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

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) 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.

BMRN has been the subject of several other research reports. Scotiabank lifted their price objective on shares of BioMarin Pharmaceutical from $83.00 to $85.00 and gave the stock a “sector perform” rating in a research note on Thursday. Piper Sandler dropped their price target on shares of BioMarin Pharmaceutical from $115.00 to $107.00 and set an “overweight” rating for the company in a research report on Friday, February 23rd. Cantor Fitzgerald reissued an “overweight” rating and set a $110.00 price target on shares of BioMarin Pharmaceutical in a research report on Thursday. 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 research note on Friday. Finally, Citigroup cut their target price on BioMarin Pharmaceutical from $94.00 to $91.00 and set a “neutral” rating for the company in a research report on Thursday. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $107.50.

Insider Activity at BioMarin Pharmaceutical

In other news, CAO Erin Burkhart sold 2,286 shares of BioMarin Pharmaceutical stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $90.00, for a total transaction of $205,740.00. Following the sale, the chief accounting officer now directly owns 16,156 shares of the company’s stock, valued at $1,454,040. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Henry J. Fuchs sold 35,341 shares of the company’s stock in a transaction that occurred 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 sale, the insider now directly owns 212,117 shares in the company, valued at $18,068,126.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Erin Burkhart sold 2,286 shares of the firm’s 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 transaction, the chief accounting officer now owns 16,156 shares of the company’s stock, valued at approximately $1,454,040. The disclosure for this sale can be found here. Insiders sold a total of 103,229 shares of company stock valued at $9,062,967 in the last quarter. Insiders own 1.84% of the company’s stock.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Several large investors have recently modified their holdings of the company. Vanguard Group Inc. boosted 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 acquiring an additional 348,852 shares during the last quarter. Capital Research Global Investors grew its stake in BioMarin Pharmaceutical by 79.0% during the fourth quarter. Capital Research Global Investors now owns 10,774,641 shares of the biotechnology company’s stock worth $1,038,907,000 after purchasing an additional 4,756,671 shares during the period. Barclays PLC increased its holdings in BioMarin Pharmaceutical by 31.6% in the third quarter. Barclays PLC now owns 5,573,157 shares of the biotechnology company’s stock worth $493,111,000 after purchasing an additional 1,336,886 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in BioMarin Pharmaceutical by 5.6% in the third 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 holdings in shares of BioMarin Pharmaceutical by 11.7% during 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 in the last quarter. 98.71% of the stock is currently owned by institutional investors and hedge funds.

BioMarin Pharmaceutical Trading Down 1.5 %

The firm’s 50-day moving average price is $87.58 and its 200 day moving average price is $89.13. The company has a market cap of $15.27 billion, a price-to-earnings ratio of 75.62, a P/E/G ratio of 1.68 and a beta of 0.31. The company has a current ratio of 2.51, a quick ratio of 1.57 and a debt-to-equity ratio of 0.12.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings results on Thursday, February 22nd. The biotechnology company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $639.53 million. During the same period last year, the company posted $0.11 earnings per share. The business’s quarterly revenue was up 20.2% on a year-over-year basis. As a group, equities analysts expect that BioMarin Pharmaceutical Inc. will post 1.85 EPS for the current 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.