BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target Raised to $119.00

Key Points

• BioMarin Pharmaceutical's stock target price has been raised by JPMorgan Chase & Co. from $116.00 to $119.00, indicating a potential upside of 115.23% from its current price.
• This adjustment follows multiple analysts rating the stock, with the average rating currently being a "Moderate Buy" and an average target price of $93.26 from 22 analysts.
• Several hedge funds have increased their positions in BioMarin, with 98.71% of the stock owned by institutional investors, indicating strong confidence in the company’s future performance.

BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report) had its target price increased by equities researchers at JPMorgan Chase & Co. from $116.00 to $119.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an "overweight" rating on the biotechnology company's stock. JPMorgan Chase & Co.'s target price would indicate a potential upside of 115.23% from the stock's current price.

BMRN has been the topic of several other reports. Wedbush reiterated an "outperform" rating and set a $94.00 price objective on shares of BioMarin Pharmaceutical in a research report on Tuesday, August 5th. Guggenheim upped their price target on BioMarin Pharmaceutical from $101.00 to $106.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Weiss Ratings reiterated a "sell (d+)" rating on shares of BioMarin Pharmaceutical in a research report on Wednesday. HC Wainwright began coverage on BioMarin Pharmaceutical in a research report on Monday, September 8th. They set a "neutral" rating and a $60.00 price objective for the company. Finally, Morgan Stanley reduced their price objective on BioMarin Pharmaceutical from $97.00 to $96.00 and set an "overweight" rating for the company in a research report on Tuesday, July 22nd. Thirteen investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $93.26.

BioMarin Pharmaceutical Trading Up 1.1%

NASDAQ:BMRN opened at $55.29 on Thursday. The firm has a fifty day simple moving average of $56.56 and a two-hundred day simple moving average of $58.44. The stock has a market capitalization of $10.62 billion, a price-to-earnings ratio of 16.41, a PEG ratio of 0.69 and a beta of 0.33. The company has a current ratio of 5.56, a quick ratio of 3.60 and a debt-to-equity ratio of 0.10. BioMarin Pharmaceutical has a 12 month low of $52.47 and a 12 month high of $73.51.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in BMRN. UMB Bank n.a. grew its position in BioMarin Pharmaceutical by 120.5% in the 1st quarter. UMB Bank n.a. now owns 2,247 shares of the biotechnology company's stock worth $159,000 after purchasing an additional 1,228 shares during the period. Farther Finance Advisors LLC grew its holdings in shares of BioMarin Pharmaceutical by 95.9% in the first quarter. Farther Finance Advisors LLC now owns 431 shares of the biotechnology company's stock worth $29,000 after acquiring an additional 211 shares during the period. GAMMA Investing LLC increased its position in BioMarin Pharmaceutical by 154.0% during the first quarter. GAMMA Investing LLC now owns 3,129 shares of the biotechnology company's stock valued at $221,000 after acquiring an additional 1,897 shares during the last quarter. Avanza Fonder AB lifted its holdings in BioMarin Pharmaceutical by 29.5% in the first quarter. Avanza Fonder AB now owns 20,915 shares of the biotechnology company's stock valued at $1,429,000 after acquiring an additional 4,759 shares during the period. Finally, Handelsbanken Fonder AB boosted its position in BioMarin Pharmaceutical by 17.6% in the first quarter. Handelsbanken Fonder AB now owns 57,500 shares of the biotechnology company's stock worth $4,065,000 after purchasing an additional 8,600 shares during the last quarter. 98.71% of the stock is owned by hedge funds and other institutional investors.

About BioMarin Pharmaceutical

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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