BioMarin Pharmaceutical (NASDAQ:BMRN) Hits New 1-Year Low – What’s Next?

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Evercore ISI dropped their price target on shares of BioMarin Pharmaceutical from $115.00 to $105.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 30th. Citigroup reduced their target price on BioMarin Pharmaceutical from $93.00 to $81.00 and set a “neutral” rating for the company in a report on Wednesday, October 30th. UBS Group raised their price objective on BioMarin Pharmaceutical from $104.00 to $106.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Wedbush raised shares of BioMarin Pharmaceutical to a “strong-buy” rating in a research note on Monday, November 4th. Finally, William Blair cut BioMarin Pharmaceutical from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 30th. Seven investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $94.20.

BioMarin Pharmaceutical Price Performance

The company’s 50-day simple moving average is $65.80 and its 200 day simple moving average is $74.72. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.62 and a current ratio of 4.27. The company has a market cap of $11.65 billion, a PE ratio of 36.60, a PEG ratio of 0.59 and a beta of 0.29.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its earnings results on Tuesday, October 29th. The biotechnology company reported $0.55 EPS for the quarter, missing the consensus estimate of $0.78 by ($0.23). The company had revenue of $746.00 million for the quarter, compared to analyst estimates of $703.37 million. BioMarin Pharmaceutical had a return on equity of 8.53% and a net margin of 11.71%. The company’s revenue for the quarter was up 28.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.26 earnings per share. On average, sell-side analysts predict that BioMarin Pharmaceutical Inc. will post 2.5 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Charles Greg Guyer sold 5,278 shares of the stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $66.37, for a total transaction of $350,300.86. Following the completion of the sale, the executive vice president now owns 68,909 shares in the company, 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 Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.85% of the company’s stock.

Institutional Trading of BioMarin Pharmaceutical

Hedge funds have recently added to or reduced their stakes in the stock. Merit Financial Group LLC purchased a new position in BioMarin Pharmaceutical in the 4th quarter valued at $317,000. Avanza Fonder AB purchased a new position in shares of BioMarin Pharmaceutical in the 4th quarter valued at about $1,062,000. Assenagon Asset Management S.A. lifted its stake in shares of BioMarin Pharmaceutical by 461.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 611,667 shares of the biotechnology company’s stock valued at $40,205,000 after purchasing an additional 502,695 shares during the period. Wedmont Private Capital purchased a new stake in BioMarin Pharmaceutical during the fourth quarter worth about $430,000. Finally, First Hawaiian Bank boosted its holdings in BioMarin Pharmaceutical by 1.4% during the fourth quarter. First Hawaiian Bank now owns 14,700 shares of the biotechnology company’s stock worth $966,000 after buying an additional 200 shares in the last quarter. 98.71% of the stock is owned by institutional investors and hedge funds.

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.