BioMarin Pharmaceutical (NASDAQ:BMRN) Rating Increased to Strong-Buy at Citigroup

BioMarin Pharmaceutical (NASDAQ:BMRN) was upgraded by equities research analysts at Citigroup to a “strong-buy” rating in a note issued to investors on Monday,Zacks.com reports.

Several other analysts also recently commented on the company. Morgan Stanley lowered their price objective on BioMarin Pharmaceutical from $120.00 to $119.00 and set an “overweight” rating for the company in a research note on Tuesday, May 5th. Truist Financial raised BioMarin Pharmaceutical to a “strong-buy” rating in a report on Wednesday, March 25th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $103.00 target price on shares of BioMarin Pharmaceutical in a report on Thursday, March 12th. Stifel Nicolaus set a $68.00 target price on BioMarin Pharmaceutical in a report on Tuesday, February 24th. Finally, Piper Sandler reduced their target price on BioMarin Pharmaceutical from $122.00 to $84.00 and set an “overweight” rating for the company in a report on Friday, February 6th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $88.88.

BioMarin Pharmaceutical Stock Performance

Shares of BioMarin Pharmaceutical stock opened at $49.84 on Monday. The company has a market cap of $9.63 billion, a PE ratio of 36.38, a price-to-earnings-growth ratio of 0.37 and a beta of 0.23. BioMarin Pharmaceutical has a 52 week low of $49.26 and a 52 week high of $66.28. The business has a 50 day moving average price of $55.04 and a 200-day moving average price of $56.27. The company has a quick ratio of 4.20, a current ratio of 5.81 and a debt-to-equity ratio of 0.23.

Insider Buying and Selling at BioMarin Pharmaceutical

In other BioMarin Pharmaceutical news, EVP Charles Greg Guyer sold 16,486 shares of the stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $60.46, for a total transaction of $996,743.56. Following the completion of the transaction, the executive vice president directly owned 79,953 shares of the company’s stock, valued at approximately $4,833,958.38. This represents a 17.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Gregory R. Friberg sold 6,326 shares of the stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $60.38, for a total value of $381,963.88. Following the transaction, the executive vice president directly owned 37,578 shares of the company’s stock, valued at approximately $2,268,959.64. This trade represents a 14.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 26,093 shares of company stock valued at $1,555,389. 0.85% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On BioMarin Pharmaceutical

Institutional investors and hedge funds have recently bought and sold shares of the company. Activest Wealth Management bought a new position in BioMarin Pharmaceutical during the fourth quarter valued at $26,000. CIBC Private Wealth Group LLC lifted its position in shares of BioMarin Pharmaceutical by 38.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 648 shares of the biotechnology company’s stock worth $39,000 after acquiring an additional 179 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in shares of BioMarin Pharmaceutical by 92.5% during the third quarter. Smartleaf Asset Management LLC now owns 749 shares of the biotechnology company’s stock worth $40,000 after acquiring an additional 360 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of BioMarin Pharmaceutical during the third quarter worth $40,000. Finally, Parallel Advisors LLC lifted its position in shares of BioMarin Pharmaceutical by 62.2% during the third quarter. Parallel Advisors LLC now owns 769 shares of the biotechnology company’s stock worth $42,000 after acquiring an additional 295 shares in the last quarter. 98.71% of the stock is owned by institutional investors.

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.