BioMarin Pharmaceutical (NASDAQ:BMRN) Upgraded by Truist Financial to “Strong-Buy” Rating

Truist Financial upgraded shares of BioMarin Pharmaceutical (NASDAQ:BMRN) to a strong-buy rating in a research note issued to investors on Wednesday,Zacks.com reports.

Several other equities analysts have also recently issued reports on the company. Canaccord Genuity Group lifted their price objective on BioMarin Pharmaceutical from $98.00 to $104.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of BioMarin Pharmaceutical in a report on Monday, December 29th. Guggenheim decreased their price target on shares of BioMarin Pharmaceutical from $106.00 to $86.00 and set a “buy” rating for the company in a research note on Wednesday, February 25th. Jefferies Financial Group reiterated a “buy” rating and set a $103.00 price target on shares of BioMarin Pharmaceutical in a report on Thursday, March 12th. Finally, Leerink Partners downgraded shares of BioMarin Pharmaceutical from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $82.00 to $60.00 in a research report on Wednesday, December 3rd. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, BioMarin Pharmaceutical currently has an average rating of “Moderate Buy” and an average target price of $90.00.

BioMarin Pharmaceutical Trading Up 2.8%

BMRN opened at $55.59 on Wednesday. The business has a fifty day moving average price of $58.44 and a 200 day moving average price of $56.17. The company has a debt-to-equity ratio of 0.10, a current ratio of 5.21 and a quick ratio of 3.50. BioMarin Pharmaceutical has a 12 month low of $50.76 and a 12 month high of $73.18. The stock has a market capitalization of $10.69 billion, a price-to-earnings ratio of 31.23, a PEG ratio of 0.53 and a beta of 0.25.

Insider Transactions at BioMarin Pharmaceutical

In other news, EVP Charles Greg Guyer sold 16,486 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $60.46, for a total transaction of $996,743.56. Following the sale, the executive vice president owned 79,953 shares of the company’s stock, valued at approximately $4,833,958.38. This trade represents a 17.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Gregory R. Friberg sold 6,326 shares of the business’s 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 sale, the executive vice president owned 37,578 shares of the company’s stock, valued at approximately $2,268,959.64. The trade was a 14.41% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.85% of the company’s stock.

Institutional Trading of BioMarin Pharmaceutical

Several institutional investors have recently modified their holdings of BMRN. Dodge & Cox grew its position in shares of BioMarin Pharmaceutical by 1.0% in the 2nd quarter. Dodge & Cox now owns 15,108,310 shares of the biotechnology company’s stock valued at $830,504,000 after buying an additional 153,070 shares during the last quarter. Viking Global Investors LP lifted its position in BioMarin Pharmaceutical by 13.8% in the second quarter. Viking Global Investors LP now owns 12,288,611 shares of the biotechnology company’s stock valued at $675,505,000 after acquiring an additional 1,488,552 shares during the last quarter. Norges Bank purchased a new stake in BioMarin Pharmaceutical in the fourth quarter valued at $447,572,000. AQR Capital Management LLC boosted 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 valued at $395,197,000 after acquiring an additional 754,807 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in BioMarin Pharmaceutical by 3.7% in 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 acquiring an additional 131,969 shares in the last quarter. Hedge funds and other institutional investors own 98.71% of the company’s stock.

About BioMarin Pharmaceutical

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.