BioMarin Pharmaceutical (NASDAQ:BMRN) Reaches New 52-Week Low After Analyst Downgrade

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) reached a new 52-week low on Monday after HC Wainwright lowered their price target on the stock from $55.00 to $50.00. HC Wainwright currently has a neutral rating on the stock. BioMarin Pharmaceutical traded as low as $50.65 and last traded at $50.5950, with a volume of 561115 shares changing hands. The stock had previously closed at $51.81.

Other analysts also recently issued reports about the company. Guggenheim decreased their price objective on BioMarin Pharmaceutical from $106.00 to $86.00 and set a “buy” rating for the company in a report on Wednesday, February 25th. Stifel Nicolaus set a $68.00 price objective on BioMarin Pharmaceutical in a report on Tuesday, February 24th. Truist Financial upgraded BioMarin Pharmaceutical to a “strong-buy” rating in a report on Wednesday, March 25th. Royal Bank Of Canada restated a “sector perform” rating and issued a $66.00 target price on shares of BioMarin Pharmaceutical in a research note on Tuesday, May 5th. Finally, Weiss Ratings downgraded BioMarin Pharmaceutical from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $89.70.

Insider Activity

In other news, EVP Charles Greg Guyer sold 16,486 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $60.46, for a total value of $996,743.56. Following the completion of the sale, the executive vice president directly owned 79,953 shares in the company, valued at $4,833,958.38. This trade represents a 17.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Gregory R. Friberg sold 3,281 shares of the firm’s stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $53.85, for a total transaction of $176,681.85. Following the completion of the transaction, the executive vice president directly owned 51,818 shares in the company, valued at approximately $2,790,399.30. The trade was a 5.95% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 26,093 shares of company stock valued at $1,555,389. 0.85% of the stock is currently owned by company insiders.

Institutional Trading of BioMarin Pharmaceutical

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Viking Global Investors LP increased its holdings in BioMarin Pharmaceutical by 13.8% during the 2nd quarter. Viking Global Investors LP now owns 12,288,611 shares of the biotechnology company’s stock worth $675,505,000 after purchasing an additional 1,488,552 shares in the last quarter. Norges Bank bought a new stake in BioMarin Pharmaceutical during the 4th quarter worth approximately $447,572,000. AQR Capital Management LLC increased its holdings in BioMarin Pharmaceutical by 12.7% during the 4th quarter. AQR Capital Management LLC now owns 6,686,916 shares of the biotechnology company’s stock worth $395,197,000 after purchasing an additional 754,807 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in BioMarin Pharmaceutical by 14.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,802,930 shares of the biotechnology company’s stock worth $214,804,000 after purchasing an additional 481,176 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in BioMarin Pharmaceutical by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 3,674,089 shares of the biotechnology company’s stock worth $218,395,000 after purchasing an additional 131,969 shares in the last quarter. 98.71% of the stock is owned by institutional investors.

BioMarin Pharmaceutical Price Performance

The company has a current ratio of 5.81, a quick ratio of 4.20 and a debt-to-equity ratio of 0.23. The business has a fifty day simple moving average of $55.48 and a 200 day simple moving average of $56.31. The stock has a market capitalization of $9.64 billion, a P/E ratio of 36.60, a price-to-earnings-growth ratio of 0.39 and a beta of 0.23.

About BioMarin Pharmaceutical

BioMarin Pharmaceutical Inc is a biopharmaceutical company specializing in the development and commercialization of therapies for rare genetic and metabolic diseases. The company focuses on addressing unmet medical needs by leveraging enzyme replacement therapy, small molecule pharmacological chaperones and gene therapy technologies. Headquartered in Novato, California, BioMarin operates research and development facilities in the United States and Europe.

The company’s commercial portfolio includes several approved therapies targeting inherited disorders.