BioMarin Pharmaceutical (NASDAQ:BMRN) Stock Price Down 1.8% – What’s Next?

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)’s stock price was down 1.8% during mid-day trading on Friday . The company traded as low as $68.42 and last traded at $69.36. Approximately 249,609 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 1,539,472 shares. The stock had previously closed at $70.60.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on BMRN shares. Scotiabank raised their price target on BioMarin Pharmaceutical from $78.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Thursday, February 20th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $70.00 price objective on shares of BioMarin Pharmaceutical in a research note on Thursday, February 20th. Bank of America lifted their price objective on BioMarin Pharmaceutical from $99.00 to $103.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. Wedbush reiterated an “outperform” rating and set a $94.00 target price on shares of BioMarin Pharmaceutical in a report on Thursday, February 20th. Finally, Oppenheimer upgraded BioMarin Pharmaceutical from a “market perform” rating to an “outperform” rating and set a $98.00 target price on the stock in a report on Monday, February 24th. Seven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, BioMarin Pharmaceutical currently has an average rating of “Moderate Buy” and an average price target of $94.00.

BioMarin Pharmaceutical Stock Performance

The firm has a 50 day moving average of $66.22 and a 200-day moving average of $68.80. The stock has a market capitalization of $13.25 billion, a PE ratio of 31.56, a P/E/G ratio of 0.61 and a beta of 0.33. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.62 and a current ratio of 5.33.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings results on Wednesday, February 19th. The biotechnology company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.18. BioMarin Pharmaceutical had a return on equity of 9.91% and a net margin of 14.96%. The company had revenue of $747.31 million during the quarter, compared to the consensus estimate of $711.05 million. Research analysts forecast that BioMarin Pharmaceutical Inc. will post 3.15 earnings per share for the current year.

Insider Transactions at BioMarin Pharmaceutical

In other news, CAO Erin Burkhart sold 1,344 shares of the firm’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $68.38, for a total transaction of $91,902.72. Following the completion of the sale, the chief accounting officer now directly owns 13,105 shares of the company’s stock, valued at $896,119.90. This trade represents a 9.30 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.85% of the company’s stock.

Institutional Investors Weigh In On BioMarin Pharmaceutical

A number of hedge funds and other institutional investors have recently made changes to their positions in BMRN. Lansforsakringar Fondforvaltning AB publ acquired a new position in shares of BioMarin Pharmaceutical during the 4th quarter valued at about $4,367,000. PKO Investment Management Joint Stock Co acquired a new position in shares of BioMarin Pharmaceutical during the 4th quarter valued at about $789,000. Siemens Fonds Invest GmbH acquired a new position in shares of BioMarin Pharmaceutical during the 4th quarter valued at about $821,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of BioMarin Pharmaceutical during the 4th quarter valued at about $10,451,000. Finally, Polar Asset Management Partners Inc. acquired a new position in shares of BioMarin Pharmaceutical during the 4th quarter valued at about $979,000. 98.71% of the stock is owned by hedge funds and other institutional investors.

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.