Wells Fargo & Company Raises BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $115.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target hoisted by Wells Fargo & Company from $110.00 to $115.00 in a report issued on Thursday, Benzinga reports. They currently have an overweight rating on the biotechnology company’s stock.

A number of other equities research analysts have also recently issued reports on BMRN. Morgan Stanley lowered their target price on shares of BioMarin Pharmaceutical from $115.00 to $112.00 and set an overweight rating on the stock in a report on Friday, April 26th. Robert W. Baird cut shares of BioMarin Pharmaceutical from an outperform rating to a neutral rating and decreased their price target for the stock from $104.00 to $72.00 in a report on Friday, May 17th. Scotiabank upped their price target on shares of BioMarin Pharmaceutical from $83.00 to $85.00 and gave the stock a sector perform rating in a report on Thursday, April 25th. Cantor Fitzgerald reaffirmed an overweight rating and issued a $110.00 price target on shares of BioMarin Pharmaceutical in a report on Thursday, April 25th. Finally, Canaccord Genuity Group decreased their price target on shares of BioMarin Pharmaceutical from $91.00 to $89.00 and set a hold rating on the stock in a report on Friday, April 26th. Nine investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, BioMarin Pharmaceutical presently has an average rating of Moderate Buy and an average price target of $106.37.

BioMarin Pharmaceutical Trading Down 1.4 %

Shares of BMRN stock opened at $82.33 on Thursday. The company’s fifty day simple moving average is $81.37 and its two-hundred day simple moving average is $87.31. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.74 and a quick ratio of 1.70. BioMarin Pharmaceutical has a 1 year low of $73.68 and a 1 year high of $99.56. The stock has a market capitalization of $15.63 billion, a price-to-earnings ratio of 76.94, a PEG ratio of 1.19 and a beta of 0.31.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its earnings results on Wednesday, April 24th. The biotechnology company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.12. BioMarin Pharmaceutical had a net margin of 8.31% and a return on equity of 5.34%. The business had revenue of $648.83 million for the quarter, compared to analysts’ expectations of $649.75 million. As a group, analysts anticipate that BioMarin Pharmaceutical will post 1.99 earnings per share for the current year.

Insider Transactions at BioMarin Pharmaceutical

In other news, CFO Brian Mueller sold 5,000 shares of the 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 completion of the sale, the chief financial officer now directly owns 72,159 shares in the company, valued at $5,425,635.21. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CFO Brian Mueller sold 5,000 shares of the 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 transaction, the chief financial officer now directly owns 72,159 shares of the company’s stock, valued at $5,425,635.21. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP George Eric Davis sold 40,850 shares of the stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $74.51, for a total transaction of $3,043,733.50. Following the completion of the transaction, the executive vice president now directly owns 56,157 shares of the company’s stock, valued at $4,184,258.07. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 89,986 shares of company stock worth $7,240,292. Company insiders own 1.85% of the company’s stock.

Hedge Funds Weigh In On BioMarin Pharmaceutical

Institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC raised 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 worth $5,840,000 after buying an additional 59,760 shares in the last quarter. International Assets Investment Management LLC bought a new position in shares of BioMarin Pharmaceutical during the fourth quarter valued at approximately $3,598,000. FMR LLC increased its stake in shares of BioMarin Pharmaceutical by 30.4% during the third quarter. FMR LLC now owns 713,797 shares of the biotechnology company’s stock valued at $63,157,000 after purchasing an additional 166,219 shares in the last quarter. Nordea Investment Management AB increased its stake in shares of BioMarin Pharmaceutical by 4.9% during the fourth quarter. Nordea Investment Management AB now owns 11,594 shares of the biotechnology company’s stock valued at $1,121,000 after purchasing an additional 544 shares in the last quarter. Finally, ING Groep NV bought a new position in shares of BioMarin Pharmaceutical during the fourth quarter valued at approximately $20,248,000. 98.71% of the stock is 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.