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

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) gapped down prior to trading 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.

BMRN has been the subject of several other reports. Canaccord Genuity Group lowered their price objective on shares of BioMarin Pharmaceutical from $91.00 to $89.00 and set a “hold” rating for the company in a research note on Friday. Citigroup dropped their price objective on BioMarin Pharmaceutical from $94.00 to $91.00 and set a “neutral” rating for the company in a report on Thursday. Cantor Fitzgerald reissued an “overweight” rating and set a $110.00 target price on shares of BioMarin Pharmaceutical in a research note on Thursday. Piper Sandler dropped their price target on BioMarin Pharmaceutical from $115.00 to $107.00 and set an “overweight” rating for the company in a research note on Friday, February 23rd. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $100.00 price objective on shares of BioMarin Pharmaceutical in a research report on Friday, February 23rd. Seven investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $107.50.

Insiders Place Their Bets

In other news, Director Jean Jacques Bienaime sold 20,000 shares of the firm’s stock in a transaction on Friday, April 12th. The stock was sold at an average price of $91.26, for a total transaction of $1,825,200.00. Following the completion of the transaction, the director now directly owns 474,994 shares in the company, valued at $43,347,952.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other BioMarin Pharmaceutical news, insider Henry J. Fuchs sold 35,341 shares of BioMarin Pharmaceutical stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $85.18, for a total value of $3,010,346.38. Following the completion of the sale, the insider now owns 212,117 shares of the company’s stock, valued at approximately $18,068,126.06. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jean Jacques Bienaime sold 20,000 shares of the business’s stock in a transaction on Friday, April 12th. The stock was sold at an average price of $91.26, for a total value of $1,825,200.00. Following the completion of the transaction, the director now owns 474,994 shares of the company’s stock, valued at approximately $43,347,952.44. The disclosure for this sale can be found here. Over the last three months, insiders have sold 103,229 shares of company stock valued at $9,062,967. 1.84% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On BioMarin Pharmaceutical

Several hedge funds and other institutional investors have recently bought and sold shares of BMRN. Vanguard Group Inc. lifted its position in BioMarin Pharmaceutical by 2.0% during the fourth quarter. Vanguard Group Inc. now owns 18,050,062 shares of the biotechnology company’s stock valued at $1,740,387,000 after purchasing an additional 348,852 shares during the period. Capital Research Global Investors raised its stake in BioMarin Pharmaceutical by 79.0% during the 4th quarter. Capital Research Global Investors now owns 10,774,641 shares of the biotechnology company’s stock valued at $1,038,907,000 after buying an additional 4,756,671 shares during the last quarter. Barclays PLC raised its stake in BioMarin Pharmaceutical by 31.6% during the 3rd quarter. Barclays PLC now owns 5,573,157 shares of the biotechnology company’s stock valued at $493,111,000 after buying an additional 1,336,886 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of BioMarin Pharmaceutical by 5.6% during the 3rd quarter. Ameriprise Financial Inc. now owns 5,163,949 shares of the biotechnology company’s stock valued at $456,906,000 after buying an additional 275,436 shares during the period. Finally, Avoro Capital Advisors LLC boosted its stake in shares of BioMarin Pharmaceutical by 11.7% in the 4th quarter. Avoro Capital Advisors LLC now owns 4,300,000 shares of the biotechnology company’s stock worth $414,606,000 after buying an additional 450,000 shares during the last quarter. Institutional investors own 98.71% of the company’s stock.

BioMarin Pharmaceutical Stock Down 1.5 %

The company has a market cap of $15.27 billion, a P/E ratio of 75.62, a price-to-earnings-growth ratio of 1.68 and a beta of 0.31. The company has a quick ratio of 1.57, a current ratio of 2.51 and a debt-to-equity ratio of 0.12. The company has a fifty day moving average of $87.58 and a 200 day moving average of $89.13.

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

BioMarin Pharmaceutical Company Profile

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.