BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target Raised to $106.00 at Guggenheim

Key Points

• Guggenheim has raised its target price for BioMarin Pharmaceutical from $101.00 to $106.00, suggesting a potential upside of 72.39% from the current stock price.
• Despite the positive forecasts, BioMarin's stock is currently down 0.7%, trading at approximately $61.49 amid fluctuating trading volumes.
• Institutional investors control about 98.71% of BioMarin’s shares, with significant recent buying activity from various hedge funds boosting their holdings in the company.

BioMarin Pharmaceutical (NASDAQ:BMRN - Free Report) had its price objective lifted by Guggenheim from $101.00 to $106.00 in a research report released on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the biotechnology company's stock.

Several other research analysts have also recently weighed in on BMRN. Wedbush reissued an "outperform" rating and issued a $94.00 price objective on shares of BioMarin Pharmaceutical in a research report on Tuesday. JPMorgan Chase & Co. lifted their target price on BioMarin Pharmaceutical from $108.00 to $113.00 and gave the stock an "overweight" rating in a research note on Monday, July 14th. Wall Street Zen lowered shares of BioMarin Pharmaceutical from a "strong-buy" rating to a "buy" rating in a research report on Friday, July 18th. The Goldman Sachs Group decreased their price objective on shares of BioMarin Pharmaceutical from $124.00 to $104.00 and set a "buy" rating for the company in a report on Monday, May 5th. Finally, Morgan Stanley dropped their target price on shares of BioMarin Pharmaceutical from $97.00 to $96.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 22nd. Six equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $93.17.

BioMarin Pharmaceutical Stock Performance

Shares of NASDAQ BMRN traded down $0.77 during midday trading on Wednesday, reaching $58.69. The company's stock had a trading volume of 271,084 shares, compared to its average volume of 1,920,301. The stock has a market capitalization of $11.26 billion, a P/E ratio of 17.43, a PEG ratio of 0.84 and a beta of 0.18. The company has a debt-to-equity ratio of 0.10, a current ratio of 5.56 and a quick ratio of 3.49. The firm has a 50 day moving average price of $57.29 and a 200-day moving average price of $61.79. BioMarin Pharmaceutical has a 12-month low of $52.93 and a 12-month high of $94.85.

Insiders Place Their Bets

In other BioMarin Pharmaceutical news, CAO Erin Burkhart sold 1,786 shares of the firm's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $59.31, for a total value of $105,927.66. Following the completion of the transaction, the chief accounting officer directly owned 14,173 shares of the company's stock, valued at $840,600.63. This trade represents a 11.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.85% of the company's stock.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Large investors have recently added to or reduced their stakes in the business. Rise Advisors LLC purchased a new stake in shares of BioMarin Pharmaceutical in the 1st quarter valued at about $30,000. Farther Finance Advisors LLC increased its position 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 purchasing an additional 211 shares during the last quarter. V Square Quantitative Management LLC purchased a new stake in BioMarin Pharmaceutical in the second quarter valued at approximately $25,000. LRI Investments LLC lifted its position in BioMarin Pharmaceutical by 856.9% during the fourth quarter. LRI Investments LLC now owns 488 shares of the biotechnology company's stock valued at $32,000 after purchasing an additional 437 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB lifted its position in BioMarin Pharmaceutical by 71.2% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 524 shares of the biotechnology company's stock valued at $37,000 after purchasing an additional 218 shares during the last quarter. Institutional investors own 98.71% of the company's stock.

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.