BioMarin Pharmaceutical (NASDAQ:BMRN) Trading Up 2.4% – Here’s Why

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)’s stock price shot up 2.4% during trading on Wednesday . The company traded as high as $69.62 and last traded at $69.53. 192,084 shares traded hands during trading, a decline of 77% from the average session volume of 837,842 shares. The stock had previously closed at $67.90.

Analyst Ratings Changes

A number of research firms have recently commented on BMRN. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $80.00 price objective on shares of BioMarin Pharmaceutical in a report on Wednesday, October 30th. Citigroup reduced their price objective on shares of BioMarin Pharmaceutical from $93.00 to $81.00 and set a “neutral” rating for the company in a report on Wednesday, October 30th. Sanford C. Bernstein cut their price target on shares of BioMarin Pharmaceutical from $116.00 to $90.00 and set an “outperform” rating for the company in a report on Tuesday, September 17th. Truist Financial cut their price target on shares of BioMarin Pharmaceutical from $118.00 to $90.00 and set a “buy” rating for the company in a report on Tuesday, September 17th. Finally, Wedbush raised shares of BioMarin Pharmaceutical to a “strong-buy” rating in a report on Monday, November 4th. Seven investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $94.20.

BioMarin Pharmaceutical Stock Performance

The firm’s 50-day moving average price is $65.81 and its 200 day moving average price is $75.23. 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 $12.84 billion, a price-to-earnings ratio of 40.35, a PEG ratio of 0.65 and a beta of 0.29.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its quarterly 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). BioMarin Pharmaceutical had a return on equity of 8.53% and a net margin of 11.71%. The business had revenue of $746.00 million for the quarter, compared to analyst estimates of $703.37 million. During the same quarter in the prior year, the firm earned $0.26 EPS. The firm’s quarterly revenue was up 28.4% compared to the same quarter last year. On average, sell-side analysts anticipate that BioMarin Pharmaceutical Inc. will post 2.49 EPS for the current year.

Insider Activity at BioMarin Pharmaceutical

In other news, EVP Charles Greg Guyer sold 5,278 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $66.37, for a total value of $350,300.86. Following the completion of the transaction, the executive vice president now owns 68,909 shares in the company, valued at $4,573,490.33. This represents a 7.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.85% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. AGF Management Ltd. acquired a new position in shares of BioMarin Pharmaceutical in the second quarter valued at approximately $2,563,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of BioMarin Pharmaceutical in the second quarter valued at approximately $5,627,000. Teachers Retirement System of The State of Kentucky boosted its holdings in shares of BioMarin Pharmaceutical by 17.4% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 194,207 shares of the biotechnology company’s stock valued at $15,990,000 after buying an additional 28,837 shares during the period. E Fund Management Co. Ltd. boosted its holdings in shares of BioMarin Pharmaceutical by 167.4% in the second quarter. E Fund Management Co. Ltd. now owns 13,480 shares of the biotechnology company’s stock valued at $1,110,000 after buying an additional 8,438 shares during the period. Finally, EULAV Asset Management lifted its position in shares of BioMarin Pharmaceutical by 12.9% in the third quarter. EULAV Asset Management now owns 131,000 shares of the biotechnology company’s stock worth $9,208,000 after purchasing an additional 15,000 shares in the last quarter. Institutional investors and hedge funds own 98.71% of the company’s stock.

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.