Citigroup Forecasts Strong Price Appreciation for BioMarin Pharmaceutical (NASDAQ:BMRN) Stock

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target hoisted by stock analysts at Citigroup from $75.00 to $76.00 in a report released on Thursday,Benzinga reports. The firm presently has a “buy” rating on the biotechnology company’s stock. Citigroup’s price objective indicates a potential upside of 27.54% from the stock’s previous close.

BMRN has been the subject of a number of other reports. UBS Group reissued a “neutral” rating on shares of BioMarin Pharmaceutical in a research note on Tuesday. The Goldman Sachs Group assumed coverage on shares of BioMarin Pharmaceutical in a research note on Monday, May 11th. They issued a “neutral” rating and a $69.00 price target on the stock. HC Wainwright reaffirmed a “neutral” rating on shares of BioMarin Pharmaceutical in a report on Tuesday. Truist Financial raised BioMarin Pharmaceutical to a “strong-buy” rating in a report on Wednesday, March 25th. Finally, Morgan Stanley lowered their target price on BioMarin Pharmaceutical from $120.00 to $119.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, BioMarin Pharmaceutical has a consensus rating of “Moderate Buy” and an average price target of $88.26.

BioMarin Pharmaceutical Stock Down 0.7%

BioMarin Pharmaceutical stock opened at $59.59 on Thursday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.20 and a current ratio of 5.81. BioMarin Pharmaceutical has a one year low of $49.26 and a one year high of $66.28. The company has a 50-day simple moving average of $55.92 and a 200-day simple moving average of $56.85. The firm has a market capitalization of $11.52 billion, a P/E ratio of 43.50, a P/E/G ratio of 0.46 and a beta of 0.24.

Insider Activity at BioMarin Pharmaceutical

In related news, EVP Gregory R. Friberg sold 3,281 shares of the business’s stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $53.85, for a total transaction of $176,681.85. Following the sale, the executive vice president owned 51,818 shares of the company’s stock, valued at $2,790,399.30. The trade was a 5.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.85% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On BioMarin Pharmaceutical

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. CIBC Private Wealth Group LLC raised its stake in shares of BioMarin Pharmaceutical by 38.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 648 shares of the biotechnology company’s stock worth $39,000 after purchasing an additional 179 shares in the last quarter. Northwestern Mutual Investment Management Company LLC boosted its holdings in shares of BioMarin Pharmaceutical by 0.4% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 42,982 shares of the biotechnology company’s stock valued at $2,554,000 after buying an additional 183 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in shares of BioMarin Pharmaceutical by 7.7% in the fourth quarter. Nisa Investment Advisors LLC now owns 2,741 shares of the biotechnology company’s stock valued at $163,000 after buying an additional 195 shares in the last quarter. Davis Investment Partners LLC grew its stake in shares of BioMarin Pharmaceutical by 3.1% in the fourth quarter. Davis Investment Partners LLC now owns 8,031 shares of the biotechnology company’s stock valued at $477,000 after buying an additional 243 shares in the last quarter. Finally, Caerus Investment Advisors LLC increased its holdings in BioMarin Pharmaceutical by 2.8% during the fourth quarter. Caerus Investment Advisors LLC now owns 10,236 shares of the biotechnology company’s stock worth $608,000 after buying an additional 278 shares during the last quarter. 98.71% of the stock is owned by institutional investors.

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.