BioMarin Pharmaceutical (NASDAQ:BMRN) Receives "Neutral" Rating from The Goldman Sachs Group

Key Points

• Goldman Sachs reiterated its “neutral” rating on BioMarin Pharmaceutical and set a $69 price target, implying about 27.6% upside from the stock’s current price.
• Analyst sentiment on BMRN is mixed but generally constructive: MarketBeat data shows a Moderate Buy consensus with an average target price of $89.91, alongside several other firms issuing neutral, outperform, or overweight views.
• The stock opened at $54.06 and has traded between $50.76 and $66.28 over the past 52 weeks; meanwhile, insiders have recently sold shares, while institutional investors own 98.71% of the company.

BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report)'s stock had its "neutral" rating reiterated by stock analysts at The Goldman Sachs Group in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $69.00 price objective on the biotechnology company's stock. The Goldman Sachs Group's price target indicates a potential upside of 27.64% from the stock's current price.

BMRN has been the subject of a number of other reports. HC Wainwright reaffirmed a "neutral" rating and issued a $55.00 price objective on shares of BioMarin Pharmaceutical in a research report on Tuesday, May 5th. Piper Sandler reduced 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. Loop Capital set a $105.00 price objective on shares of BioMarin Pharmaceutical in a research report on Monday, March 2nd. Oppenheimer reduced 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 report on Tuesday, February 24th. Finally, Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $66.00 price objective on shares of BioMarin Pharmaceutical in a research report on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat, BioMarin Pharmaceutical currently has a consensus rating of "Moderate Buy" and an average target price of $89.91.

BioMarin Pharmaceutical Stock Performance

Shares of BMRN stock opened at $54.06 on Monday. BioMarin Pharmaceutical has a 52-week low of $50.76 and a 52-week high of $66.28. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.20 and a current ratio of 5.81. The company has a 50-day simple moving average of $56.38 and a two-hundred day simple moving average of $56.34. The company has a market capitalization of $10.45 billion, a price-to-earnings ratio of 39.46, a PEG ratio of 0.40 and a beta of 0.23.

Insider Buying and Selling

In other news, EVP Charles Greg Guyer sold 16,486 shares of the 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 transaction, the executive vice president directly owned 79,953 shares of the company's stock, valued at $4,833,958.38. This represents a 17.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Gregory R. Friberg sold 6,326 shares of the stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $60.38, for a total transaction of $381,963.88. Following the transaction, the executive vice president directly owned 37,578 shares of the company's stock, valued at $2,268,959.64. This represents a 14.41% 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.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of BioMarin Pharmaceutical during the 4th quarter valued at approximately $447,572,000. Vestal Point Capital LP lifted its stake in shares of BioMarin Pharmaceutical by 261.4% during the 4th quarter. Vestal Point Capital LP now owns 3,000,000 shares of the biotechnology company's stock valued at $178,290,000 after buying an additional 2,170,000 shares in the last quarter. Capital Research Global Investors lifted its stake in BioMarin Pharmaceutical by 547.5% in the 3rd quarter. Capital Research Global Investors now owns 2,537,596 shares of the biotechnology company's stock worth $137,436,000 after purchasing an additional 2,145,717 shares in the last quarter. Viking Global Investors LP lifted its stake in BioMarin Pharmaceutical by 13.8% in the 2nd quarter. Viking Global Investors LP now owns 12,288,611 shares of the biotechnology company's stock worth $675,505,000 after purchasing an additional 1,488,552 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in BioMarin Pharmaceutical by 48.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,321,754 shares of the biotechnology company's stock worth $197,405,000 after purchasing an additional 1,076,568 shares in the last quarter. 98.71% of the stock is 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.

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