BioMarin Pharmaceutical (NASDAQ:BMRN) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

BioMarin Pharmaceutical (NASDAQ:BMRN) had its target price raised by investment analysts at Wells Fargo & Company from $70.00 to $75.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the biotechnology company’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 18.26% from the company’s previous close.

Several other brokerages also recently issued reports on BMRN. Morgan Stanley reduced their price objective on shares of BioMarin Pharmaceutical from $104.00 to $98.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 28th. Wedbush reiterated an “outperform” rating and issued a $94.00 price target on shares of BioMarin Pharmaceutical in a report on Tuesday, October 28th. Wolfe Research reissued an “outperform” rating on shares of BioMarin Pharmaceutical in a research note on Tuesday, October 28th. Truist Financial raised their price objective on BioMarin Pharmaceutical from $80.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, December 23rd. Finally, Barclays assumed coverage on BioMarin Pharmaceutical in a research note on Wednesday, January 28th. They issued an “overweight” rating and a $80.00 target price for the company. Fifteen research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, BioMarin Pharmaceutical currently has a consensus rating of “Moderate Buy” and a consensus target price of $88.14.

BioMarin Pharmaceutical Trading Up 2.6%

Shares of BMRN stock opened at $63.42 on Wednesday. The company has a market capitalization of $12.18 billion, a price-to-earnings ratio of 23.84, a PEG ratio of 0.67 and a beta of 0.26. The company has a current ratio of 4.83, a quick ratio of 3.10 and a debt-to-equity ratio of 0.10. The firm has a 50-day moving average price of $57.88 and a 200 day moving average price of $56.07. BioMarin Pharmaceutical has a twelve month low of $50.76 and a twelve month high of $73.51.

Hedge Funds Weigh In On BioMarin Pharmaceutical

Hedge funds and other institutional investors have recently modified their holdings of the company. NewEdge Advisors LLC raised its holdings in BioMarin Pharmaceutical by 11.5% in the first quarter. NewEdge Advisors LLC now owns 3,769 shares of the biotechnology company’s stock valued at $266,000 after buying an additional 388 shares during the period. Empowered Funds LLC raised its stake in shares of BioMarin Pharmaceutical by 207.4% in the 1st quarter. Empowered Funds LLC now owns 12,023 shares of the biotechnology company’s stock valued at $850,000 after acquiring an additional 8,112 shares during the period. Focus Partners Wealth raised its stake in shares of BioMarin Pharmaceutical by 70.2% in the 1st quarter. Focus Partners Wealth now owns 11,817 shares of the biotechnology company’s stock valued at $835,000 after acquiring an additional 4,876 shares during the period. Sivia Capital Partners LLC lifted its holdings in shares of BioMarin Pharmaceutical by 33.0% during the 2nd quarter. Sivia Capital Partners LLC now owns 4,439 shares of the biotechnology company’s stock valued at $244,000 after acquiring an additional 1,102 shares in the last quarter. Finally, Chicago Partners Investment Group LLC purchased a new stake in BioMarin Pharmaceutical during the 2nd quarter worth $367,000. 98.71% of the stock is owned by institutional investors and hedge funds.

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.