SunTrust Banks Begins Coverage on BioMarin Pharmaceutical (NASDAQ:BMRN)
Equities research analysts at SunTrust Banks assumed coverage on shares of BioMarin Pharmaceutical (NASDAQ:BMRN) in a research report issued on Tuesday, Marketbeat.com reports. The brokerage set a “buy” rating and a $110.00 price target on the biotechnology company’s stock. SunTrust Banks’ target price suggests a potential upside of 46.59% from the stock’s previous close.
BMRN has been the topic of several other reports. Nomura cut their price objective on BioMarin Pharmaceutical from $93.00 to $77.00 in a research report on Thursday, October 24th. Stifel Nicolaus set a $108.00 price objective on BioMarin Pharmaceutical and gave the company a “buy” rating in a research report on Friday, September 13th. BidaskClub raised BioMarin Pharmaceutical from a “sell” rating to a “hold” rating in a research report on Friday, November 8th. Canaccord Genuity cut their price objective on BioMarin Pharmaceutical from $117.00 to $108.00 and set a “buy” rating on the stock in a research report on Monday, October 28th. Finally, JPMorgan Chase & Co. reissued a “buy” rating and issued a $133.00 price objective on shares of BioMarin Pharmaceutical in a research report on Monday, August 5th. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. BioMarin Pharmaceutical presently has an average rating of “Buy” and a consensus price target of $106.53.
NASDAQ:BMRN traded down $0.54 during trading hours on Tuesday, reaching $75.04. 1,980,500 shares of the company traded hands, compared to its average volume of 1,602,160. The firm’s 50-day moving average is $70.21 and its 200-day moving average is $77.91. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.77 and a quick ratio of 2.53. BioMarin Pharmaceutical has a 1-year low of $62.88 and a 1-year high of $100.13. The stock has a market cap of $13.68 billion, a P/E ratio of -227.39, a P/E/G ratio of 144.20 and a beta of 1.30.
In other news, CEO Jean Jacques Bienaime sold 5,000 shares of BioMarin Pharmaceutical stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $69.55, for a total transaction of $347,750.00. Following the sale, the chief executive officer now directly owns 332,520 shares of the company’s stock, valued at $23,126,766. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director V Bryan Lawlis sold 3,750 shares of BioMarin Pharmaceutical stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $74.47, for a total value of $279,262.50. Following the sale, the director now directly owns 27,340 shares in the company, valued at $2,036,009.80. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in BMRN. North Star Investment Management Corp. purchased a new stake in shares of BioMarin Pharmaceutical during the third quarter worth about $25,000. Doyle Wealth Management acquired a new position in BioMarin Pharmaceutical in the second quarter worth about $26,000. Usca Ria LLC acquired a new position in BioMarin Pharmaceutical in the third quarter worth about $26,000. Meeder Asset Management Inc. grew its stake in BioMarin Pharmaceutical by 73.6% in the third quarter. Meeder Asset Management Inc. now owns 408 shares of the biotechnology company’s stock worth $27,000 after purchasing an additional 173 shares in the last quarter. Finally, Avestar Capital LLC grew its stake in BioMarin Pharmaceutical by 36.9% in the second quarter. Avestar Capital LLC now owns 750 shares of the biotechnology company’s stock worth $44,000 after purchasing an additional 202 shares in the last quarter. 97.62% of the stock is currently owned by institutional investors and hedge funds.
About BioMarin Pharmaceutical
BioMarin Pharmaceutical Inc, a biotechnology company, develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. Its commercial products include Aldurazyme to treat mucopolysaccharidosis I, a genetic disease; Brineura for the treatment of late infantile neuronal ceroid lipofuscinosis type 2, a form of Batten disease; and Kuvan, a proprietary synthetic oral form of 6R-BH4 that is used to treat patients with phenylketonuria (PKU), an inherited metabolic disease.
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