BioMarin Pharmaceutical (NASDAQ:BMRN) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report) had its price objective lifted by analysts at JPMorgan Chase & Co. from $108.00 to $113.00 in a report released on Monday,Benzinga reports. The brokerage presently has an "overweight" rating on the biotechnology company's stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 93.59% from the stock's current price.

A number of other analysts have also recently weighed in on BMRN. Citigroup lowered their target price on shares of BioMarin Pharmaceutical from $82.00 to $78.00 and set a "neutral" rating on the stock in a research note on Friday, May 2nd. Wall Street Zen raised shares of BioMarin Pharmaceutical from a "buy" rating to a "strong-buy" rating in a research note on Friday, April 25th. The Goldman Sachs Group lowered their target price on shares of BioMarin Pharmaceutical from $124.00 to $104.00 and set a "buy" rating on the stock in a research note on Monday, May 5th. Finally, Morgan Stanley started coverage on shares of BioMarin Pharmaceutical in a research note on Thursday, July 3rd. They issued an "overweight" rating and a $97.00 target price on the stock. Six investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, BioMarin Pharmaceutical currently has an average rating of "Moderate Buy" and a consensus price target of $93.78.

BioMarin Pharmaceutical Stock Performance

Shares of NASDAQ:BMRN traded down $0.02 on Monday, hitting $58.37. 1,324,677 shares of the company were exchanged, compared to its average volume of 1,752,472. The company's 50 day moving average price is $57.27 and its two-hundred day moving average price is $62.48. BioMarin Pharmaceutical has a one year low of $52.93 and a one year high of $94.85. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.49 and a current ratio of 5.52. The firm has a market capitalization of $11.19 billion, a price-to-earnings ratio of 21.70, a PEG ratio of 0.77 and a beta of 0.17.

Insider Buying and Selling at BioMarin Pharmaceutical

In related news, CAO Erin Burkhart sold 1,786 shares of the business's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $59.31, for a total transaction of $105,927.66. Following the completion of the sale, the chief accounting officer directly owned 14,173 shares of the company's stock, valued at $840,600.63. The trade was a 11.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.85% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On BioMarin Pharmaceutical

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of BioMarin Pharmaceutical by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 19,372,185 shares of the biotechnology company's stock worth $1,273,334,000 after buying an additional 93,531 shares during the last quarter. Dodge & Cox increased its stake in BioMarin Pharmaceutical by 1.4% in the first quarter. Dodge & Cox now owns 14,955,240 shares of the biotechnology company's stock valued at $1,057,186,000 after purchasing an additional 209,005 shares in the last quarter. Capital Research Global Investors increased its stake in BioMarin Pharmaceutical by 23.8% in the fourth quarter. Capital Research Global Investors now owns 12,991,772 shares of the biotechnology company's stock valued at $853,944,000 after purchasing an additional 2,496,817 shares in the last quarter. Norges Bank bought a new stake in BioMarin Pharmaceutical in the fourth quarter valued at approximately $234,645,000. Finally, Geode Capital Management LLC increased its stake in BioMarin Pharmaceutical by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 3,288,778 shares of the biotechnology company's stock valued at $215,784,000 after purchasing an additional 28,728 shares in the last quarter. 98.71% of the stock is owned by institutional investors.

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.