BioMarin Pharmaceutical (NASDAQ:BMRN) PT Raised to $115.00 at Evercore ISI

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price objective increased by equities research analysts at Evercore ISI from $113.00 to $115.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has an “outperform” rating on the biotechnology company’s stock. Evercore ISI’s target price would indicate a potential upside of 33.26% from the company’s previous close.

Several other equities analysts have also commented on BMRN. Robert W. Baird lowered shares of BioMarin Pharmaceutical from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $104.00 to $72.00 in a research report on Friday, May 17th. Wells Fargo & Company increased their price target on shares of BioMarin Pharmaceutical from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Scotiabank upped their price objective on BioMarin Pharmaceutical from $83.00 to $85.00 and gave the company a “sector perform” rating in a research report on Thursday, April 25th. Canaccord Genuity Group reiterated a “hold” rating and issued a $89.00 target price on shares of BioMarin Pharmaceutical in a report on Thursday, July 25th. Finally, StockNews.com upgraded BioMarin Pharmaceutical from a “hold” rating to a “buy” rating in a report on Tuesday, July 30th. Nine equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, BioMarin Pharmaceutical has an average rating of “Moderate Buy” and a consensus price target of $103.63.

BioMarin Pharmaceutical Stock Down 0.7 %

Shares of BMRN opened at $86.30 on Tuesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.74 and a quick ratio of 1.70. The stock has a market capitalization of $16.39 billion, a price-to-earnings ratio of 80.65, a price-to-earnings-growth ratio of 1.20 and a beta of 0.32. BioMarin Pharmaceutical has a 1 year low of $73.68 and a 1 year high of $99.56. The business’s 50 day simple moving average is $83.11 and its 200-day simple moving average is $84.95.

Insider Activity

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

Institutional Trading of BioMarin Pharmaceutical

A number of hedge funds have recently bought and sold shares of BMRN. AMI Asset Management Corp increased its holdings in shares of BioMarin Pharmaceutical by 51.9% in the 1st quarter. AMI Asset Management Corp now owns 346,189 shares of the biotechnology company’s stock valued at $30,236,000 after acquiring an additional 118,230 shares during the period. Allspring Global Investments Holdings LLC grew its stake in BioMarin Pharmaceutical by 7,368.7% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 60,571 shares of the biotechnology company’s stock valued at $5,840,000 after purchasing an additional 59,760 shares during the last quarter. International Assets Investment Management LLC bought a new position in BioMarin Pharmaceutical in the fourth quarter worth about $3,598,000. ING Groep NV bought a new position in BioMarin Pharmaceutical in the fourth quarter worth about $20,248,000. Finally, Fisher Asset Management LLC purchased a new stake in shares of BioMarin Pharmaceutical during the fourth quarter valued at about $1,301,000. Hedge funds and other institutional investors own 98.71% of the company’s stock.

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.