BioMarin Pharmaceutical (NASDAQ:BMRN) Hits New 1-Year Low Following Insider Selling

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) shares hit a new 52-week low on Friday after an insider sold shares in the company. The company traded as low as $64.56 and last traded at $64.88, with a volume of 74320 shares traded. The stock had previously closed at $65.60.

Specifically, EVP Charles Greg Guyer sold 5,278 shares of BioMarin Pharmaceutical stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $66.37, for a total value of $350,300.86. Following the completion of the sale, the executive vice president now owns 68,909 shares of the company’s stock, valued at approximately $4,573,490.33. This trade represents a 7.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Wall Street Analysts Forecast Growth

BMRN has been the subject of several research analyst reports. Raymond James reaffirmed an “outperform” rating and issued a $79.00 price objective on shares of BioMarin Pharmaceutical in a report on Thursday, October 10th. UBS Group boosted their price target on BioMarin Pharmaceutical from $104.00 to $106.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Canaccord Genuity Group cut their price target on BioMarin Pharmaceutical from $93.00 to $84.00 and set a “hold” rating for the company in a report on Wednesday, October 30th. Stifel Nicolaus cut their price target on BioMarin Pharmaceutical from $115.00 to $87.00 and set a “buy” rating for the company in a report on Tuesday, September 17th. Finally, Robert W. Baird cut their price target on BioMarin Pharmaceutical from $72.00 to $65.00 and set a “neutral” rating for the company in a report on Wednesday, October 30th. Seven investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, BioMarin Pharmaceutical currently has an average rating of “Moderate Buy” and a consensus price target of $94.20.

BioMarin Pharmaceutical Stock Down 3.3 %

The firm has a market cap of $12.09 billion, a price-to-earnings ratio of 37.98, a PEG ratio of 0.66 and a beta of 0.31. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.62 and a current ratio of 4.27. The business’s 50-day moving average is $70.43 and its 200-day moving average is $79.15.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings data on Tuesday, October 29th. The biotechnology company reported $0.55 earnings per share for the quarter, missing the consensus estimate of $0.78 by ($0.23). The company had revenue of $746.00 million during the quarter, compared to analyst estimates of $703.37 million. BioMarin Pharmaceutical had a net margin of 11.71% and a return on equity of 8.53%. The company’s revenue was up 28.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.26 EPS. On average, equities analysts predict that BioMarin Pharmaceutical Inc. will post 2.47 EPS for the current year.

Institutional Trading of BioMarin Pharmaceutical

Several hedge funds have recently bought and sold shares of BMRN. Geode Capital Management LLC raised its holdings in shares of BioMarin Pharmaceutical by 1.9% in the third quarter. Geode Capital Management LLC now owns 3,260,050 shares of the biotechnology company’s stock valued at $228,632,000 after purchasing an additional 60,692 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its holdings in shares of BioMarin Pharmaceutical by 29.5% in the third quarter. Nomura Asset Management Co. Ltd. now owns 485,609 shares of the biotechnology company’s stock valued at $34,133,000 after purchasing an additional 110,683 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of BioMarin Pharmaceutical in the third quarter valued at approximately $1,984,000. MML Investors Services LLC raised its holdings in shares of BioMarin Pharmaceutical by 8.1% in the third quarter. MML Investors Services LLC now owns 7,621 shares of the biotechnology company’s stock valued at $536,000 after purchasing an additional 572 shares during the last quarter. Finally, XTX Topco Ltd raised its holdings in shares of BioMarin Pharmaceutical by 37.5% in the third quarter. XTX Topco Ltd now owns 6,898 shares of the biotechnology company’s stock valued at $485,000 after purchasing an additional 1,880 shares during the last quarter. 98.71% of the stock is currently owned by institutional investors and hedge funds.

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.