Morgan Stanley Issues Pessimistic Forecast for BioMarin Pharmaceutical (NASDAQ:BMRN) Stock Price

BioMarin Pharmaceutical (NASDAQ:BMRN - Free Report) had its price objective trimmed by Morgan Stanley from $97.00 to $96.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an overweight rating on the biotechnology company's stock.

A number of other equities research analysts have also recently commented on the company. JPMorgan Chase & Co. raised their price objective on BioMarin Pharmaceutical from $108.00 to $113.00 and gave the company an "overweight" rating in a research note on Monday, July 14th. Wolfe Research set a $95.00 price objective on BioMarin Pharmaceutical and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Wall Street Zen cut BioMarin Pharmaceutical from a "strong-buy" rating to a "buy" rating in a report on Friday, July 18th. The Goldman Sachs Group cut their price objective on BioMarin Pharmaceutical from $124.00 to $104.00 and set a "buy" rating for the company in a report on Monday, May 5th. Finally, Citigroup dropped their target price on BioMarin Pharmaceutical from $82.00 to $78.00 and set a "neutral" rating for the company in a report on Friday, May 2nd. Six 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 stock currently has a consensus rating of "Moderate Buy" and an average target price of $93.74.

BioMarin Pharmaceutical Trading Up 0.2%

BMRN stock traded up $0.09 during trading on Tuesday, hitting $59.76. The company had a trading volume of 1,878,946 shares, compared to its average volume of 1,850,982. The business has a 50-day moving average of $57.12 and a 200-day moving average of $62.21. BioMarin Pharmaceutical has a one year low of $52.93 and a one year high of $94.85. The stock has a market cap of $11.46 billion, a PE ratio of 22.22, a PEG ratio of 0.82 and a beta of 0.17. The company has a current ratio of 5.52, a quick ratio of 3.49 and a debt-to-equity ratio of 0.10.

Insider Activity at BioMarin Pharmaceutical

In related news, CAO Erin Burkhart sold 1,786 shares of the stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $59.31, for a total transaction 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 approximately $840,600.63. This represents a 11.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.85% of the company's stock.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Byrne Financial Freedom LLC increased its stake in shares of BioMarin Pharmaceutical by 4.4% in the 1st quarter. Byrne Financial Freedom LLC now owns 3,852 shares of the biotechnology company's stock valued at $272,000 after purchasing an additional 161 shares in the last quarter. Freedom Investment Management Inc. increased its stake in shares of BioMarin Pharmaceutical by 3.8% in the 4th quarter. Freedom Investment Management Inc. now owns 5,022 shares of the biotechnology company's stock valued at $330,000 after purchasing an additional 184 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. increased its stake in shares of BioMarin Pharmaceutical by 0.9% in the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 22,523 shares of the biotechnology company's stock valued at $1,592,000 after purchasing an additional 197 shares in the last quarter. Xponance Inc. increased its stake in shares of BioMarin Pharmaceutical by 0.6% in the 1st quarter. Xponance Inc. now owns 31,877 shares of the biotechnology company's stock valued at $2,253,000 after purchasing an additional 202 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its stake in shares of BioMarin Pharmaceutical by 95.9% in the 1st quarter. Farther Finance Advisors LLC now owns 431 shares of the biotechnology company's stock valued at $29,000 after purchasing an additional 211 shares in the last quarter. 98.71% of the stock is currently owned by hedge funds and other 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.