BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target Increased to $110.00 by Analysts at Wells Fargo & Company

BioMarin Pharmaceutical (NASDAQ:BMRN) had its price target hoisted by equities research analysts at Wells Fargo & Company from $100.00 to $110.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the biotechnology company’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 32.96% from the company’s current price.

A number of other equities analysts also recently issued reports on BMRN. Robert W. Baird dropped their price objective on shares of BioMarin Pharmaceutical from $127.00 to $104.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 30th. Cantor Fitzgerald reissued an “overweight” rating and issued a $100.00 price target on shares of BioMarin Pharmaceutical in a research note on Friday, February 23rd. Canaccord Genuity Group restated a “hold” rating and issued a $91.00 target price on shares of BioMarin Pharmaceutical in a report on Thursday, February 29th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $100.00 price target on shares of BioMarin Pharmaceutical in a report on Friday, February 23rd. Finally, Piper Sandler decreased their price target on shares of BioMarin Pharmaceutical from $115.00 to $107.00 and set an “overweight” rating on the stock in a research note on Friday, February 23rd. Seven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $108.17.

BioMarin Pharmaceutical Price Performance

NASDAQ BMRN traded down $8.47 on Thursday, hitting $82.73. 1,719,689 shares of the company’s stock were exchanged, compared to its average volume of 1,347,004. The stock has a market cap of $15.61 billion, a price-to-earnings ratio of 94.01, a P/E/G ratio of 1.70 and a beta of 0.31. The company has a current ratio of 2.51, a quick ratio of 1.57 and a debt-to-equity ratio of 0.12. BioMarin Pharmaceutical has a 52 week low of $76.02 and a 52 week high of $99.56. The stock has a 50-day moving average of $87.86 and a 200-day moving average of $89.23.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings results on Thursday, February 22nd. The biotechnology company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.05. The firm had revenue of $646.21 million during the quarter, compared to analyst estimates of $639.53 million. BioMarin Pharmaceutical had a net margin of 6.93% and a return on equity of 5.01%. The business’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.11 EPS. Analysts expect that BioMarin Pharmaceutical will post 1.85 earnings per share for the current year.

Insider Buying and Selling at BioMarin Pharmaceutical

In other BioMarin Pharmaceutical news, insider Henry J. Fuchs sold 35,341 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $85.18, for a total value of $3,010,346.38. Following the sale, the insider now owns 212,117 shares of the company’s stock, valued at $18,068,126.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Jean Jacques Bienaime sold 20,000 shares of BioMarin Pharmaceutical stock in a transaction on Friday, April 12th. The stock was sold at an average price of $91.26, for a total transaction of $1,825,200.00. Following the completion of the sale, the director now owns 474,994 shares of the company’s stock, valued at $43,347,952.44. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Henry J. Fuchs sold 35,341 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $85.18, for a total value of $3,010,346.38. Following the completion of the sale, the insider now directly owns 212,117 shares of the company’s stock, valued at approximately $18,068,126.06. The disclosure for this sale can be found here. Over the last three months, insiders have sold 103,229 shares of company stock worth $9,062,967. 1.84% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. CWM LLC raised its position in shares of BioMarin Pharmaceutical by 10.0% during the 3rd quarter. CWM LLC now owns 1,301 shares of the biotechnology company’s stock valued at $115,000 after acquiring an additional 118 shares during the last quarter. State of Alaska Department of Revenue increased its holdings in shares of BioMarin Pharmaceutical by 3.2% during the third quarter. State of Alaska Department of Revenue now owns 27,605 shares of the biotechnology company’s stock worth $2,442,000 after purchasing an additional 865 shares during the period. Handelsbanken Fonder AB increased its stake in BioMarin Pharmaceutical by 1.8% in the third quarter. Handelsbanken Fonder AB now owns 91,755 shares of the biotechnology company’s stock valued at $8,118,000 after acquiring an additional 1,593 shares during the last quarter. Simplicity Solutions LLC increased its stake in BioMarin Pharmaceutical by 8.4% in the third quarter. Simplicity Solutions LLC now owns 2,971 shares of the biotechnology company’s stock valued at $263,000 after acquiring an additional 229 shares during the last quarter. Finally, AMI Asset Management Corp bought a new stake in shares of BioMarin Pharmaceutical during the third quarter worth $27,838,000. 98.71% of the stock is owned by institutional investors and hedge funds.

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.