BioMarin Pharmaceutical (NASDAQ:BMRN) Trading 2.4% Higher – Still a Buy?

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) shares rose 2.4% during trading on Wednesday . The stock traded as high as $69.62 and last traded at $69.53. Approximately 192,084 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 837,842 shares. The stock had previously closed at $67.90.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Citigroup lowered their target price on BioMarin Pharmaceutical from $93.00 to $81.00 and set a “neutral” rating on the stock in a report on Wednesday, October 30th. Canaccord Genuity Group cut their target price on shares of BioMarin Pharmaceutical from $93.00 to $84.00 and set a “hold” rating for the company in a research report on Wednesday, October 30th. Wedbush upgraded shares of BioMarin Pharmaceutical to a “strong-buy” rating in a research report on Monday, November 4th. Robert W. Baird cut their price objective on shares of BioMarin Pharmaceutical from $72.00 to $65.00 and set a “neutral” rating for the company in a research report on Wednesday, October 30th. Finally, Wolfe Research began coverage on BioMarin Pharmaceutical in a report on Friday, November 15th. They issued an “outperform” rating and a $95.00 target price on the stock. Seven research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, BioMarin Pharmaceutical presently has an average rating of “Moderate Buy” and an average target price of $94.20.

BioMarin Pharmaceutical Stock Performance

The business’s fifty day moving average is $65.73 and its two-hundred day moving average is $75.32. The stock has a market capitalization 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.

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

Insider Activity

In related news, EVP Charles Greg Guyer sold 5,278 shares of BioMarin Pharmaceutical stock in a transaction dated 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 directly owns 68,909 shares of the company’s stock, valued at approximately $4,573,490.33. The trade was a 7.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.85% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of BMRN. nVerses Capital LLC bought a new stake in shares of BioMarin Pharmaceutical during the 3rd quarter worth approximately $28,000. BOKF NA purchased a new stake in BioMarin Pharmaceutical in the second quarter worth $31,000. TD Private Client Wealth LLC lifted its position in shares of BioMarin Pharmaceutical by 57.4% during the third quarter. TD Private Client Wealth LLC now owns 510 shares of the biotechnology company’s stock worth $36,000 after purchasing an additional 186 shares during the last quarter. Itau Unibanco Holding S.A. purchased a new stake in shares of BioMarin Pharmaceutical during the second quarter valued at $47,000. Finally, Meeder Asset Management Inc. grew its holdings in shares of BioMarin Pharmaceutical by 920.8% in the third quarter. Meeder Asset Management Inc. now owns 735 shares of the biotechnology company’s stock worth $52,000 after purchasing an additional 663 shares during the last quarter. Hedge funds and other institutional investors own 98.71% of the company’s stock.

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.