why BioMarin Pharmaceutical Inc. [BMRN] is a Good Choice for Investors After New Price Target of $123.48

BioMarin Pharmaceutical Inc. [NASDAQ: BMRN] gained 6.46% on the last trading session, reaching $93.41 price per share at the time. The company report on March 14, 2023 that BioMarin to Share Updated Data at 2023 American College of Medical Genetics and Genomics (ACMG) Meeting Demonstrating Commitment to Understanding Long-Term Benefit of VOXZOGO® in Children with Achondroplasia.

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New Analyses from Phase 2 and Phase 3 Extension Studies Continue to Demonstrate Sustained Improvement in Growth with no Change in Safety Profile.

BioMarin Pharmaceutical Inc. (Nasdaq: BMRN), a global biotechnology company dedicated to transforming lives through genetic discovery, will present updated data demonstrating the long-term benefit of treatment with VOXZOGO® (vosoritide) and new observational data on disease burden in children with achondroplasia. These data will be shared this week in an oral presentation and five posters at the 2023 American College of Medical Genetics and Genomics (ACMG) Annual Clinical Genetics Meeting in Salt Lake City, Utah.

BioMarin Pharmaceutical Inc. represents 186.04 million in outstanding shares, while the company has a total market value of $17.90 billion with the latest information. BMRN stock price has been found in the range of $87.34 to $93.63.

If compared to the average trading volume of 1.52M shares, BMRN reached a trading volume of 2828681 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about BioMarin Pharmaceutical Inc. [BMRN]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for BMRN shares is $123.48 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on BMRN stock is a recommendation set at 2.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Oppenheimer have made an estimate for BioMarin Pharmaceutical Inc. shares, keeping their opinion on the stock as Perform, with their previous recommendation back on February 22, 2023. While these analysts kept the previous recommendation, Citigroup raised their target price to Neutral. The new note on the price target was released on February 21, 2023, representing the official price target for BioMarin Pharmaceutical Inc. stock. Previously, the target price had yet another raise to $107, while BMO Capital Markets analysts kept a Market Perform rating on BMRN stock.

The Average True Range (ATR) for BioMarin Pharmaceutical Inc. is set at 2.94, with the Price to Sales ratio for BMRN stock in the period of the last 12 months amounting to 8.54. The Price to Book ratio for the last quarter was 3.78, with the Price to Cash per share for the same quarter was set at 6.74. Price to Free Cash Flow for BMRN in the course of the last twelve months was 326.14 with Quick ratio for the last quarter at 3.20.

Trading performance analysis for BMRN stock

BioMarin Pharmaceutical Inc. [BMRN] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 0.45. With this latest performance, BMRN shares dropped by -14.10% in over the last four-week period, additionally plugging by 7.54% over the last 6 months – not to mention a rise of 19.34% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for BMRN stock in for the last two-week period is set at 38.26, with the RSI for the last a single of trading hit 41.86, and the three-weeks RSI is set at 38.60 for BioMarin Pharmaceutical Inc. [BMRN]. The present Moving Average for the last 50 days of trading for this stock 106.20, while it was recorded at 90.38 for the last single week of trading, and 93.71 for the last 200 days.

BioMarin Pharmaceutical Inc. [BMRN]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and BioMarin Pharmaceutical Inc. [BMRN] shares currently have an operating margin of +0.50 and a Gross Margin at +73.31. BioMarin Pharmaceutical Inc.’s Net Margin is presently recorded at +6.91.

Return on Equity for this stock inclined to 3.19, with Return on Assets sitting at 2.29.

BioMarin Pharmaceutical Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 3.20 and a Current Ratio set at 4.70.

An analysis of insider ownership at BioMarin Pharmaceutical Inc. [BMRN]

There are presently around $17,054 million, in the hands of institutional investors. The top three institutional holders of BMRN stocks are: PRIMECAP MANAGEMENT CO/CA/ with ownership of 17,580,859, which is approximately -0.253% of the company’s market cap and around 0.30% of the total institutional ownership; VANGUARD GROUP INC, holding 17,365,080 shares of the stock with an approximate value of $1.62 billion in BMRN stocks shares; and BLACKROCK INC., currently with $1.36 billion in BMRN stock with ownership of nearly 1.766% of the company’s market capitalization.

Positions in BioMarin Pharmaceutical Inc. stocks held by institutional investors increased at the end of Monday and at the time of the Monday reporting period, where 291 institutional holders increased their position in BioMarin Pharmaceutical Inc. [NASDAQ:BMRN] by around 14,887,405 shares. Additionally, 253 investors decreased positions by around 14,328,048 shares, while 93 investors held positions by with 153,357,766 shares. The mentioned changes placed institutional holdings at 182,573,219 shares, according to the latest SEC report filing. BMRN stock had 90 new institutional investments in for a total of 2,473,655 shares, while 46 institutional investors sold positions of 1,824,643 shares during the same period.


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