Piper Sandler Cuts BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $84.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price objective trimmed by Piper Sandler from $122.00 to $84.00 in a research note issued to investors on Friday morning,Benzinga reports. The firm currently has an overweight rating on the biotechnology company’s stock.

Other equities research analysts also recently issued reports about the company. Leerink Partners downgraded BioMarin Pharmaceutical from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $82.00 to $60.00 in a report on Wednesday, December 3rd. JPMorgan Chase & Co. boosted their price objective on shares of BioMarin Pharmaceutical from $116.00 to $119.00 and gave the company an “overweight” rating in a research report on Thursday, October 9th. Stifel Nicolaus reissued a “hold” rating and issued a $61.00 target price (down previously from $73.00) on shares of BioMarin Pharmaceutical in a report on Thursday, November 6th. HC Wainwright lifted their target price on BioMarin Pharmaceutical from $55.00 to $60.00 and gave the company a “neutral” rating in a research note on Monday, December 22nd. Finally, Tudor Pickering set a $88.00 price target on BioMarin Pharmaceutical in a research report on Monday, November 3rd. Seventeen research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $88.29.

BioMarin Pharmaceutical Stock Up 1.7%

NASDAQ:BMRN opened at $58.13 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.10 and a current ratio of 4.83. The company has a market capitalization of $11.17 billion, a price-to-earnings ratio of 21.85, a price-to-earnings-growth ratio of 0.64 and a beta of 0.26. BioMarin Pharmaceutical has a one year low of $50.76 and a one year high of $73.51. The stock has a 50-day simple moving average of $56.71 and a 200 day simple moving average of $55.92.

Institutional Trading of BioMarin Pharmaceutical

Several hedge funds have recently added to or reduced their stakes in the business. Financiere des Professionnels Fonds d investissement inc. bought a new position in shares of BioMarin Pharmaceutical during the 3rd quarter valued at about $1,047,000. Jump Financial LLC lifted its stake in BioMarin Pharmaceutical by 530.3% during the second quarter. Jump Financial LLC now owns 291,217 shares of the biotechnology company’s stock valued at $16,008,000 after purchasing an additional 245,017 shares during the last quarter. AQR Capital Management LLC lifted its stake in BioMarin Pharmaceutical by 90.7% during the second quarter. AQR Capital Management LLC now owns 5,580,573 shares of the biotechnology company’s stock valued at $306,429,000 after purchasing an additional 2,654,768 shares during the last quarter. Federated Hermes Inc. boosted its holdings in BioMarin Pharmaceutical by 292.6% during the third quarter. Federated Hermes Inc. now owns 278,315 shares of the biotechnology company’s stock worth $15,074,000 after buying an additional 207,430 shares in the last quarter. Finally, Mediolanum International Funds Ltd grew its position in BioMarin Pharmaceutical by 56.2% in the third quarter. Mediolanum International Funds Ltd now owns 137,675 shares of the biotechnology company’s stock worth $7,437,000 after buying an additional 49,534 shares during the last quarter. 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.