BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target Cut to $85.00 by Analysts at Bank of America

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target decreased by Bank of America from $97.00 to $85.00 in a research note issued to investors on Wednesday,Benzinga reports. Bank of America currently has a buy rating on the biotechnology company’s stock.

A number of other research firms also recently commented on BMRN. Canaccord Genuity Group boosted their target price on BioMarin Pharmaceutical from $98.00 to $104.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. Wells Fargo & Company raised their price target on BioMarin Pharmaceutical from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, February 18th. Loop Capital set a $105.00 price objective on BioMarin Pharmaceutical in a research note on Monday, March 2nd. Leerink Partners cut BioMarin Pharmaceutical from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $82.00 to $60.00 in a report on Wednesday, December 3rd. Finally, HC Wainwright cut their target price on shares of BioMarin Pharmaceutical from $60.00 to $55.00 and set a “neutral” rating for the company in a report on Wednesday, February 25th. Sixteen equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $89.43.

BioMarin Pharmaceutical Stock Down 0.9%

BMRN opened at $60.32 on Wednesday. The firm has a 50-day simple moving average of $58.99 and a two-hundred day simple moving average of $56.32. BioMarin Pharmaceutical has a 52 week low of $50.76 and a 52 week high of $73.18. The company has a market capitalization of $11.60 billion, a PE ratio of 33.89, a price-to-earnings-growth ratio of 0.53 and a beta of 0.25. The company has a quick ratio of 3.50, a current ratio of 5.21 and a debt-to-equity ratio of 0.10.

Insider Activity

In other news, EVP Gregory R. Friberg sold 6,326 shares of BioMarin Pharmaceutical stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $60.38, for a total value of $381,963.88. Following the completion of the transaction, the executive vice president owned 37,578 shares in the company, valued at approximately $2,268,959.64. The trade was a 14.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.85% of the stock is owned by insiders.

Institutional Trading of BioMarin Pharmaceutical

A number of institutional investors have recently bought and sold shares of the stock. Dodge & Cox raised its stake in shares of BioMarin Pharmaceutical by 1.0% in the second quarter. Dodge & Cox now owns 15,108,310 shares of the biotechnology company’s stock valued at $830,504,000 after acquiring an additional 153,070 shares during the period. Viking Global Investors LP grew its holdings in BioMarin Pharmaceutical by 13.8% during 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. Norges Bank purchased a new stake in BioMarin Pharmaceutical in the 4th quarter worth about $447,572,000. AQR Capital Management LLC lifted its stake in BioMarin Pharmaceutical by 12.7% in the fourth quarter. AQR Capital Management LLC now owns 6,686,916 shares of the biotechnology company’s stock worth $395,197,000 after purchasing an additional 754,807 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of BioMarin Pharmaceutical by 3.7% during the fourth quarter. Geode Capital Management LLC now owns 3,674,089 shares of the biotechnology company’s stock valued at $218,395,000 after buying an additional 131,969 shares during the period. 98.71% of the stock is currently owned by institutional investors.

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.