BioMarin Pharmaceutical (NASDAQ:BMRN) hits new 12-month high after analysts upgrade

BioMarin Pharmaceutical Inc. (NASDAQ: BMRN – Get a rating) shares hit a new 52-week high in the midday session on Friday after Morgan Stanley raised its price target on the stock from $113.00 to $117.00. Morgan Stanley currently has an overweight rating on the stock. BioMarin Pharmaceutical traded as high as $95.31 and last traded at $95.26, with a volume of 34,817 shares traded in hands. The stock previously closed at $92.98.

The BMRN has been the subject of several other reports. StockNews.com upgraded BioMarin Pharmaceutical from a “buy” rating to a “hold” rating in a report released on Monday. Credit Suisse Group raised its price target on BioMarin Pharmaceutical from $105.00 to $106.00 and gave the stock an “outperform” rating in a Monday, June 6 report. Wedbush reiterated a “hold” rating and issued a price target of $70.00 on shares of BioMarin Pharmaceutical in a Friday, June 24 report. Stifel Nicolaus reiterated a “buy” rating and issued a price target of $96.00 on BioMarin Pharmaceutical shares in a Tuesday, May 3 report. Finally, Jefferies Financial Group restated a “buy” rating and set a target price of $100.00 on BioMarin Pharmaceutical shares in a Wednesday, May 4, report. Four research analysts gave the stock a hold rating and twelve gave the stock a buy rating. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $110.40.

Insider buying and selling

In related news, EVP Jeffrey Robert Ajer sold 1,308 shares of the company in a transaction that took place on Thursday, May 26. The stock was sold at an average price of $78.94, for a total value of $103,253.52. Following the sale, the executive vice president now owns 54,109 shares of the company, valued at approximately $4,271,364.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, accessible via this link. In other BioMarin Pharmaceutical news, EVP Jeffrey Robert Ajer sold 1,308 shares in a trade on Thursday, May 26. The stock was sold at an average price of $78.94, for a total transaction of $103,253.52. Following the sale, the executive vice president now directly owns 54,109 shares of the company, valued at approximately $4,271,364.46. The sale was disclosed in a document filed with the SEC, accessible via the SEC website. Also, CFO Brian Müller sold 7,337 shares in a trade on Friday, July 8. The shares were sold at an average price of $89.50, for a total value of $656,661.50. Following the sale, the CFO now owns 30,726 shares of the company, valued at $2,749,977. Disclosure of this sale can be found here. Insiders sold 16,043 shares of the company worth $1,425,735 in the past 90 days. Insiders own 1.75% of the shares of the company.

Hedge funds weigh on BioMarin Pharmaceutical

A number of institutional investors and hedge funds have recently changed their holdings in the company. Acadian Asset Management LLC increased its stake in BioMarin Pharmaceutical by 395.4% in Q1. Acadian Asset Management LLC now owns 431 shares of the biotech company worth $32,000 after purchasing an additional 344 shares during the period. CWM LLC increased its stake in BioMarin Pharmaceutical by 435.2% in the 1st quarter. CWM LLC now owns 487 shares of the biotech company worth $38,000 after purchasing an additional 396 shares during the period. First Horizon Advisors Inc. increased its stake in BioMarin Pharmaceutical by 1,014.6% in Q2. First Horizon Advisors Inc. now owns 535 shares of the biotech company worth $43,000 after purchasing an additional 487 shares during the period. Covington Capital Management increased its stake in BioMarin Pharmaceutical by 40.8% during the second quarter. Covington Capital Management now owns 704 shares of the biotech company valued at $58,000 after acquiring 204 additional shares during the period. Finally, CKW Financial Group increased its stake in BioMarin Pharmaceutical by 23.1% during the first quarter. CKW Financial Group now owns 800 shares of the biotech company valued at $63,000 after acquiring an additional 150 shares during the period. 95.45% of the shares are currently held by hedge funds and other institutional investors.

BioMarin pharmaceutical inventory up 2.9%

The company has a quick ratio of 3.28, a current ratio of 4.88 and a leverage ratio of 0.25. The company has a fifty-day moving average price of $82.51 and a 200-day moving average price of $82.15. The stock has a market capitalization of $17.70 billion, a P/E ratio of 357.63, a PEG ratio of 1.86 and a beta of 0.33.

BioMarin Pharmaceutical (NASDAQ: BMRN – Get a rating) last released its quarterly results on Wednesday, August 3. The biotech company reported EPS of $0.15 for the quarter, beating the consensus estimate of $0.11 by $0.04. BioMarin Pharmaceutical had a return on equity of 1.80% and a net margin of 2.83%. During the same period last year, the company earned earnings per share of $0.23. As a group, research analysts expect BioMarin Pharmaceutical Inc. to post EPS of 0.95 for the current fiscal year.

BioMarin Pharmaceutical Company Profile

(Get a rating)

BioMarin Pharmaceutical Inc develops and markets therapies for people with rare diseases and serious, life-threatening 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 used to treat patients with phenylketonuria (PKU), an inherited metabolic disease.

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