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

Shares of 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 changing hands.

Several other equities research analysts have also issued reports on the stock. Citigroup decreased their price target on shares of BioMarin Pharmaceutical from $94.00 to $91.00 and set a “neutral” rating on the stock in a report on Thursday. Canaccord Genuity Group decreased their price target on shares of BioMarin Pharmaceutical from $91.00 to $89.00 and set a “hold” rating on the stock in a report on Friday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $110.00 price target on shares of BioMarin Pharmaceutical in a report on Thursday. Piper Sandler decreased their price target on shares of BioMarin Pharmaceutical from $115.00 to $107.00 and set an “overweight” rating on the stock in a report on Friday, February 23rd. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $100.00 price target on shares of BioMarin Pharmaceutical in a report on Friday, February 23rd. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $107.50.

Insider Transactions at BioMarin Pharmaceutical

In related news, Director Jean Jacques Bienaime sold 15,000 shares of the business’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $88.28, for a total transaction of $1,324,200.00. Following the transaction, the director now owns 419,602 shares in the company, valued at approximately $37,042,464.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Jean Jacques Bienaime sold 15,000 shares of the business’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $88.28, for a total transaction of $1,324,200.00. Following the transaction, the director now owns 419,602 shares in the company, valued at approximately $37,042,464.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Jeffrey Robert Ajer sold 4,000 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $87.07, for a total transaction of $348,280.00. Following the transaction, the executive vice president now owns 94,047 shares in the company, valued at approximately $8,188,672.29. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 103,229 shares of company stock worth $9,062,967. Company insiders own 1.84% of the company’s stock.

Institutional Trading of BioMarin Pharmaceutical

A number of hedge funds and other institutional investors have recently bought and sold shares of BMRN. CWM LLC increased its stake in BioMarin Pharmaceutical by 10.0% during the 3rd quarter. CWM LLC now owns 1,301 shares of the biotechnology company’s stock valued at $115,000 after purchasing an additional 118 shares in the last quarter. State of Alaska Department of Revenue increased its stake in BioMarin Pharmaceutical by 3.2% during the 3rd quarter. State of Alaska Department of Revenue now owns 27,605 shares of the biotechnology company’s stock valued at $2,442,000 after purchasing an additional 865 shares in the last quarter. Handelsbanken Fonder AB grew its stake in shares of BioMarin Pharmaceutical by 1.8% in the 3rd quarter. Handelsbanken Fonder AB now owns 91,755 shares of the biotechnology company’s stock worth $8,118,000 after acquiring an additional 1,593 shares in the last quarter. Simplicity Solutions LLC grew its stake in shares of BioMarin Pharmaceutical by 8.4% in the 3rd quarter. Simplicity Solutions LLC now owns 2,971 shares of the biotechnology company’s stock worth $263,000 after acquiring an additional 229 shares in the last quarter. Finally, AMI Asset Management Corp bought a new stake in shares of BioMarin Pharmaceutical in the 3rd quarter worth $27,838,000. Institutional investors own 98.71% of the company’s stock.

BioMarin Pharmaceutical Stock Performance

The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.57 and a current ratio of 2.51. The stock 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’s 50 day moving average price is $87.58 and its 200-day moving average price is $89.13.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its earnings results on Thursday, February 22nd. The biotechnology company reported $0.49 earnings per share (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 firm had revenue of $646.21 million during the quarter, compared to analyst estimates of $639.53 million. During the same quarter in the prior year, the business posted $0.11 EPS. The business’s revenue was up 20.2% compared to the same quarter last year. Equities analysts forecast that BioMarin Pharmaceutical Inc. will post 1.85 EPS for the current fiscal 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.