BioMarin Pharmaceutical (NASDAQ:BMRN) Downgraded by Baird R W to Hold

Baird R W downgraded shares of BioMarin Pharmaceutical (NASDAQ:BMRN) from a strong-buy rating to a hold rating in a report issued on Friday morning, Zacks.com reports.

Other equities research analysts have also issued research reports about the stock. Scotiabank upped their target price on shares of BioMarin Pharmaceutical from $83.00 to $85.00 and gave the stock a sector perform rating in a report on Thursday, April 25th. Morgan Stanley cut their target price on shares of BioMarin Pharmaceutical from $115.00 to $112.00 and set an overweight rating for the company in a research note on Friday, April 26th. Royal Bank of Canada restated a sector perform rating and set a $100.00 price target on shares of BioMarin Pharmaceutical in a research report on Friday, February 23rd. Cantor Fitzgerald reiterated an overweight rating and issued a $110.00 price objective on shares of BioMarin Pharmaceutical in a research report on Thursday, April 25th. Finally, Canaccord Genuity Group decreased their target price on BioMarin Pharmaceutical from $91.00 to $89.00 and set a hold rating on the stock in a report on Friday, April 26th. Nine analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $106.11.

BioMarin Pharmaceutical Price Performance

Shares of BioMarin Pharmaceutical stock traded up $0.59 during trading on Friday, hitting $77.56. 3,433,447 shares of the company’s stock traded hands, compared to its average volume of 1,970,463. The company has a market cap of $14.73 billion, a PE ratio of 72.49, a PEG ratio of 1.21 and a beta of 0.34. The firm’s fifty day moving average price is $85.47 and its 200 day moving average price is $88.81. BioMarin Pharmaceutical has a twelve month low of $76.02 and a twelve month high of $99.56. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.74 and a quick ratio of 1.70.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings data on Wednesday, April 24th. The biotechnology company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.12. BioMarin Pharmaceutical had a return on equity of 5.34% and a net margin of 8.31%. The company had revenue of $648.83 million for the quarter, compared to analyst estimates of $649.75 million. Analysts forecast that BioMarin Pharmaceutical will post 1.99 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Jean Jacques Bienaime sold 20,000 shares of the company’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $81.62, for a total value of $1,632,400.00. Following the completion of the sale, the director now directly owns 474,994 shares of the company’s stock, valued at approximately $38,769,010.28. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other BioMarin Pharmaceutical news, EVP George Eric Davis sold 1,850 shares of the stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $85.01, for a total value of $157,268.50. Following the sale, the executive vice president now directly owns 56,157 shares in the company, valued at $4,773,906.57. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jean Jacques Bienaime sold 20,000 shares of the business’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $81.62, for a total transaction of $1,632,400.00. Following the completion of the transaction, the director now directly owns 474,994 shares of the company’s stock, valued at approximately $38,769,010.28. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 110,079 shares of company stock worth $9,528,436. Insiders own 1.85% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BMRN. Allspring Global Investments Holdings LLC raised its holdings in BioMarin Pharmaceutical by 7,368.7% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 60,571 shares of the biotechnology company’s stock worth $5,840,000 after buying an additional 59,760 shares during the period. EFG Asset Management North America Corp. raised its stake in shares of BioMarin Pharmaceutical by 44.9% in the 3rd quarter. EFG Asset Management North America Corp. now owns 67,322 shares of the biotechnology company’s stock valued at $5,957,000 after purchasing an additional 20,874 shares during the period. International Assets Investment Management LLC bought a new stake in shares of BioMarin Pharmaceutical in the fourth quarter valued at about $3,598,000. FMR LLC boosted its position in shares of BioMarin Pharmaceutical by 30.4% during the third quarter. FMR LLC now owns 713,797 shares of the biotechnology company’s stock worth $63,157,000 after buying an additional 166,219 shares during the period. Finally, Nordea Investment Management AB boosted its position in shares of BioMarin Pharmaceutical by 4.9% during the fourth quarter. Nordea Investment Management AB now owns 11,594 shares of the biotechnology company’s stock worth $1,121,000 after buying an additional 544 shares during the period. 98.71% of the stock is currently owned by 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.