BioMarin Pharmaceutical (NASDAQ:BMRN) Stock Price Expected to Rise, Citigroup Analyst Says

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price objective hoisted by investment analysts at Citigroup from $75.00 to $76.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the biotechnology company’s stock. Citigroup’s target price would suggest a potential upside of 26.67% from the company’s current price.

A number of other brokerages have also recently issued reports on BMRN. Truist Financial raised BioMarin Pharmaceutical to a “strong-buy” rating in a research note on Wednesday, March 25th. The Goldman Sachs Group started coverage on BioMarin Pharmaceutical in a research report on Monday, May 11th. They issued a “neutral” rating and a $69.00 price objective for the company. UBS Group reaffirmed a “neutral” rating on shares of BioMarin Pharmaceutical in a research note on Tuesday. Weiss Ratings raised shares of BioMarin Pharmaceutical from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, June 26th. Finally, Sanford C. Bernstein decreased their price objective on shares of BioMarin Pharmaceutical from $94.00 to $82.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 5th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, BioMarin Pharmaceutical has an average rating of “Moderate Buy” and a consensus price target of $88.26.

BioMarin Pharmaceutical Price Performance

Shares of BMRN traded up $1.05 during midday trading on Thursday, reaching $60.00. The stock had a trading volume of 1,302,187 shares, compared to its average volume of 2,063,709. The company has a current ratio of 5.81, a quick ratio of 4.20 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $11.60 billion, a price-to-earnings ratio of 43.80, a price-to-earnings-growth ratio of 0.45 and a beta of 0.24. The company’s 50-day moving average is $55.69 and its 200 day moving average is $56.83. BioMarin Pharmaceutical has a 12-month low of $49.26 and a 12-month high of $66.28.

Insider Buying and Selling at BioMarin Pharmaceutical

In related news, EVP Gregory R. Friberg sold 3,281 shares of the business’s stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $53.85, for a total transaction of $176,681.85. Following the transaction, the executive vice president owned 51,818 shares in the company, 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.85% of the company’s stock.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Several hedge funds have recently made changes to their positions in BMRN. Norges Bank bought a new position in shares of BioMarin Pharmaceutical in the 4th quarter worth about $447,572,000. Vestal Point Capital LP grew its holdings 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 worth $178,290,000 after purchasing an additional 2,170,000 shares during the period. Viking Global Investors LP increased its stake 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 valued at $675,505,000 after purchasing an additional 1,488,552 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings 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 valued at $197,405,000 after purchasing an additional 1,076,568 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in shares of BioMarin Pharmaceutical by 312.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,419,067 shares of the biotechnology company’s stock worth $84,335,000 after purchasing an additional 1,074,929 shares in the last quarter. 98.71% of the stock is currently owned by institutional investors.

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.