Investors Buy Shares of BioMarin Pharmaceutical (BMRN) on Weakness on Insider Selling

Traders purchased shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) on weakness during trading hours on Thursday after an insider sold shares in the company. $56.14 million flowed into the stock on the tick-up and $22.34 million flowed out of the stock on the tick-down, for a money net flow of $33.80 million into the stock. Of all companies tracked, BioMarin Pharmaceutical had the 21st highest net in-flow for the day. BioMarin Pharmaceutical traded down ($1.76) for the day and closed at $90.32Specifically, CEO Jean Jacques Bienaime sold 20,000 shares of the stock in a transaction on Friday, December 29th. The shares were sold at an average price of $89.75, for a total value of $1,795,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Henry J. Fuchs sold 15,000 shares of the stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $89.23, for a total transaction of $1,338,450.00. The disclosure for this sale can be found here. Insiders sold 50,750 shares of company stock worth $4,536,588 in the last quarter. Company insiders own 1.85% of the company’s stock.

A number of analysts have recently weighed in on BMRN shares. SunTrust Banks increased their price objective on shares of BioMarin Pharmaceutical to $130.00 and gave the stock a “buy” rating in a research note on Monday, December 11th. Goldman Sachs Group upgraded shares of BioMarin Pharmaceutical from a “buy” rating to a “conviction-buy” rating in a research report on Friday, December 15th. Zacks Investment Research lowered shares of BioMarin Pharmaceutical from a “hold” rating to a “sell” rating in a research report on Monday, October 16th. Piper Jaffray Companies started coverage on shares of BioMarin Pharmaceutical in a research report on Thursday, September 14th. They set an “overweight” rating and a $113.00 price target on the stock. Finally, Royal Bank of Canada started coverage on shares of BioMarin Pharmaceutical in a research report on Thursday, September 14th. They set a “sector perform” rating and a $93.00 price target on the stock. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $112.44.

The company has a market cap of $15,850.00, a PE ratio of -108.76 and a beta of 1.81. The company has a debt-to-equity ratio of 0.41, a quick ratio of 3.81 and a current ratio of 4.91.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its earnings results on Thursday, October 26th. The biotechnology company reported ($0.07) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.13) by $0.06. BioMarin Pharmaceutical had a negative net margin of 12.45% and a negative return on equity of 4.60%. The business had revenue of $334.18 million for the quarter, compared to analyst estimates of $347.38 million. During the same quarter last year, the business earned $0.02 earnings per share. The company’s revenue for the quarter was up 19.4% compared to the same quarter last year. research analysts expect that BioMarin Pharmaceutical Inc. will post -0.64 earnings per share for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in BMRN. Schwab Charles Investment Management Inc. grew its position in shares of BioMarin Pharmaceutical by 8.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 298,243 shares of the biotechnology company’s stock valued at $27,087,000 after purchasing an additional 22,433 shares during the period. Comerica Bank grew its position in shares of BioMarin Pharmaceutical by 1.0% in the second quarter. Comerica Bank now owns 7,358 shares of the biotechnology company’s stock valued at $662,000 after purchasing an additional 76 shares during the period. Prudential Financial Inc. grew its position in shares of BioMarin Pharmaceutical by 2.9% in the second quarter. Prudential Financial Inc. now owns 145,170 shares of the biotechnology company’s stock valued at $13,185,000 after purchasing an additional 4,026 shares during the period. Pacer Advisors Inc. grew its position in shares of BioMarin Pharmaceutical by 14.8% in the second quarter. Pacer Advisors Inc. now owns 5,322 shares of the biotechnology company’s stock valued at $483,000 after purchasing an additional 687 shares during the period. Finally, Cambridge Investment Research Advisors Inc. acquired a new stake in shares of BioMarin Pharmaceutical in the second quarter valued at about $213,000. Institutional investors and hedge funds own 99.02% of the company’s stock.

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About BioMarin Pharmaceutical

BioMarin Pharmaceutical Inc is a biotechnology company. The Company develops and commercializes pharmaceuticals for various diseases and medical conditions. As of December 31, 2016, the Company’s therapy portfolio consisted of five products, and multiple clinical and pre-clinical product candidates. Its commercial products include Aldurazyme (laronidase) for Mucopolysaccharidosis I (MPS I), Firdapse (amifampridine phosphate) for Lambert Eaton Myasthenic Syndrome (LEMS), Kuvan (sapropterin dihydrochloride) for phenylketonuria (PKU), Naglazyme (galsulfase) for Mucopolysaccharidosis VI (MPS VI) and Vimizim (elosulfase alpha) for Mucopolysaccharidosis IV Type A (MPS IV A).

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