Wells Fargo & Company Boosts BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $115.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its target price raised by research analysts at Wells Fargo & Company from $110.00 to $115.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the biotechnology company’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 38.40% from the company’s previous close.

Several other brokerages have also recently commented on BMRN. Robert W. Baird cut shares of BioMarin Pharmaceutical from an “outperform” rating to a “neutral” rating and decreased their target price for the stock from $104.00 to $72.00 in a report on Friday, May 17th. Morgan Stanley decreased their target price on shares of BioMarin Pharmaceutical from $115.00 to $112.00 and set an “overweight” rating for the company in a report on Friday, April 26th. Baird R W cut shares of BioMarin Pharmaceutical from a “strong-buy” rating to a “hold” rating in a report on Friday, May 17th. Citigroup decreased their price target on shares of BioMarin Pharmaceutical from $94.00 to $91.00 and set a “neutral” rating for the company in a report on Thursday, April 25th. Finally, Evercore ISI began coverage on shares of BioMarin Pharmaceutical in a report on Tuesday, May 14th. They set an “outperform” rating and a $113.00 price target for the company. Nine equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $106.37.

BioMarin Pharmaceutical Price Performance

BioMarin Pharmaceutical stock traded down $2.16 during trading hours on Thursday, hitting $83.09. 374,857 shares of the company traded hands, compared to its average volume of 1,977,778. The firm has a market cap of $15.78 billion, a P/E ratio of 77.65, a P/E/G ratio of 1.21 and a beta of 0.31. The company has a quick ratio of 1.70, a current ratio of 2.74 and a debt-to-equity ratio of 0.12. The firm’s 50-day simple moving average is $81.73 and its two-hundred day simple moving average is $87.49. BioMarin Pharmaceutical has a 1-year low of $73.68 and a 1-year high of $99.56.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its earnings results on Wednesday, April 24th. The biotechnology company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.37 by $0.12. The firm had revenue of $648.83 million for the quarter, compared to analysts’ expectations of $649.75 million. BioMarin Pharmaceutical had a net margin of 8.31% and a return on equity of 5.34%. As a group, analysts forecast that BioMarin Pharmaceutical will post 1.99 earnings per share for the current fiscal year.

Insider Buying and Selling at BioMarin Pharmaceutical

In other BioMarin Pharmaceutical news, CFO Brian Mueller sold 5,000 shares of the company’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $75.19, for a total value of $375,950.00. Following the sale, the chief financial officer now directly owns 72,159 shares in the company, valued at $5,425,635.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other BioMarin Pharmaceutical news, EVP George Eric Davis sold 1,850 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $85.01, for a total value of $157,268.50. Following the transaction, the executive vice president now owns 56,157 shares of the company’s stock, valued at $4,773,906.57. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Brian Mueller sold 5,000 shares of the business’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $75.19, for a total value of $375,950.00. Following the completion of the transaction, the chief financial officer now directly owns 72,159 shares in the company, valued at approximately $5,425,635.21. The disclosure for this sale can be found here. Insiders have sold 89,986 shares of company stock worth $7,240,292 over the last three months. Company insiders own 1.85% of the company’s stock.

Hedge Funds Weigh In On BioMarin Pharmaceutical

Several large investors have recently made changes to their positions in BMRN. Capital Research Global Investors lifted its stake in shares of BioMarin Pharmaceutical by 79.0% during the fourth quarter. Capital Research Global Investors now owns 10,774,641 shares of the biotechnology company’s stock valued at $1,038,907,000 after acquiring an additional 4,756,671 shares during the period. Norges Bank acquired a new position in shares of BioMarin Pharmaceutical during the fourth quarter valued at $324,098,000. Avoro Capital Advisors LLC lifted its stake in shares of BioMarin Pharmaceutical by 11.7% during the fourth quarter. Avoro Capital Advisors LLC now owns 4,300,000 shares of the biotechnology company’s stock valued at $414,606,000 after acquiring an additional 450,000 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of BioMarin Pharmaceutical by 33.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,605,983 shares of the biotechnology company’s stock valued at $154,850,000 after acquiring an additional 401,152 shares during the period. Finally, Third Point LLC acquired a new position in shares of BioMarin Pharmaceutical during the fourth quarter valued at $37,122,000. Institutional investors and hedge funds own 98.71% of the company’s stock.

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.