BioMarin Pharmaceutical (NASDAQ:BMRN) Downgraded by StockNews.com to Hold

BioMarin Pharmaceutical (NASDAQ:BMRN) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Monday.

BMRN has been the subject of a number of other research reports. Evercore ISI assumed coverage on shares of BioMarin Pharmaceutical in a research note on Tuesday, May 14th. They issued an “outperform” rating and a $113.00 price target for the company. Baird R W cut shares of BioMarin Pharmaceutical from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 17th. Scotiabank upped their price objective on shares of BioMarin Pharmaceutical from $83.00 to $85.00 and gave the company a “sector perform” rating in a research note on Thursday, April 25th. Citigroup cut their price objective on shares of BioMarin Pharmaceutical from $94.00 to $91.00 and set a “neutral” rating for the company in a research note on Thursday, April 25th. Finally, Wells Fargo & Company upped their price objective on shares of BioMarin Pharmaceutical from $110.00 to $115.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Ten equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, BioMarin Pharmaceutical currently has an average rating of “Moderate Buy” and a consensus price target of $102.00.

BioMarin Pharmaceutical Price Performance

BMRN stock traded up $1.22 during midday trading on Monday, reaching $85.31. The company had a trading volume of 1,513,748 shares, compared to its average volume of 1,910,710. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.74 and a quick ratio of 1.70. BioMarin Pharmaceutical has a 1 year low of $73.68 and a 1 year high of $99.56. The company has a market capitalization of $16.20 billion, a P/E ratio of 79.73, a P/E/G ratio of 1.20 and a beta of 0.32. The firm has a 50-day moving average price of $81.25 and a 200-day moving average price of $85.74.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.12. BioMarin Pharmaceutical had a net margin of 8.31% and a return on equity of 5.34%. The business had revenue of $648.83 million during the quarter, compared to analysts’ expectations of $649.75 million. On average, research analysts anticipate that BioMarin Pharmaceutical will post 1.99 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other BioMarin Pharmaceutical news, CFO Brian Mueller sold 5,000 shares of the company’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $75.19, for a total value of $375,950.00. Following the completion of the transaction, the chief financial officer now directly owns 72,159 shares in the company, valued at approximately $5,425,635.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP George Eric Davis sold 40,850 shares of the stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $74.51, for a total value of $3,043,733.50. Following the completion of the transaction, the executive vice president now directly owns 56,157 shares in the company, valued at approximately $4,184,258.07. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Brian Mueller sold 5,000 shares of the stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $75.19, for a total transaction of $375,950.00. Following the completion of the transaction, the chief financial officer now owns 72,159 shares of the company’s stock, valued at $5,425,635.21. The disclosure for this sale can be found here. In the last ninety days, insiders sold 67,700 shares of company stock worth $5,209,352. 1.85% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Fifth Third Bancorp grew its position in BioMarin Pharmaceutical by 734.8% during the 2nd quarter. Fifth Third Bancorp now owns 1,536 shares of the biotechnology company’s stock valued at $126,000 after purchasing an additional 1,352 shares during the last quarter. Neo Ivy Capital Management purchased a new stake in BioMarin Pharmaceutical during the 2nd quarter valued at about $74,000. Assenagon Asset Management S.A. grew its position in BioMarin Pharmaceutical by 11,107.4% during the 2nd quarter. Assenagon Asset Management S.A. now owns 352,474 shares of the biotechnology company’s stock valued at $29,019,000 after purchasing an additional 349,329 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in BioMarin Pharmaceutical during the 2nd quarter valued at about $294,000. Finally, Securian Asset Management Inc. purchased a new stake in BioMarin Pharmaceutical during the 2nd quarter valued at about $1,247,000. 98.71% of the stock is currently owned by institutional investors.

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.