Royal Bank of Canada Reaffirms “Sector Perform” Rating for BioMarin Pharmaceutical (NASDAQ:BMRN)

Royal Bank of Canada reiterated their sector perform rating on shares of BioMarin Pharmaceutical (NASDAQ:BMRN) in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have a $100.00 price objective on the biotechnology company’s stock.

Other research analysts have also issued research reports about the company. Scotiabank boosted their target price on BioMarin Pharmaceutical from $83.00 to $85.00 and gave the company a sector perform rating in a research report on Thursday, April 25th. Robert W. Baird lowered BioMarin Pharmaceutical from an outperform rating to a neutral rating and dropped their target price for the company from $104.00 to $72.00 in a research report on Friday, May 17th. Wells Fargo & Company boosted their target price on BioMarin Pharmaceutical from $110.00 to $115.00 and gave the company an overweight rating in a research report on Thursday, June 27th. Morgan Stanley dropped their target price on BioMarin Pharmaceutical from $115.00 to $112.00 and set an overweight rating for the company in a research report on Friday, April 26th. Finally, Stifel Nicolaus boosted their price target on BioMarin Pharmaceutical from $108.00 to $112.00 and gave the company a buy rating in a report on Tuesday. Nine analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, BioMarin Pharmaceutical has an average rating of Moderate Buy and an average price target of $103.63.

BioMarin Pharmaceutical Trading Up 0.8 %

Shares of NASDAQ:BMRN traded up $0.74 during trading hours on Tuesday, hitting $88.64. 1,364,074 shares of the company’s stock traded hands, compared to its average volume of 1,875,349. BioMarin Pharmaceutical has a 1 year low of $73.68 and a 1 year high of $99.56. The business has a fifty day moving average price of $83.65 and a 200-day moving average price of $84.93. The firm has a market capitalization of $16.83 billion, a P/E ratio of 82.84, a price-to-earnings-growth ratio of 1.20 and a beta of 0.32. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.74 and a quick ratio of 1.70.

Insider Transactions at BioMarin Pharmaceutical

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

Institutional Investors Weigh In On BioMarin Pharmaceutical

Hedge funds have recently added to or reduced their stakes in the business. Innealta Capital LLC purchased a new stake in BioMarin Pharmaceutical in the second quarter valued at $25,000. BOKF NA purchased a new stake in BioMarin Pharmaceutical in the second quarter valued at $31,000. Quent Capital LLC boosted its holdings in BioMarin Pharmaceutical by 58.9% in the second quarter. Quent Capital LLC now owns 391 shares of the biotechnology company’s stock valued at $32,000 after purchasing an additional 145 shares during the last quarter. Lindbrook Capital LLC boosted its holdings in BioMarin Pharmaceutical by 259.8% in the fourth quarter. Lindbrook Capital LLC now owns 385 shares of the biotechnology company’s stock valued at $37,000 after purchasing an additional 278 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. boosted its holdings in BioMarin Pharmaceutical by 135.3% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 433 shares of the biotechnology company’s stock valued at $42,000 after purchasing an additional 249 shares during the last quarter. 98.71% of the stock is 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.