BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target Raised to $116.00 at Canaccord Genuity Group

BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report) had its target price boosted by research analysts at Canaccord Genuity Group from $104.00 to $116.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a "buy" rating on the biotechnology company's stock. Canaccord Genuity Group's target price suggests a potential upside of 114.34% from the company's current price.

Several other equities analysts have also commented on BMRN. Loop Capital set a $105.00 price target on shares of BioMarin Pharmaceutical in a research note on Monday, March 2nd. Truist Financial upgraded shares of BioMarin Pharmaceutical to a "strong-buy" rating in a report on Wednesday, March 25th. Barclays increased their target price on shares of BioMarin Pharmaceutical from $80.00 to $105.00 and gave the company an "overweight" rating in a research report on Tuesday, March 3rd. Wells Fargo & Company boosted their price target on shares of BioMarin Pharmaceutical from $70.00 to $75.00 and gave the company an "overweight" rating in a research report on Wednesday, February 18th. Finally, Oppenheimer decreased their price objective on shares of BioMarin Pharmaceutical from $98.00 to $95.00 and set an "outperform" rating for the company in a research note on Tuesday, February 24th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, BioMarin Pharmaceutical has an average rating of "Moderate Buy" and an average price target of $90.86.

BioMarin Pharmaceutical Stock Down 0.9%

BioMarin Pharmaceutical stock traded down $0.48 during midday trading on Thursday, reaching $54.12. The company's stock had a trading volume of 2,112,087 shares, compared to its average volume of 2,039,522. The company has a market cap of $10.46 billion, a P/E ratio of 39.50, a P/E/G ratio of 0.54 and a beta of 0.23. The company has a quick ratio of 3.50, a current ratio of 5.81 and a debt-to-equity ratio of 0.23. The business has a 50-day simple moving average of $56.55 and a 200-day simple moving average of $56.33. BioMarin Pharmaceutical has a fifty-two week low of $50.76 and a fifty-two week high of $66.28.

Insider Buying and Selling at BioMarin Pharmaceutical

In other BioMarin Pharmaceutical news, EVP Gregory R. Friberg sold 6,326 shares of BioMarin Pharmaceutical stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $60.38, for a total value of $381,963.88. Following the transaction, the executive vice president directly owned 37,578 shares in the company, valued at approximately $2,268,959.64. The trade was a 14.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Charles Greg Guyer sold 16,486 shares of the company's stock in a transaction dated 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 of the company's stock, valued at $4,833,958.38. The trade was a 17.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.85% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On BioMarin Pharmaceutical

Institutional investors have recently added to or reduced their stakes in the stock. Activest Wealth Management purchased a new position in shares of BioMarin Pharmaceutical in the 4th quarter valued at approximately $26,000. Quent Capital LLC purchased a new stake in shares of BioMarin Pharmaceutical during the third quarter worth approximately $28,000. CIBC Private Wealth Group LLC raised its stake in shares of BioMarin Pharmaceutical by 38.2% during the fourth 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 during the last quarter. Smartleaf Asset Management LLC lifted its holdings in shares of 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 period. Finally, Caitong International Asset Management Co. Ltd purchased a new position in BioMarin Pharmaceutical in the 3rd quarter valued at $40,000. Institutional investors and hedge funds own 98.71% of the company's stock.

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.

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