Barclays Cuts BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $80.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price objective trimmed by Barclays from $86.00 to $80.00 in a report issued on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the biotechnology company’s stock.

Several other equities analysts have also commented on BMRN. JPMorgan Chase & Co. upped their price objective on shares of BioMarin Pharmaceutical from $116.00 to $119.00 and gave the stock an “overweight” rating in a report on Thursday, October 9th. UBS Group upped their price objective on shares of BioMarin Pharmaceutical from $113.00 to $114.00 and gave the stock a “buy” rating in a report on Tuesday, August 5th. Morgan Stanley decreased their price target on BioMarin Pharmaceutical from $104.00 to $98.00 and set an “overweight” rating on the stock in a research note on Tuesday. HC Wainwright decreased their price target on BioMarin Pharmaceutical from $60.00 to $55.00 and set a “neutral” rating on the stock in a research note on Monday. Finally, Raymond James Financial started coverage on BioMarin Pharmaceutical in a research note on Wednesday, September 3rd. They set an “outperform” rating and a $85.00 target price on the stock. Sixteen equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $90.70.

BioMarin Pharmaceutical Stock Performance

Shares of BioMarin Pharmaceutical stock opened at $51.91 on Tuesday. The business’s fifty day simple moving average is $54.88 and its 200-day simple moving average is $57.13. BioMarin Pharmaceutical has a 52 week low of $51.10 and a 52 week high of $73.51. The company has a quick ratio of 3.60, a current ratio of 4.83 and a debt-to-equity ratio of 0.10. The firm has a market cap of $9.97 billion, a PE ratio of 19.52, a price-to-earnings-growth ratio of 0.68 and a beta of 0.33.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in BMRN. AQR Capital Management LLC grew its holdings in BioMarin Pharmaceutical by 90.7% during the 2nd quarter. AQR Capital Management LLC now owns 5,580,573 shares of the biotechnology company’s stock worth $306,429,000 after acquiring an additional 2,654,768 shares in the last quarter. Nuveen LLC purchased a new stake in shares of BioMarin Pharmaceutical in the 1st quarter valued at approximately $184,475,000. Norges Bank purchased a new stake in shares of BioMarin Pharmaceutical in the 2nd quarter valued at approximately $112,352,000. Viking Global Investors LP increased its position 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 purchasing an additional 1,488,552 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of BioMarin Pharmaceutical by 212.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,592,963 shares of the biotechnology company’s stock valued at $112,607,000 after purchasing an additional 1,083,512 shares during the last quarter. Hedge funds and other institutional investors 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.