BioMarin Pharmaceutical (NASDAQ:BMRN) Stock Price Down 1.8% - Here's What Happened

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Get Free Report)'s stock price dropped 1.8% during trading on Friday . The stock traded as low as $68.42 and last traded at $69.36. Approximately 249,609 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 1,539,472 shares. The stock had previously closed at $70.60.

Wall Street Analysts Forecast Growth

BMRN has been the subject of several analyst reports. Wedbush restated an "outperform" rating and issued a $94.00 target price on shares of BioMarin Pharmaceutical in a research report on Thursday, February 20th. Bank of America lifted their price target on shares of BioMarin Pharmaceutical from $99.00 to $103.00 and gave the company a "buy" rating in a report on Thursday, February 20th. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $70.00 price target on shares of BioMarin Pharmaceutical in a report on Thursday, February 20th. Oppenheimer raised shares of BioMarin Pharmaceutical from a "market perform" rating to an "outperform" rating and set a $98.00 price target on the stock in a report on Monday, February 24th. Finally, Scotiabank lifted their price target on shares of BioMarin Pharmaceutical from $78.00 to $80.00 and gave the company a "sector perform" rating in a report on Thursday, February 20th. Seven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $94.00.

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BioMarin Pharmaceutical Stock Performance

The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.62 and a current ratio of 5.33. The stock has a market cap of $13.71 billion, a P/E ratio of 32.69, a price-to-earnings-growth ratio of 0.61 and a beta of 0.33. The company's 50 day moving average price is $66.31 and its 200-day moving average price is $68.51.

BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report) last posted its quarterly earnings results on Wednesday, February 19th. The biotechnology company reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.18. The company had revenue of $747.31 million during the quarter, compared to analyst estimates of $711.05 million. BioMarin Pharmaceutical had a net margin of 14.96% and a return on equity of 9.91%. Equities analysts forecast that BioMarin Pharmaceutical Inc. will post 3.15 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Erin Burkhart sold 1,344 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $68.38, for a total value of $91,902.72. Following the sale, the chief accounting officer now directly owns 13,105 shares of the company's stock, valued at approximately $896,119.90. This represents a 9.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.85% of the company's stock.

Institutional Investors Weigh In On BioMarin Pharmaceutical

A number of institutional investors and hedge funds have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of BioMarin Pharmaceutical by 295.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 23,201 shares of the biotechnology company's stock worth $1,525,000 after buying an additional 17,340 shares in the last quarter. Lansforsakringar Fondforvaltning AB publ purchased a new stake in BioMarin Pharmaceutical in the fourth quarter valued at approximately $4,367,000. PKO Investment Management Joint Stock Co purchased a new stake in BioMarin Pharmaceutical in the fourth quarter valued at approximately $789,000. Siemens Fonds Invest GmbH purchased a new stake in BioMarin Pharmaceutical in the fourth quarter valued at approximately $821,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in BioMarin Pharmaceutical in the fourth quarter valued at approximately $10,451,000. 98.71% of the stock is owned by hedge funds and other 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.