BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target Cut to $50.00 by Analysts at HC Wainwright

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price objective dropped by equities researchers at HC Wainwright from $55.00 to $50.00 in a report released on Monday,Benzinga reports. The firm currently has a “neutral” rating on the biotechnology company’s stock. HC Wainwright’s price objective points to a potential downside of 0.94% from the company’s current price.

BMRN has been the subject of a number of other reports. Bank of America cut their target price on BioMarin Pharmaceutical from $97.00 to $85.00 and set a “buy” rating for the company in a research note on Wednesday, March 11th. Jefferies Financial Group reiterated a “buy” rating and issued a $103.00 price objective on shares of BioMarin Pharmaceutical in a research note on Thursday, March 12th. Barclays upped their target price on shares of BioMarin Pharmaceutical from $80.00 to $105.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 3rd. Truist Financial upgraded BioMarin Pharmaceutical to a “strong-buy” rating in a report on Wednesday, March 25th. Finally, Wells Fargo & Company raised their price target on BioMarin Pharmaceutical from $70.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, February 18th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.70.

BioMarin Pharmaceutical Stock Performance

NASDAQ:BMRN traded down $1.34 during trading hours on Monday, reaching $50.47. 699,511 shares of the company’s stock were exchanged, compared to its average volume of 2,010,429. The company has a quick ratio of 4.20, a current ratio of 5.81 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $9.76 billion, a price-to-earnings ratio of 36.99, a P/E/G ratio of 0.39 and a beta of 0.23. BioMarin Pharmaceutical has a 1-year low of $50.54 and a 1-year high of $66.28. The company has a 50-day moving average of $55.48 and a 200 day moving average of $56.31.

Insider Activity

In other news, EVP Charles Greg Guyer sold 16,486 shares of the business’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $60.46, for a total transaction of $996,743.56. Following 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Gregory R. Friberg sold 3,281 shares of the business’s stock in a transaction 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 completion of the transaction, the executive vice president owned 51,818 shares in the company, valued at $2,790,399.30. This represents a 5.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 26,093 shares of company stock worth $1,555,389. Company insiders own 0.85% of the company’s stock.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Hedge funds and other institutional investors have recently modified their holdings of the stock. Activest Wealth Management acquired a new stake in BioMarin Pharmaceutical during the fourth quarter valued at approximately $26,000. Quent Capital LLC bought a new stake in shares of BioMarin Pharmaceutical in the 3rd quarter valued at approximately $28,000. CIBC Private Wealth Group LLC raised its position 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 valued at $39,000 after acquiring an additional 179 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of BioMarin Pharmaceutical during the 3rd quarter valued at approximately $40,000. Finally, Smartleaf Asset Management LLC lifted its stake in BioMarin Pharmaceutical by 92.5% during the third quarter. Smartleaf Asset Management LLC now owns 749 shares of the biotechnology company’s stock worth $40,000 after purchasing an additional 360 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.