BioMarin Pharmaceutical (NASDAQ:BMRN) Now Covered by Analysts at Raymond James Financial

Key Points

• Raymond James Financial has initiated coverage on BioMarin Pharmaceutical (NASDAQ:BMRN) with an "outperform" rating and a price target of $85.00, indicating a potential upside of 42.20% from the current stock price.
• Other analysts, including UBS and JPMorgan, have also provided positive ratings for BioMarin, with a consensus rating of "Moderate Buy" and an average target price of $93.43.
• BioMarin's stock opened at $59.78 and has seen institutional investors hold 98.71% of the company's shares, highlighting substantial investor interest.

Analysts at Raymond James Financial started coverage on shares of BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report) in a research note issued on Wednesday,Briefing.com Automated Import reports. The brokerage set an "outperform" rating and a $85.00 price target on the biotechnology company's stock. Raymond James Financial's target price points to a potential upside of 42.20% from the stock's current price.

Several other equities research analysts have also recently weighed in on the stock. UBS Group raised their price objective on shares of BioMarin Pharmaceutical from $113.00 to $114.00 and gave the company a "buy" rating in a research report on Tuesday, August 5th. Wall Street Zen upgraded shares of BioMarin Pharmaceutical from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 9th. Zacks Research lowered shares of BioMarin Pharmaceutical from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 13th. JPMorgan Chase & Co. raised their target price on shares of BioMarin Pharmaceutical from $108.00 to $113.00 and gave the company an "overweight" rating in a research note on Monday, July 14th. Finally, Wolfe Research set a $95.00 price target on shares of BioMarin Pharmaceutical and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Eighteen analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $93.43.

BioMarin Pharmaceutical Trading Up 1.2%

Shares of BioMarin Pharmaceutical stock opened at $59.78 on Wednesday. The stock has a market capitalization of $11.48 billion, a P/E ratio of 17.62, a price-to-earnings-growth ratio of 0.74 and a beta of 0.35. The company has a quick ratio of 3.60, a current ratio of 5.56 and a debt-to-equity ratio of 0.10. The company has a 50-day simple moving average of $57.94 and a 200 day simple moving average of $61.07. BioMarin Pharmaceutical has a 12-month low of $52.93 and a 12-month high of $92.05.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Byrne Financial Freedom LLC increased its stake in shares of BioMarin Pharmaceutical by 4.4% in the first quarter. Byrne Financial Freedom LLC now owns 3,852 shares of the biotechnology company's stock valued at $272,000 after buying an additional 161 shares during the period. Tokio Marine Asset Management Co. Ltd. increased its position in BioMarin Pharmaceutical by 0.9% during the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 22,523 shares of the biotechnology company's stock valued at $1,592,000 after purchasing an additional 197 shares during the period. Securian Asset Management Inc. increased its position in BioMarin Pharmaceutical by 1.4% during the 2nd quarter. Securian Asset Management Inc. now owns 14,604 shares of the biotechnology company's stock valued at $803,000 after purchasing an additional 197 shares during the period. Sittner & Nelson LLC increased its position in BioMarin Pharmaceutical by 6.9% during the 2nd quarter. Sittner & Nelson LLC now owns 3,100 shares of the biotechnology company's stock valued at $170,000 after purchasing an additional 200 shares during the period. Finally, Xponance Inc. increased its position in BioMarin Pharmaceutical by 0.6% during the 1st quarter. Xponance Inc. now owns 31,877 shares of the biotechnology company's stock valued at $2,253,000 after purchasing an additional 202 shares during the period. Institutional investors and hedge funds own 98.71% of the company's stock.

BioMarin Pharmaceutical Company Profile

BioMarin Pharmaceutical Inc develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. Its commercial products include Vimizim, an enzyme replacement therapy for the treatment of mucopolysaccharidosis (MPS) IV type A, a lysosomal storage disorder; Naglazyme, a recombinant form of N-acetylgalactosamine 4-sulfatase for patients with MPS VI; and Kuvan, a proprietary synthetic oral form of 6R-BH4 that is used to treat patients with phenylketonuria (PKU), an inherited metabolic disease.

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