BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target Cut to $110.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target cut by Barclays from $111.00 to $110.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the biotechnology company’s stock. Barclays‘s target price suggests a potential upside of 27.46% from the stock’s current price.

BMRN has been the subject of several other research reports. Robert W. Baird downgraded BioMarin Pharmaceutical from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $104.00 to $72.00 in a research note on Friday, May 17th. Royal Bank of Canada restated a “sector perform” rating and issued a $100.00 target price on shares of BioMarin Pharmaceutical in a research note on Tuesday. Scotiabank raised their target price on BioMarin Pharmaceutical from $83.00 to $85.00 and gave the stock a “sector perform” rating in a research note on Thursday, April 25th. Cantor Fitzgerald restated an “overweight” rating and issued a $110.00 target price on shares of BioMarin Pharmaceutical in a research note on Monday. Finally, Wells Fargo & Company raised their target price on BioMarin Pharmaceutical from $110.00 to $115.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Nine investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $103.63.

BioMarin Pharmaceutical Trading Down 0.7 %

Shares of BMRN opened at $86.30 on Tuesday. The business has a 50-day moving average of $83.11 and a 200 day moving average of $84.95. BioMarin Pharmaceutical has a fifty-two week low of $73.68 and a fifty-two week high of $99.56. The firm has a market cap of $16.39 billion, a P/E ratio of 80.65, a price-to-earnings-growth ratio of 1.20 and a beta of 0.32. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.70 and a current ratio of 2.74.

Insider Transactions at BioMarin Pharmaceutical

In other news, CFO Brian Mueller sold 5,000 shares of the firm’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $75.19, for a total value of $375,950.00. Following the completion of the sale, the chief financial officer now directly owns 72,159 shares of the company’s stock, valued at approximately $5,425,635.21. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other BioMarin Pharmaceutical news, EVP George Eric Davis sold 40,850 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $74.51, for a total transaction of $3,043,733.50. Following the completion of the sale, the executive vice president now directly owns 56,157 shares in the company, valued at approximately $4,184,258.07. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Brian Mueller sold 5,000 shares of the firm’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $75.19, for a total transaction of $375,950.00. Following the sale, the chief financial officer now owns 72,159 shares of the company’s stock, valued at $5,425,635.21. The disclosure for this sale can be found here. Corporate insiders own 1.85% of the company’s stock.

Institutional Trading of BioMarin Pharmaceutical

A number of institutional investors and hedge funds have recently bought and sold shares of the company. AGF Management Ltd. bought a new stake in BioMarin Pharmaceutical during the 2nd quarter valued at about $2,563,000. Daiwa Securities Group Inc. grew its stake in shares of BioMarin Pharmaceutical by 3.2% in the second quarter. Daiwa Securities Group Inc. now owns 16,821 shares of the biotechnology company’s stock worth $1,385,000 after acquiring an additional 514 shares during the period. Andra AP fonden bought a new stake in shares of BioMarin Pharmaceutical in the second quarter worth approximately $1,515,000. Royal London Asset Management Ltd. grew its stake in shares of BioMarin Pharmaceutical by 1.5% in the second quarter. Royal London Asset Management Ltd. now owns 73,287 shares of the biotechnology company’s stock worth $6,034,000 after acquiring an additional 1,090 shares during the period. Finally, Texas Permanent School Fund Corp bought a new stake in shares of BioMarin Pharmaceutical in the second quarter worth approximately $2,194,000. 98.71% of the stock is currently owned by institutional investors.

About BioMarin Pharmaceutical

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.