BioMarin Pharmaceutical (NASDAQ:BMRN) Upgraded by Sanford C. Bernstein to “Outperform”

Sanford C. Bernstein upgraded shares of BioMarin Pharmaceutical (NASDAQ:BMRN) from a market perform rating to an outperform rating in a research report report published on Tuesday, MarketBeat.com reports. Sanford C. Bernstein currently has $110.00 target price on the biotechnology company’s stock, up from their previous target price of $94.00.

Several other analysts have also recently weighed in on the stock. Morgan Stanley reduced their target price on shares of BioMarin Pharmaceutical from $115.00 to $112.00 and set an overweight rating on the stock in a report on Friday, April 26th. Stifel Nicolaus raised their target price on shares of BioMarin Pharmaceutical from $108.00 to $112.00 and gave the company a buy rating in a report on Tuesday, August 6th. Cantor Fitzgerald reissued an overweight rating and set a $110.00 price objective on shares of BioMarin Pharmaceutical in a report on Monday, August 5th. Scotiabank raised their price objective on shares of BioMarin Pharmaceutical from $85.00 to $86.00 and gave the stock a sector perform rating in a report on Tuesday, August 6th. Finally, Robert W. Baird cut shares of BioMarin Pharmaceutical from an outperform rating to a neutral rating and cut their price objective for the stock from $104.00 to $72.00 in a report on Friday, May 17th. Eight equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, BioMarin Pharmaceutical has an average rating of Moderate Buy and a consensus price target of $105.26.

BioMarin Pharmaceutical Stock Down 2.8 %

Shares of NASDAQ:BMRN opened at $90.02 on Tuesday. The firm’s 50 day moving average price is $85.35 and its 200 day moving average price is $84.96. The stock has a market cap of $17.09 billion, a price-to-earnings ratio of 84.13, a price-to-earnings-growth ratio of 1.20 and a beta of 0.32. BioMarin Pharmaceutical has a fifty-two week low of $73.68 and a fifty-two week high of $99.56. The company has a quick ratio of 1.70, a current ratio of 2.74 and a debt-to-equity ratio of 0.12.

Insider Activity

In related news, EVP George Eric Davis sold 40,850 shares of BioMarin Pharmaceutical stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $74.51, for a total value of $3,043,733.50. Following the transaction, the executive vice president now directly owns 56,157 shares in the company, valued at approximately $4,184,258.07. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, EVP George Eric Davis sold 40,850 shares of BioMarin Pharmaceutical stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $74.51, for a total value of $3,043,733.50. Following the transaction, the executive vice president now directly owns 56,157 shares in the company, valued at approximately $4,184,258.07. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Brian Mueller sold 5,000 shares of BioMarin Pharmaceutical stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $75.19, for a total transaction of $375,950.00. Following the completion of the transaction, the chief financial officer now owns 72,159 shares in the company, valued at $5,425,635.21. The disclosure for this sale can be found here. Corporate insiders own 1.85% of the company’s stock.

Hedge Funds Weigh In On BioMarin Pharmaceutical

Hedge funds and other institutional investors have recently bought and sold shares of the company. AMI Asset Management Corp boosted its position in shares of BioMarin Pharmaceutical by 51.9% during the 1st quarter. AMI Asset Management Corp now owns 346,189 shares of the biotechnology company’s stock worth $30,236,000 after purchasing an additional 118,230 shares in the last quarter. ING Groep NV purchased a new stake in shares of BioMarin Pharmaceutical during the 4th quarter worth $20,248,000. Fisher Asset Management LLC purchased a new stake in shares of BioMarin Pharmaceutical during the 4th quarter worth $1,301,000. APG Asset Management US Inc. purchased a new stake in shares of BioMarin Pharmaceutical during the 4th quarter worth $3,462,000. Finally, Bridgewater Associates LP boosted its position in shares of BioMarin Pharmaceutical by 18.3% during the 4th quarter. Bridgewater Associates LP now owns 190,970 shares of the biotechnology company’s stock worth $18,413,000 after purchasing an additional 29,576 shares in the last quarter. 98.71% of the stock is currently owned by hedge funds and other institutional investors.

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.