UBS analysts initates a Buy rating for BioMarin Pharmaceutical Inc. (BMRN)

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BioMarin Pharmaceutical Inc.’s recent filing unveils that its EVP, Chief Commercial Officer Ajer Jeffrey Robert unloaded Company’s shares for reported $0.45 million on Aug 16. In the deal valued at $90.00 per share,5,000 shares were sold. As a result of this transaction, Ajer Jeffrey Robert now holds 60,804 shares worth roughly $ 5.39 million.

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Then, FUCHS HENRY J sold 12,000 shares, generating $1,085,111 in total proceeds. Upon selling the shares at $90.43, the President, Worldwide R&D now owns 176,187 shares.

Before that, Guyer Charles Greg sold 5,360 shares. BioMarin Pharmaceutical Inc. shares valued at $500,109 were divested by the EVP, Chief Technical Officer at a price of $93.30 per share. As a result of the transaction, Guyer Charles Greg now holds 40,041 shares, worth roughly $3.55 million.

UBS initiated its BioMarin Pharmaceutical Inc. [BMRN] rating to a Buy in a research note published on Monday, September 18, 2023; the price target was $120. PT values the company’s stock at a premium of 26.17 to its Monday closing price.

Price Performance Review of BMRN

On Monday, BioMarin Pharmaceutical Inc. [NASDAQ:BMRN] saw its stock jump 0.50% to $88.60. On the same session, the stock had its day’s lowest price of $87.91, but rose to a high of $88.79. Over the last five days, the stock has lost -2.49%. BioMarin Pharmaceutical Inc. shares have fallen nearly -14.39% since the year began. Nevertheless, the stocks have risen 0.58% over the past one year. While a 52-week high of $117.77 was reached on 01/27/23, a 52-week low of $80.53 was recorded on 07/06/23. SMA at 50 days reached $89.37, while 200 days put it at $96.88. A total of 1.04 million shares were traded, compared to the trading of 1.41 million shares in the previous session.

Levels Of Support And Resistance For BMRN Stock

The 24-hour chart illustrates a support level at 88.08, which if violated will result in even more drops to 87.55. On the upside, there is a resistance level at 88.96. A further resistance level may holdings at 89.31. The Relative Strength Index (RSI) on the 14-day chart is 43.20, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -2.86, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 80.52%. Stochastics %K at 11.53% indicates the stock is a buying.

How much short interest is there in BioMarin Pharmaceutical Inc.?

A steep rise in short interest was recorded in BioMarin Pharmaceutical Inc. stocks on Aug 30, 2023, growing by 40000.0 shares to a total of 6.25 million shares. Yahoo Finance data shows the prior-month short interest on Jul 30, 2023 was 6.21 million shares. There was a rise of 0.64%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 3.34% of the overall stock float, the days-to-cover ratio (short ratio) rose to 5.55.

BioMarin Pharmaceutical Inc. [BMRN] – Who Are The Largest Shareholders?

In filings from PRIMECAP Management Co., it is revealed that the company now owns 18,383,619 shares, or roughly 9.77% of the outstanding BMRN shares. In other words, the investor’s shares have risen by 140,190 from its previous 13-F filing of 18243429.0. Additionally, The Vanguard Group, Inc. increased 1.21% of its stake after which the total value it holdings stand at $1,584,461,396, while Dodge & Cox reduced -0.27% of its stake to hold $1.31 billion in the firm. Over the last quarter, BlackRock Fund Advisors sold -66,441 shares of BioMarin Pharmaceutical Inc., while Capital Research & Management Co sold -452,927 shares. At present, SSgA Funds Management, Inc. is holding 5,953,684 shares valued at $544.05 million. Viking Global Investors LP owned 4,156,785 shares of the company at the time of its most recent 13F filing, worth $379.85 million.

According to FactSet, BioMarin Pharmaceutical Inc.’s share price will average $116.87 in the next year, based on opinions of analysts polled by the firm. This is up nearly 27.04 percent from its previous closing price of $88.16. Analysts expect BioMarin Pharmaceutical Inc. stock to reach the higher price of $185.00, while the lowest price estimate is $78.00. However, 27 analysts have rated BMRN stock as an Overweight in their predictions for 2023.


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