Wall Street Zen Downgrades BioMarin Pharmaceutical (NASDAQ:BMRN) to Buy

Key Points

• BioMarin Pharmaceutical has been downgraded by Wall Street Zen from a "strong-buy" rating to a "buy" rating.
• Some analysts, including Morgan Stanley and Zacks Research, have adjusted their price targets and ratings, indicating a shift in market sentiment.
• The stock currently has a consensus rating of "Moderate Buy" with an average target price of $93.26, alongside a market cap of $10.05 billion.

BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research report issued to clients and investors on Saturday.

A number of other analysts have also recently issued reports on BMRN. Morgan Stanley lowered their price objective on BioMarin Pharmaceutical from $97.00 to $96.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 22nd. Wedbush restated an "outperform" rating and set a $94.00 price objective on shares of BioMarin Pharmaceutical in a research report on Tuesday, August 5th. Raymond James Financial began coverage on BioMarin Pharmaceutical in a research report on Wednesday, September 3rd. They set an "outperform" rating and a $85.00 price objective on the stock. Wolfe Research set a $95.00 price objective on BioMarin Pharmaceutical and gave the company an "outperform" rating in a research report on Tuesday, July 15th. Finally, Zacks Research cut BioMarin Pharmaceutical from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 13th. Thirteen equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, BioMarin Pharmaceutical currently has a consensus rating of "Moderate Buy" and an average target price of $93.26.

BioMarin Pharmaceutical Stock Performance

Shares of NASDAQ BMRN opened at $52.32 on Friday. The company has a quick ratio of 3.60, a current ratio of 5.56 and a debt-to-equity ratio of 0.10. The business's 50 day moving average is $56.37 and its two-hundred day moving average is $58.19. The company has a market cap of $10.05 billion, a P/E ratio of 15.53, a P/E/G ratio of 0.68 and a beta of 0.33. BioMarin Pharmaceutical has a 12 month low of $51.78 and a 12 month high of $73.51.

Institutional Trading of BioMarin Pharmaceutical

Several institutional investors have recently bought and sold shares of the stock. Dodge & Cox boosted its stake in BioMarin Pharmaceutical by 1.0% in the second quarter. Dodge & Cox now owns 15,108,310 shares of the biotechnology company's stock worth $830,504,000 after purchasing an additional 153,070 shares in the last quarter. Viking Global Investors LP boosted its stake in BioMarin Pharmaceutical by 13.8% in the second 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. AQR Capital Management LLC boosted its stake in BioMarin Pharmaceutical by 90.7% in the second quarter. AQR Capital Management LLC now owns 5,580,573 shares of the biotechnology company's stock worth $306,429,000 after purchasing an additional 2,654,768 shares in the last quarter. Geode Capital Management LLC boosted its stake in BioMarin Pharmaceutical by 1.3% in the second quarter. Geode Capital Management LLC now owns 3,474,438 shares of the biotechnology company's stock worth $190,417,000 after purchasing an additional 43,185 shares in the last quarter. Finally, Nuveen LLC acquired a new position in BioMarin Pharmaceutical in the first quarter worth $184,475,000. Institutional investors and hedge funds 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.

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