JPMorgan Chase & Co. Boosts BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $113.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its target price increased by analysts at JPMorgan Chase & Co. from $108.00 to $113.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the biotechnology company’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 99.58% from the stock’s current price.

BMRN has been the subject of several other reports. Morgan Stanley began coverage on BioMarin Pharmaceutical in a report on Thursday, July 3rd. They issued an “overweight” rating and a $97.00 price target for the company. Wall Street Zen raised BioMarin Pharmaceutical from a “buy” rating to a “strong-buy” rating in a report on Friday, April 25th. Citigroup reduced their price objective on BioMarin Pharmaceutical from $82.00 to $78.00 and set a “neutral” rating for the company in a report on Friday, May 2nd. Finally, The Goldman Sachs Group reduced their price objective on BioMarin Pharmaceutical from $124.00 to $104.00 and set a “buy” rating for the company in a report on Monday, May 5th. Six research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $93.78.

BioMarin Pharmaceutical Trading Down 2.8%

Shares of BMRN stock opened at $56.62 on Monday. The business’s 50 day moving average is $57.29 and its two-hundred day moving average is $62.51. BioMarin Pharmaceutical has a twelve month low of $52.93 and a twelve month high of $94.85. The company has a market capitalization of $10.86 billion, a P/E ratio of 21.05, a price-to-earnings-growth ratio of 0.79 and a beta of 0.17. The company has a current ratio of 5.52, a quick ratio of 3.49 and a debt-to-equity ratio of 0.10.

Insider Activity

In related news, CAO Erin Burkhart sold 1,786 shares of the stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $59.31, for a total value of $105,927.66. Following the completion of the sale, the chief accounting officer owned 14,173 shares in the company, valued at approximately $840,600.63. This trade represents a 11.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.85% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Byrne Financial Freedom LLC raised its stake in shares of BioMarin Pharmaceutical by 4.4% in the first quarter. Byrne Financial Freedom LLC now owns 3,852 shares of the biotechnology company’s stock valued at $272,000 after acquiring an additional 161 shares during the last quarter. Freedom Investment Management Inc. raised its stake in shares of BioMarin Pharmaceutical by 3.8% in the fourth quarter. Freedom Investment Management Inc. now owns 5,022 shares of the biotechnology company’s stock valued at $330,000 after acquiring an additional 184 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. raised its stake in shares of BioMarin Pharmaceutical by 0.9% in the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 22,523 shares of the biotechnology company’s stock valued at $1,592,000 after acquiring an additional 197 shares during the last quarter. Xponance Inc. raised its stake in shares of BioMarin Pharmaceutical by 0.6% in the first quarter. Xponance Inc. now owns 31,877 shares of the biotechnology company’s stock valued at $2,253,000 after acquiring an additional 202 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its stake in shares of BioMarin Pharmaceutical by 95.9% in the first quarter. Farther Finance Advisors LLC now owns 431 shares of the biotechnology company’s stock valued at $29,000 after acquiring an additional 211 shares during the last quarter. 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.