BioMarin Pharmaceutical (NASDAQ:BMRN) Shares Gap Down to $91.20

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $91.20, but opened at $86.26. BioMarin Pharmaceutical shares last traded at $83.20, with a volume of 2,455,810 shares.

Analysts Set New Price Targets

BMRN has been the topic of several recent analyst reports. Royal Bank of Canada restated a “sector perform” rating and issued a $100.00 target price on shares of BioMarin Pharmaceutical in a report on Friday, February 23rd. Piper Sandler cut their target price on shares of BioMarin Pharmaceutical from $115.00 to $107.00 and set an “overweight” rating on the stock in a report on Friday, February 23rd. Robert W. Baird cut their price target on shares of BioMarin Pharmaceutical from $127.00 to $104.00 and set an “outperform” rating on the stock in a report on Tuesday, January 30th. Wells Fargo & Company lifted their price target on shares of BioMarin Pharmaceutical from $100.00 to $110.00 and gave the company an “overweight” rating in a report on Thursday. Finally, Scotiabank lifted their price target on shares of BioMarin Pharmaceutical from $83.00 to $85.00 and gave the company a “sector perform” rating in a report on Thursday. Seven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $108.17.

BioMarin Pharmaceutical Trading Down 9.9 %

The firm has a 50-day moving average price of $87.86 and a 200-day moving average price of $89.23. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.57 and a current ratio of 2.51. The stock has a market cap of $15.51 billion, a PE ratio of 92.36, a price-to-earnings-growth ratio of 1.70 and a beta of 0.31.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings results on Thursday, February 22nd. The biotechnology company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.05. BioMarin Pharmaceutical had a return on equity of 5.01% and a net margin of 6.93%. The firm had revenue of $646.21 million during the quarter, compared to analyst estimates of $639.53 million. During the same quarter in the previous year, the firm earned $0.11 EPS. BioMarin Pharmaceutical’s quarterly revenue was up 20.2% compared to the same quarter last year. As a group, equities analysts anticipate that BioMarin Pharmaceutical Inc. will post 1.85 EPS for the current fiscal year.

Insiders Place Their Bets

In other BioMarin Pharmaceutical news, insider Henry J. Fuchs sold 35,341 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $85.18, for a total value of $3,010,346.38. Following the completion of the transaction, the insider now owns 212,117 shares of the company’s stock, valued at approximately $18,068,126.06. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other BioMarin Pharmaceutical news, insider Henry J. Fuchs sold 35,341 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $85.18, for a total value of $3,010,346.38. Following the completion of the transaction, the insider now owns 212,117 shares of the company’s stock, valued at approximately $18,068,126.06. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Jeffrey Robert Ajer sold 4,000 shares of the business’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $87.07, for a total value of $348,280.00. Following the sale, the executive vice president now owns 94,047 shares of the company’s stock, valued at $8,188,672.29. The disclosure for this sale can be found here. In the last 90 days, insiders sold 103,229 shares of company stock valued at $9,062,967. 1.84% of the stock is owned by insiders.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Institutional investors have recently added to or reduced their stakes in the stock. CWM LLC boosted its position in shares of BioMarin Pharmaceutical by 10.0% during the 3rd quarter. CWM LLC now owns 1,301 shares of the biotechnology company’s stock valued at $115,000 after acquiring an additional 118 shares during the last quarter. State of Alaska Department of Revenue lifted its position in BioMarin Pharmaceutical by 3.2% in the third quarter. State of Alaska Department of Revenue now owns 27,605 shares of the biotechnology company’s stock worth $2,442,000 after buying an additional 865 shares during the last quarter. Handelsbanken Fonder AB lifted its position in BioMarin Pharmaceutical by 1.8% in the third quarter. Handelsbanken Fonder AB now owns 91,755 shares of the biotechnology company’s stock worth $8,118,000 after buying an additional 1,593 shares during the last quarter. Simplicity Solutions LLC lifted its position in BioMarin Pharmaceutical by 8.4% in the third quarter. Simplicity Solutions LLC now owns 2,971 shares of the biotechnology company’s stock worth $263,000 after buying an additional 229 shares during the last quarter. Finally, AMI Asset Management Corp bought a new stake in shares of BioMarin Pharmaceutical during the third quarter worth $27,838,000. 98.71% of the stock is owned by hedge funds and other institutional investors.

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.