BioMarin Pharmaceutical (NASDAQ:BMRN) Reaches New 1-Year Low – Here’s Why

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

Wall Street Analyst Weigh In

A number of research firms have recently commented on BMRN. Bank of America increased their price target on shares of BioMarin Pharmaceutical from $99.00 to $103.00 and gave the company a “buy” rating in a report on Thursday, February 20th. Citigroup lifted their price objective on BioMarin Pharmaceutical from $81.00 to $82.00 and gave the company a “neutral” rating in a research report on Thursday, February 20th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $70.00 price target on shares of BioMarin Pharmaceutical in a report on Thursday, February 20th. Scotiabank boosted their target price on shares of BioMarin Pharmaceutical from $78.00 to $80.00 and gave the stock a “sector perform” rating in a report on Thursday, February 20th. Finally, UBS Group boosted their target price on shares of BioMarin Pharmaceutical from $109.00 to $113.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. Seven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $94.00.

BioMarin Pharmaceutical Trading Up 6.3 %

The stock’s fifty day moving average price is $67.44 and its 200 day moving average price is $66.80. The company has a debt-to-equity ratio of 0.11, a current ratio of 5.33 and a quick ratio of 2.62. The stock has a market capitalization of $11.34 billion, a P/E ratio of 27.01, a PEG ratio of 0.61 and a beta of 0.30.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings data on Wednesday, February 19th. The biotechnology company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.18. BioMarin Pharmaceutical had a net margin of 14.96% and a return on equity of 9.91%. The company had revenue of $747.31 million during the quarter, compared to analyst estimates of $711.05 million. Research analysts forecast that BioMarin Pharmaceutical Inc. will post 3.15 earnings per share for the current year.

Insider Buying and Selling at BioMarin Pharmaceutical

In other BioMarin Pharmaceutical news, CAO Erin Burkhart sold 1,295 shares of the stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $71.52, for a total transaction of $92,618.40. Following the completion of the sale, the chief accounting officer now directly owns 16,955 shares of the company’s stock, valued at approximately $1,212,621.60. This represents a 7.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.85% of the company’s stock.

Hedge Funds Weigh In On BioMarin Pharmaceutical

Several hedge funds have recently modified their holdings of BMRN. Oregon Public Employees Retirement Fund increased its holdings in BioMarin Pharmaceutical by 0.4% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 38,738 shares of the biotechnology company’s stock worth $2,546,000 after buying an additional 164 shares during the period. Fifth Third Bancorp lifted its holdings in BioMarin Pharmaceutical by 13.9% in the 4th quarter. Fifth Third Bancorp now owns 1,351 shares of the biotechnology company’s stock valued at $89,000 after purchasing an additional 165 shares in the last quarter. Freedom Investment Management Inc. lifted its holdings in BioMarin Pharmaceutical by 3.8% in the 4th quarter. Freedom Investment Management Inc. now owns 5,022 shares of the biotechnology company’s stock valued at $330,000 after purchasing an additional 184 shares in the last quarter. TD Private Client Wealth LLC raised its holdings in shares of BioMarin Pharmaceutical by 57.4% during the 3rd 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. Finally, First Hawaiian Bank raised its holdings in shares of BioMarin Pharmaceutical by 1.4% during the 4th quarter. First Hawaiian Bank now owns 14,700 shares of the biotechnology company’s stock worth $966,000 after acquiring an additional 200 shares during the period. Institutional investors and hedge funds own 98.71% of the company’s stock.

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.