BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) have earned a consensus recommendation of “Moderate Buy” from the twenty-four analysts that are covering the company, MarketBeat reports. One analyst has rated the stock with a sell recommendation, six have issued a hold recommendation, fifteen have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $88.6667.

A number of brokerages have recently commented on BMRN. The Goldman Sachs Group initiated coverage on BioMarin Pharmaceutical in a research note on Monday, May 11th. They issued a “neutral” rating and a $69.00 price target for the company. Wall Street Zen raised shares of BioMarin Pharmaceutical from a “hold” rating to a “buy” rating in a research note on Saturday, May 23rd. Jefferies Financial Group restated a “buy” rating and set a $103.00 price objective on shares of BioMarin Pharmaceutical in a report on Thursday, March 12th. Morgan Stanley lowered their target price on shares of BioMarin Pharmaceutical from $120.00 to $119.00 and set an “overweight” rating for the company in a research note on Tuesday, May 5th. Finally, Oppenheimer cut their target price on shares of BioMarin Pharmaceutical from $98.00 to $95.00 and set an “outperform” rating on the stock in a report on Tuesday, February 24th.

BioMarin Pharmaceutical Trading Up 0.7%

NASDAQ BMRN opened at $52.74 on Friday. The stock has a 50-day simple moving average of $54.18 and a 200 day simple moving average of $56.29. The company has a market capitalization of $10.19 billion, a PE ratio of 38.50, a P/E/G ratio of 0.40 and a beta of 0.23. The company has a current ratio of 5.81, a quick ratio of 4.20 and a debt-to-equity ratio of 0.23. BioMarin Pharmaceutical has a 12 month low of $49.26 and a 12 month high of $66.28.

Insiders Place Their Bets

In other BioMarin Pharmaceutical news, EVP Gregory R. Friberg sold 3,281 shares of BioMarin Pharmaceutical stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $53.85, for a total transaction of $176,681.85. Following the transaction, the executive vice president directly owned 51,818 shares in the company, valued at approximately $2,790,399.30. The trade was a 5.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Charles Greg Guyer sold 16,486 shares of the business’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $60.46, for a total value of $996,743.56. Following the completion of the transaction, the executive vice president directly owned 79,953 shares of the company’s stock, valued at approximately $4,833,958.38. The trade was a 17.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.85% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On BioMarin Pharmaceutical

Several institutional investors have recently modified their holdings of BMRN. Norges Bank bought a new stake in BioMarin Pharmaceutical during the 4th quarter worth approximately $447,572,000. Vestal Point Capital LP lifted its stake in BioMarin Pharmaceutical by 261.4% in the fourth quarter. Vestal Point Capital LP now owns 3,000,000 shares of the biotechnology company’s stock valued at $178,290,000 after buying an additional 2,170,000 shares in the last quarter. Capital Research Global Investors boosted its holdings in shares of BioMarin Pharmaceutical by 547.5% in the third quarter. Capital Research Global Investors now owns 2,537,596 shares of the biotechnology company’s stock valued at $137,436,000 after buying an additional 2,145,717 shares during the period. Viking Global Investors LP increased its position in shares of BioMarin Pharmaceutical by 13.8% during the second quarter. Viking Global Investors LP now owns 12,288,611 shares of the biotechnology company’s stock worth $675,505,000 after acquiring an additional 1,488,552 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of BioMarin Pharmaceutical by 48.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,321,754 shares of the biotechnology company’s stock worth $197,405,000 after acquiring an additional 1,076,568 shares in 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.