BioMarin Pharmaceutical (NASDAQ:BMRN) Upgraded at Truist Financial

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

A number of other analysts have also recently weighed in on BMRN. Canaccord Genuity Group boosted their target price on shares of BioMarin Pharmaceutical from $98.00 to $104.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. Stifel Nicolaus set a $68.00 price target on BioMarin Pharmaceutical in a research report on Tuesday, February 24th. Wolfe Research restated an “outperform” rating on shares of BioMarin Pharmaceutical in a research report on Monday, March 16th. Bank of America decreased their price target on BioMarin Pharmaceutical from $97.00 to $85.00 and set a “buy” rating for the company in a report on Wednesday, March 11th. Finally, Loop Capital set a $105.00 price objective on BioMarin Pharmaceutical in a research note on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given 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, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $90.00.

BioMarin Pharmaceutical Stock Down 2.5%

NASDAQ BMRN opened at $54.14 on Wednesday. The company has a 50 day moving average of $58.44 and a 200-day moving average of $56.15. The company has a market cap of $10.41 billion, a price-to-earnings ratio of 30.42, a PEG ratio of 0.55 and a beta of 0.25. The company has a current ratio of 5.21, a quick ratio of 3.50 and a debt-to-equity ratio of 0.10. BioMarin Pharmaceutical has a 1-year low of $50.76 and a 1-year high of $72.81.

Insider Buying and Selling

In other news, EVP Charles Greg Guyer sold 16,486 shares of the stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $60.46, for a total value of $996,743.56. Following the transaction, the executive vice president owned 79,953 shares of the company’s stock, valued at $4,833,958.38. This represents a 17.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Gregory R. Friberg sold 6,326 shares of the company’s stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $60.38, for a total transaction of $381,963.88. Following the completion of the transaction, the executive vice president owned 37,578 shares of the company’s stock, valued at $2,268,959.64. This trade represents a 14.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.85% of the stock is currently owned by company insiders.

Institutional Trading of BioMarin Pharmaceutical

Institutional investors have recently made changes to their positions in the stock. CIBC Private Wealth Group LLC lifted its holdings in shares of BioMarin Pharmaceutical by 38.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 648 shares of the biotechnology company’s stock worth $39,000 after buying an additional 179 shares during the last quarter. Northwestern Mutual Investment Management Company LLC grew its stake in shares of BioMarin Pharmaceutical by 0.4% in the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 42,982 shares of the biotechnology company’s stock worth $2,554,000 after acquiring an additional 183 shares during the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of BioMarin Pharmaceutical by 7.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 2,741 shares of the biotechnology company’s stock worth $163,000 after purchasing an additional 195 shares in the last quarter. Grandfield & Dodd LLC grew its holdings in shares of BioMarin Pharmaceutical by 1.2% during the 3rd quarter. Grandfield & Dodd LLC now owns 18,967 shares of the biotechnology company’s stock worth $1,027,000 after purchasing an additional 217 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in shares of BioMarin Pharmaceutical by 3.4% during the third quarter. EverSource Wealth Advisors LLC now owns 7,151 shares of the biotechnology company’s stock valued at $387,000 after purchasing an additional 235 shares during the period. 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.