Wells Fargo & Company Boosts BioMarin Pharmaceutical (NASDAQ:BMRN) Price Target to $110.00

BioMarin Pharmaceutical (NASDAQ:BMRN) had its target price upped by Wells Fargo & Company from $100.00 to $110.00 in a report released on Thursday morning, Benzinga reports. The firm currently has an overweight rating on the biotechnology company’s stock.

BMRN has been the topic of several other research reports. Royal Bank of Canada restated a sector perform rating and set a $100.00 target price on shares of BioMarin Pharmaceutical in a report on Friday, February 23rd. Robert W. Baird decreased their target price on BioMarin Pharmaceutical from $127.00 to $104.00 and set an outperform rating on the stock in a report on Tuesday, January 30th. Canaccord Genuity Group restated a hold rating and set a $91.00 target price on shares of BioMarin Pharmaceutical in a report on Thursday, February 29th. Piper Sandler decreased their target price on BioMarin Pharmaceutical from $115.00 to $107.00 and set an overweight rating on the stock in a report on Friday, February 23rd. Finally, Cantor Fitzgerald reiterated an overweight rating and issued a $100.00 price target on shares of BioMarin Pharmaceutical in a report on Friday, February 23rd. Seven research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, BioMarin Pharmaceutical has an average rating of Moderate Buy and a consensus target price of $107.89.

BioMarin Pharmaceutical Stock Performance

BioMarin Pharmaceutical stock opened at $82.17 on Thursday. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.51 and a quick ratio of 1.57. The stock has a fifty day moving average price of $87.74 and a two-hundred day moving average price of $89.18. BioMarin Pharmaceutical has a 52-week low of $76.02 and a 52-week high of $99.56. The firm has a market capitalization of $15.51 billion, a P/E ratio of 76.80, a P/E/G ratio of 1.68 and a beta of 0.31.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings data on Thursday, February 22nd. The biotechnology company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 5.39% and a net margin of 8.31%. The business’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.11 earnings per share. As a group, analysts anticipate that BioMarin Pharmaceutical will post 1.85 EPS for the current fiscal year.

Insider Activity

In related news, CAO Erin Burkhart sold 2,286 shares of the company’s stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $90.00, for a total transaction of $205,740.00. Following the sale, the chief accounting officer now owns 16,156 shares in the company, valued at $1,454,040. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other BioMarin Pharmaceutical news, CAO Erin Burkhart sold 2,286 shares of the business’s stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $90.00, for a total transaction of $205,740.00. Following the transaction, the chief accounting officer now owns 16,156 shares of the company’s stock, valued at $1,454,040. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Jean Jacques Bienaime sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $90.35, for a total value of $90,350.00. Following the completion of the transaction, the director now directly owns 562,203 shares in the company, valued at approximately $50,795,041.05. The disclosure for this sale can be found here. Insiders sold 103,229 shares of company stock worth $9,062,967 in the last quarter. Corporate insiders own 1.84% of the company’s stock.

Hedge Funds Weigh In On BioMarin Pharmaceutical

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of BioMarin Pharmaceutical by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 18,050,062 shares of the biotechnology company’s stock valued at $1,740,387,000 after purchasing an additional 348,852 shares during the last quarter. Capital Research Global Investors grew its position in shares of BioMarin Pharmaceutical by 79.0% in the fourth quarter. Capital Research Global Investors now owns 10,774,641 shares of the biotechnology company’s stock valued at $1,038,907,000 after purchasing an additional 4,756,671 shares during the last quarter. Barclays PLC grew its position in shares of BioMarin Pharmaceutical by 31.6% in the third quarter. Barclays PLC now owns 5,573,157 shares of the biotechnology company’s stock valued at $493,111,000 after purchasing an additional 1,336,886 shares during the last quarter. Ameriprise Financial Inc. grew its position in BioMarin Pharmaceutical by 5.6% during the third quarter. Ameriprise Financial Inc. now owns 5,163,949 shares of the biotechnology company’s stock worth $456,906,000 after buying an additional 275,436 shares in the last quarter. Finally, Avoro Capital Advisors LLC grew its position in BioMarin Pharmaceutical by 11.7% during the fourth quarter. Avoro Capital Advisors LLC now owns 4,300,000 shares of the biotechnology company’s stock worth $414,606,000 after buying an additional 450,000 shares in the last quarter. 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.