BioMarin Pharmaceutical (NASDAQ:BMRN) Sets New 52-Week Low – Here’s Why

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)’s stock price hit a new 52-week low during trading on Thursday . The company traded as low as $60.65 and last traded at $61.22, with a volume of 118180 shares trading hands. The stock had previously closed at $61.58.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on BMRN. JPMorgan Chase & Co. dropped their price target on BioMarin Pharmaceutical from $110.00 to $109.00 and set an “overweight” rating for the company in a research report on Wednesday, October 30th. Raymond James reissued an “outperform” rating and issued a $79.00 target price on shares of BioMarin Pharmaceutical in a research note on Thursday, October 10th. William Blair cut shares of BioMarin Pharmaceutical from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 30th. Barclays cut their price objective on shares of BioMarin Pharmaceutical from $110.00 to $86.00 and set an “overweight” rating for the company in a research report on Friday, October 4th. Finally, UBS Group raised their target price on shares of BioMarin Pharmaceutical from $104.00 to $106.00 and gave the stock a “buy” rating in a research 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 given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $94.20.

BioMarin Pharmaceutical Trading Up 0.5 %

The firm has a fifty day moving average of $65.49 and a 200-day moving average of $74.39. The stock has a market capitalization of $11.73 billion, a price-to-earnings ratio of 36.84, a P/E/G ratio of 0.59 and a beta of 0.29. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.62 and a current ratio of 4.27.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its earnings results on Tuesday, October 29th. The biotechnology company reported $0.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.23). The company had revenue of $746.00 million during the quarter, compared to analyst estimates of $703.37 million. BioMarin Pharmaceutical had a net margin of 11.71% and a return on equity of 8.53%. BioMarin Pharmaceutical’s quarterly revenue was up 28.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.26 EPS. As a group, equities analysts predict that BioMarin Pharmaceutical Inc. will post 2.5 earnings per share for the current fiscal year.

Insider Activity

In other BioMarin Pharmaceutical news, EVP Charles Greg Guyer sold 5,278 shares of the business’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $66.37, for a total value of $350,300.86. Following the transaction, the executive vice president now owns 68,909 shares in the company, valued at $4,573,490.33. The trade was a 7.11 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 1.85% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Susquehanna Fundamental Investments LLC acquired a new position in shares of BioMarin Pharmaceutical in the 2nd quarter valued at approximately $5,627,000. Teachers Retirement System of The State of Kentucky boosted its stake in BioMarin Pharmaceutical by 17.4% during the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 194,207 shares of the biotechnology company’s stock valued at $15,990,000 after acquiring an additional 28,837 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in BioMarin Pharmaceutical by 461.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 611,667 shares of the biotechnology company’s stock worth $40,205,000 after acquiring an additional 502,695 shares in the last quarter. Wedmont Private Capital bought a new stake in shares of BioMarin Pharmaceutical in the 4th quarter worth about $430,000. Finally, EULAV Asset Management raised its stake in shares of BioMarin Pharmaceutical by 12.9% in the 3rd quarter. EULAV Asset Management now owns 131,000 shares of the biotechnology company’s stock valued at $9,208,000 after purchasing an additional 15,000 shares in the last quarter. Institutional investors and hedge funds 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.