BioMarin Pharmaceutical (NASDAQ:BMRN) Trading Up 2.4% – What’s Next?

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)’s stock price shot up 2.4% during trading on Wednesday . The company traded as high as $69.62 and last traded at $69.53. 192,084 shares were traded during trading, a decline of 77% from the average session volume of 837,842 shares. The stock had previously closed at $67.90.

Analyst Upgrades and Downgrades

BMRN has been the subject of several research analyst reports. Citigroup decreased their price target on shares of BioMarin Pharmaceutical from $93.00 to $81.00 and set a “neutral” rating for the company in a research note on Wednesday, October 30th. William Blair cut BioMarin Pharmaceutical from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 30th. Scotiabank cut their price target on BioMarin Pharmaceutical from $95.00 to $78.00 and set a “sector perform” rating on the stock in a research note on Tuesday, September 17th. Truist Financial decreased their price objective on BioMarin Pharmaceutical from $118.00 to $90.00 and set a “buy” rating for the company in a report on Tuesday, September 17th. Finally, Robert W. Baird dropped their target price on shares of BioMarin Pharmaceutical from $72.00 to $65.00 and set a “neutral” rating on the stock in a report on Wednesday, October 30th. Seven equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, BioMarin Pharmaceutical has a consensus rating of “Moderate Buy” and an average target price of $94.20.

BioMarin Pharmaceutical Price Performance

The firm has a market cap of $13.15 billion, a PE ratio of 41.31, a price-to-earnings-growth ratio of 0.65 and a beta of 0.29. The company has a quick ratio of 2.62, a current ratio of 4.27 and a debt-to-equity ratio of 0.11. The stock has a 50 day moving average price of $65.73 and a two-hundred day moving average price of $75.32.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings data on Tuesday, October 29th. The biotechnology company reported $0.55 EPS for the quarter, missing the consensus estimate of $0.78 by ($0.23). BioMarin Pharmaceutical had a return on equity of 8.53% and a net margin of 11.71%. The company had revenue of $746.00 million for the quarter, compared to analyst estimates of $703.37 million. During the same quarter in the previous year, the firm posted $0.26 earnings per share. The company’s quarterly revenue was up 28.4% on a year-over-year basis. As a group, equities analysts expect that BioMarin Pharmaceutical Inc. will post 2.49 earnings per share for the current year.

Insider Buying and Selling at BioMarin Pharmaceutical

In related news, EVP Charles Greg Guyer sold 5,278 shares of the firm’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $66.37, for a total transaction of $350,300.86. Following the completion of the transaction, the executive vice president now owns 68,909 shares of the company’s stock, valued at $4,573,490.33. This trade represents a 7.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 1.85% of the company’s stock.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Several hedge funds have recently added to or reduced their stakes in the business. nVerses Capital LLC purchased a new position in shares of BioMarin Pharmaceutical during the 3rd quarter valued at approximately $28,000. BOKF NA purchased a new position in BioMarin Pharmaceutical in the second quarter valued at $31,000. TD Private Client Wealth LLC raised its position in shares of BioMarin Pharmaceutical by 57.4% in the third quarter. TD Private Client Wealth LLC now owns 510 shares of the biotechnology company’s stock worth $36,000 after acquiring an additional 186 shares during the period. Itau Unibanco Holding S.A. acquired a new position in shares of BioMarin Pharmaceutical in the second quarter worth about $47,000. Finally, Meeder Asset Management Inc. boosted its stake in shares of BioMarin Pharmaceutical by 920.8% during the 3rd quarter. Meeder Asset Management Inc. now owns 735 shares of the biotechnology company’s stock worth $52,000 after acquiring an additional 663 shares in the last quarter. 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.