BioMarin Pharmaceutical (NASDAQ:BMRN) Shares Gap Down on Analyst Downgrade

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) shares gapped down before the market opened on Thursday after Morgan Stanley lowered their price target on the stock from $115.00 to $112.00. The stock had previously closed at $91.20, but opened at $86.26. Morgan Stanley currently has an overweight rating on the stock. BioMarin Pharmaceutical shares last traded at $83.20, with a volume of 2,455,810 shares traded.

BMRN has been the subject of a number of other reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $110.00 target price on shares of BioMarin Pharmaceutical in a report on Thursday. Wells Fargo & Company lifted their target price on BioMarin Pharmaceutical from $100.00 to $110.00 and gave the stock an “overweight” rating in a research report on Thursday. Robert W. Baird cut their target price on BioMarin Pharmaceutical from $127.00 to $104.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 30th. Piper Sandler dropped their price target on BioMarin Pharmaceutical from $115.00 to $107.00 and set an “overweight” rating on the stock in a research report on Friday, February 23rd. Finally, Canaccord Genuity Group lowered their price objective on BioMarin Pharmaceutical from $91.00 to $89.00 and set a “hold” rating on the stock in a report on Friday. Seven equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, BioMarin Pharmaceutical currently has a consensus rating of “Moderate Buy” and a consensus price target of $107.50.

Insider Buying and Selling

In related news, CAO Erin Burkhart sold 2,286 shares of BioMarin Pharmaceutical stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $90.00, for a total transaction of $205,740.00. Following the completion of the transaction, the chief accounting officer now directly owns 16,156 shares in the company, valued at approximately $1,454,040. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Erin Burkhart sold 2,286 shares of the company’s stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $90.00, for a total transaction of $205,740.00. Following the completion of the sale, the chief accounting officer now directly owns 16,156 shares in the company, valued at approximately $1,454,040. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP George Eric Davis sold 24,602 shares of the company’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $88.34, for a total value of $2,173,340.68. Following the sale, the executive vice president now owns 55,856 shares of the company’s stock, valued at $4,934,319.04. The disclosure for this sale can be found here. Insiders sold 103,229 shares of company stock worth $9,062,967 in the last ninety days. Insiders own 1.84% of the company’s stock.

Institutional Trading of BioMarin Pharmaceutical

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC boosted its position in BioMarin Pharmaceutical by 7,368.7% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 60,571 shares of the biotechnology company’s stock worth $5,840,000 after purchasing an additional 59,760 shares during the period. EFG Asset Management North America Corp. boosted its position in BioMarin Pharmaceutical by 44.9% in the 3rd quarter. EFG Asset Management North America Corp. now owns 67,322 shares of the biotechnology company’s stock valued at $5,957,000 after buying an additional 20,874 shares during the last quarter. International Assets Investment Management LLC purchased a new position in BioMarin Pharmaceutical in the 4th quarter valued at about $3,598,000. FMR LLC boosted its position in BioMarin Pharmaceutical by 30.4% in the 3rd quarter. FMR LLC now owns 713,797 shares of the biotechnology company’s stock valued at $63,157,000 after buying an additional 166,219 shares during the last quarter. Finally, Nordea Investment Management AB boosted its position in BioMarin Pharmaceutical by 4.9% in the 4th quarter. Nordea Investment Management AB now owns 11,594 shares of the biotechnology company’s stock valued at $1,121,000 after buying an additional 544 shares during the last quarter. 98.71% of the stock is currently owned by institutional investors and hedge funds.

BioMarin Pharmaceutical Trading Down 1.5 %

The company has a current ratio of 2.51, a quick ratio of 1.57 and a debt-to-equity ratio of 0.12. The business’s 50-day simple moving average is $87.58 and its two-hundred day simple moving average is $89.13. The company has a market capitalization of $15.27 billion, a PE ratio of 75.62, a PEG ratio of 1.68 and a beta of 0.31.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its quarterly earnings results on Thursday, February 22nd. The biotechnology company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.44 by $0.05. BioMarin Pharmaceutical had a net margin of 8.31% and a return on equity of 5.39%. The business had revenue of $646.21 million for the quarter, compared to analysts’ expectations of $639.53 million. During the same quarter last year, the company posted $0.11 earnings per share. The company’s quarterly revenue was up 20.2% compared to the same quarter last year. On average, analysts predict that BioMarin Pharmaceutical Inc. will post 1.85 earnings per share for the current year.

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.