Citigroup Begins Coverage on BioMarin Pharmaceutical (NASDAQ:BMRN)

Stock analysts at Citigroup assumed coverage on shares of BioMarin Pharmaceutical (NASDAQ:BMRN) in a report released on Tuesday. The firm set a “buy” rating and a $75.00 price target on the biotechnology company’s stock. Citigroup’s target price would suggest a potential upside of 51.00% from the company’s current price.

Other research analysts also recently issued research reports about the company. Bank of America reduced 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. Piper Sandler lowered their price objective on shares of BioMarin Pharmaceutical from $122.00 to $84.00 and set an “overweight” rating for the company in a research report on Friday, February 6th. Morgan Stanley dropped 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. Stifel Nicolaus set a $68.00 price target on shares of BioMarin Pharmaceutical in a research note on Tuesday, February 24th. Finally, Truist Financial raised BioMarin Pharmaceutical to a “strong-buy” rating in a report on Wednesday, March 25th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $89.08.

BioMarin Pharmaceutical Trading Down 4.1%

Shares of BMRN stock opened at $49.67 on Tuesday. The company has a quick ratio of 4.20, a current ratio of 5.81 and a debt-to-equity ratio of 0.23. BioMarin Pharmaceutical has a fifty-two week low of $49.26 and a fifty-two week high of $66.28. The firm’s 50 day moving average price is $55.26 and its two-hundred day moving average price is $56.28. The stock has a market cap of $9.60 billion, a price-to-earnings ratio of 36.26, a price-to-earnings-growth ratio of 0.39 and a beta of 0.23.

Insider Buying and Selling at BioMarin Pharmaceutical

In related news, EVP Charles Greg Guyer sold 16,486 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the executive vice president directly owned 79,953 shares in the company, valued at approximately $4,833,958.38. This trade represents a 17.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Gregory R. Friberg sold 3,281 shares of the business’s stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $53.85, for a total value of $176,681.85. Following the completion of the sale, the executive vice president directly owned 51,818 shares of the company’s stock, valued at approximately $2,790,399.30. The trade was a 5.95% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 26,093 shares of company stock valued at $1,555,389. 0.85% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of BMRN. Activest Wealth Management bought a new stake in shares of BioMarin Pharmaceutical during the fourth quarter valued at approximately $26,000. CIBC Private Wealth Group LLC increased its stake in shares of BioMarin Pharmaceutical by 38.2% in 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 during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in BioMarin Pharmaceutical in the third quarter valued at approximately $40,000. Smartleaf Asset Management LLC raised its stake in BioMarin Pharmaceutical by 92.5% during the 3rd quarter. Smartleaf Asset Management LLC now owns 749 shares of the biotechnology company’s stock worth $40,000 after buying an additional 360 shares during the period. Finally, V Square Quantitative Management LLC acquired a new stake in shares of BioMarin Pharmaceutical during the fourth quarter worth about $45,000. 98.71% of the stock is currently owned by institutional investors and hedge funds.

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.