BioMarin Pharmaceutical (NASDAQ:BMRN) Reaches New 1-Year Low on Insider Selling

Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) reached a new 52-week low during trading on Friday after an insider sold shares in the company. The company traded as low as $64.56 and last traded at $64.88, with a volume of 74320 shares changing hands. The stock had previously closed at $65.60.

Specifically, EVP Charles Greg Guyer sold 5,278 shares of the stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $66.37, for a total value of $350,300.86. Following the completion of the sale, the executive vice president now owns 68,909 shares of the company’s stock, valued at approximately $4,573,490.33. This represents a 7.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Analysts Set New Price Targets

BMRN has been the subject of several recent analyst reports. Scotiabank decreased their target price on BioMarin Pharmaceutical from $95.00 to $78.00 and set a “sector perform” rating for the company in a research note on Tuesday, September 17th. William Blair lowered shares of BioMarin Pharmaceutical from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 30th. Royal Bank of Canada reiterated a “sector perform” rating and set a $80.00 target price on shares of BioMarin Pharmaceutical in a research report on Wednesday, October 30th. JPMorgan Chase & Co. reduced their price target on shares of BioMarin Pharmaceutical from $110.00 to $109.00 and set an “overweight” rating for the company in a report on Wednesday, October 30th. Finally, TD Cowen dropped their price objective on shares of BioMarin Pharmaceutical from $125.00 to $120.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Seven equities 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 company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $94.20.

BioMarin Pharmaceutical Stock Down 1.1 %

The stock’s fifty day moving average price is $70.85 and its 200 day moving average price is $79.28. The company has a current ratio of 4.27, a quick ratio of 2.62 and a debt-to-equity ratio of 0.11. The stock has a market cap of $12.36 billion, a P/E ratio of 38.85, a price-to-earnings-growth ratio of 0.66 and a beta of 0.31.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its earnings results on Tuesday, October 29th. The biotechnology company reported $0.55 earnings per share (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 during the quarter, compared to analysts’ expectations of $703.37 million. During the same quarter last year, the firm posted $0.26 earnings per share. The firm’s revenue was up 28.4% on a year-over-year basis. As a group, research analysts forecast that BioMarin Pharmaceutical Inc. will post 2.47 earnings per share for the current fiscal year.

Hedge Funds Weigh In On BioMarin Pharmaceutical

Institutional investors have recently modified their holdings of the company. Innealta Capital LLC bought a new position in BioMarin Pharmaceutical during the second quarter valued at approximately $25,000. BOKF NA purchased a new stake in shares of BioMarin Pharmaceutical in the 2nd quarter valued at $31,000. Quent Capital LLC raised its position in BioMarin Pharmaceutical by 58.9% in the 2nd quarter. Quent Capital LLC now owns 391 shares of the biotechnology company’s stock worth $32,000 after purchasing an additional 145 shares during the period. nVerses Capital LLC bought a new position in shares of BioMarin Pharmaceutical during the third quarter valued at about $28,000. Finally, Itau Unibanco Holding S.A. purchased a new position in shares of BioMarin Pharmaceutical in the second quarter worth about $47,000. 98.71% of the stock is currently owned by 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.