BioMarin Pharmaceutical (NASDAQ:BMRN) Stock Price Down 3% - Should You Sell?

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Get Free Report)'s stock price traded down 3% during trading on Wednesday . The stock traded as low as $61.78 and last traded at $61.88. 2,040,794 shares traded hands during trading, an increase of 58% from the average session volume of 1,290,505 shares. The stock had previously closed at $63.81.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Wolfe Research began coverage on BioMarin Pharmaceutical in a research report on Friday, November 15th. They issued an "outperform" rating and a $95.00 target price on the stock. Raymond James reaffirmed an "outperform" rating and set a $79.00 target price on shares of BioMarin Pharmaceutical in a research note on Thursday, October 10th. Robert W. Baird dropped their target price on shares of BioMarin Pharmaceutical from $72.00 to $65.00 and set a "neutral" rating for the company in a report on Wednesday, October 30th. Canaccord Genuity Group lowered their price target on shares of BioMarin Pharmaceutical from $93.00 to $84.00 and set a "hold" rating on the stock in a research report on Wednesday, October 30th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $90.00 price objective on shares of BioMarin Pharmaceutical in a research note on Thursday, December 12th. Seven analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, BioMarin Pharmaceutical currently has a consensus rating of "Moderate Buy" and an average target price of $94.20.

BioMarin Pharmaceutical Price Performance

The company has a debt-to-equity ratio of 0.11, a current ratio of 4.27 and a quick ratio of 2.62. The firm has a market capitalization of $11.73 billion, a price-to-earnings ratio of 36.84, a PEG ratio of 0.59 and a beta of 0.29. The stock has a 50 day moving average price of $65.49 and a two-hundred day moving average price of $74.39.

BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The biotechnology company reported $0.55 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 analysts' expectations of $703.37 million. During the same quarter last year, the company earned $0.26 earnings per share. The firm's revenue for the quarter was up 28.4% on a year-over-year basis. As a group, analysts expect that BioMarin Pharmaceutical Inc. will post 2.5 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Charles Greg Guyer sold 5,278 shares of the business's stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $66.37, for a total transaction of $350,300.86. Following the completion of the transaction, the executive vice president now directly owns 68,909 shares of the company's stock, valued at $4,573,490.33. The trade was a 7.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.85% of the stock is owned by company insiders.

Hedge Funds Weigh In On BioMarin Pharmaceutical

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Primecap Management Co. CA raised its holdings in BioMarin Pharmaceutical by 0.4% in the third quarter. Primecap Management Co. CA now owns 18,867,435 shares of the biotechnology company's stock valued at $1,326,192,000 after acquiring an additional 77,350 shares in the last quarter. Avoro Capital Advisors LLC increased its position in shares of BioMarin Pharmaceutical by 4.4% in the 2nd quarter. Avoro Capital Advisors LLC now owns 4,557,416 shares of the biotechnology company's stock valued at $375,212,000 after purchasing an additional 192,416 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of BioMarin Pharmaceutical by 1.9% in the 3rd quarter. Geode Capital Management LLC now owns 3,260,050 shares of the biotechnology company's stock valued at $228,632,000 after purchasing an additional 60,692 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of BioMarin Pharmaceutical by 4.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,401,628 shares of the biotechnology company's stock worth $98,520,000 after purchasing an additional 55,699 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of BioMarin Pharmaceutical by 38.9% during the second quarter. Dimensional Fund Advisors LP now owns 1,034,457 shares of the biotechnology company's stock worth $85,178,000 after purchasing an additional 289,953 shares in the last quarter. Hedge funds and other institutional investors 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.

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