BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target Raised to $76.00 at Citigroup

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target increased by equities research analysts at Citigroup from $75.00 to $76.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the biotechnology company’s stock. Citigroup’s price objective would suggest a potential upside of 26.67% from the company’s previous close.

BMRN has been the topic of a number of other research reports. The Goldman Sachs Group assumed coverage on shares of BioMarin Pharmaceutical in a report on Monday, May 11th. They issued a “neutral” rating and a $69.00 target price on the stock. Morgan Stanley cut their price target 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. Wall Street Zen downgraded BioMarin Pharmaceutical from a “buy” rating to a “hold” rating in a research note on Saturday, June 6th. UBS Group reissued a “neutral” rating on shares of BioMarin Pharmaceutical in a research note on Tuesday. Finally, Truist Financial upgraded BioMarin Pharmaceutical to a “strong-buy” rating in a report on Wednesday, March 25th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $88.26.

BioMarin Pharmaceutical Stock Up 1.8%

NASDAQ BMRN traded up $1.05 during mid-day trading on Thursday, hitting $60.00. The company’s stock had a trading volume of 1,302,187 shares, compared to its average volume of 2,063,709. The firm has a market capitalization of $11.60 billion, a price-to-earnings ratio of 43.80, a PEG ratio of 0.45 and a beta of 0.24. The company’s 50 day simple moving average is $55.69 and its 200 day simple moving average is $56.83. The company has a current ratio of 5.81, a quick ratio of 4.20 and a debt-to-equity ratio of 0.23. BioMarin Pharmaceutical has a twelve month low of $49.26 and a twelve month high of $66.28.

Insider Buying and Selling at BioMarin Pharmaceutical

In related news, EVP Gregory R. Friberg sold 3,281 shares of the business’s stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $53.85, for a total transaction of $176,681.85. Following the transaction, the executive vice president directly owned 51,818 shares in the company, valued at approximately $2,790,399.30. The trade was a 5.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.85% of the stock is owned by insiders.

Hedge Funds Weigh In On BioMarin Pharmaceutical

Several hedge funds have recently modified their holdings of the company. CIBC Private Wealth Group LLC increased its holdings in shares of BioMarin Pharmaceutical by 38.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 648 shares of the biotechnology company’s stock worth $39,000 after purchasing an additional 179 shares during the period. Northwestern Mutual Investment Management Company LLC boosted its stake in BioMarin Pharmaceutical by 0.4% during the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 42,982 shares of the biotechnology company’s stock valued at $2,554,000 after buying an additional 183 shares during the period. Nisa Investment Advisors LLC grew its position in BioMarin Pharmaceutical by 7.7% during the fourth quarter. Nisa Investment Advisors LLC now owns 2,741 shares of the biotechnology company’s stock worth $163,000 after buying an additional 195 shares in the last quarter. Davis Investment Partners LLC increased its stake in BioMarin Pharmaceutical by 3.1% in the 4th quarter. Davis Investment Partners LLC now owns 8,031 shares of the biotechnology company’s stock worth $477,000 after acquiring an additional 243 shares during the last quarter. Finally, Caerus Investment Advisors LLC raised its holdings in shares of BioMarin Pharmaceutical by 2.8% in the 4th quarter. Caerus Investment Advisors LLC now owns 10,236 shares of the biotechnology company’s stock valued at $608,000 after acquiring an additional 278 shares in the last quarter. Institutional investors 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.