BioMarin Pharmaceutical (NASDAQ:BMRN) Reaches New 12-Month Low – Here’s Why

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) shares reached a new 52-week low during trading on Thursday . The stock traded as low as $52.93 and last traded at $59.43, with a volume of 3582347 shares trading hands. The stock had previously closed at $55.89.

Analyst Ratings Changes

BMRN has been the topic of several recent analyst reports. Wedbush reiterated an “outperform” rating and set a $94.00 price objective on shares of BioMarin Pharmaceutical in a report on Thursday, February 20th. UBS Group increased their price target on shares of BioMarin Pharmaceutical from $109.00 to $113.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th. Scotiabank boosted their price objective on shares of BioMarin Pharmaceutical from $78.00 to $80.00 and gave the company a “sector perform” rating in a research note on Thursday, February 20th. Bank of America increased their target price on BioMarin Pharmaceutical from $99.00 to $103.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $70.00 price target on shares of BioMarin Pharmaceutical in a research report on Thursday, February 20th. Seven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $94.00.

BioMarin Pharmaceutical Stock Up 0.9 %

The company has a market capitalization of $10.84 billion, a price-to-earnings ratio of 25.83, a P/E/G ratio of 0.61 and a beta of 0.30. The company has a quick ratio of 2.62, a current ratio of 5.33 and a debt-to-equity ratio of 0.11. The firm has a 50 day moving average price of $67.19 and a two-hundred day moving average price of $66.62.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its quarterly earnings data on Wednesday, February 19th. The biotechnology company reported $0.72 earnings per share for the quarter, beating 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 firm had revenue of $747.31 million during the quarter, compared to analyst estimates of $711.05 million. As a group, sell-side analysts expect that BioMarin Pharmaceutical Inc. will post 3.15 earnings per share for the current year.

Insider Buying and Selling

In other news, CAO Erin Burkhart sold 1,295 shares of the business’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $71.52, for a total value of $92,618.40. Following the completion of the sale, the chief accounting officer now owns 16,955 shares of the company’s stock, valued at approximately $1,212,621.60. The trade was a 7.10 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.85% of the company’s stock.

Hedge Funds Weigh In On BioMarin Pharmaceutical

A number of hedge funds have recently bought and sold shares of BMRN. LRI Investments LLC raised its stake in BioMarin Pharmaceutical by 856.9% during the fourth quarter. LRI Investments LLC now owns 488 shares of the biotechnology company’s stock valued at $32,000 after buying an additional 437 shares in the last quarter. TD Private Client Wealth LLC increased its holdings in shares of BioMarin Pharmaceutical by 57.4% in the 3rd quarter. TD Private Client Wealth LLC now owns 510 shares of the biotechnology company’s stock valued at $36,000 after acquiring an additional 186 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of BioMarin Pharmaceutical during the 4th quarter valued at approximately $36,000. MassMutual Private Wealth & Trust FSB lifted its stake in BioMarin Pharmaceutical by 71.2% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 524 shares of the biotechnology company’s stock worth $37,000 after purchasing an additional 218 shares during the last quarter. Finally, CIBC Private Wealth Group LLC boosted its holdings in BioMarin Pharmaceutical by 64.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 596 shares of the biotechnology company’s stock worth $41,000 after purchasing an additional 233 shares during the period. 98.71% of the stock is currently owned by institutional investors and hedge funds.

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.