by 261.4% during the fourth quarter. Vestal Point Capital LP now owns 3,000,000 shares of the biotechnology company’s stock worth $178,290,000 after buying an additional 2,170,000 shares in the last quarter. Capital Research Global Investors increased its holdings in BioMarin Pharmaceutical by 547.5% in the 3rd quarter. Capital Research Global Investors now owns 2,537,596 shares of the biotechnology company’s stock valued at $137,436,000 after buying an additional 2,145,717 shares during the period. Viking Global Investors LP raised its stake in shares of BioMarin Pharmaceutical by 13.8% in the 2nd quarter. Viking Global Investors LP now owns 12,288,611 shares of the biotechnology company’s stock valued at $675,505,000 after buying an additional 1,488,552 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of BioMarin Pharmaceutical by 48.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,321,754 shares of the biotechnology company’s stock valued at $197,405,000 after buying an additional 1,076,568 shares in the last quarter. 98.71% of the stock is currently 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.