BioMarin Pharmaceutical (NASDAQ:BMRN) Sets New 52-Week Low Following Weak Earnings

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Get Free Report) shares hit a new 52-week low during trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $65.78 and last traded at $67.55, with a volume of 362906 shares traded. The stock had previously closed at $69.91.

The biotechnology company reported $0.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.23). BioMarin Pharmaceutical had a return on equity of 6.91% and a net margin of 9.91%. The business had revenue of $746.00 million during the quarter, compared to the consensus estimate of $703.37 million. During the same period in the previous year, the company posted $0.26 EPS. The company's revenue for the quarter was up 28.4% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on BMRN. Canaccord Genuity Group reduced their price target on BioMarin Pharmaceutical from $93.00 to $84.00 and set a "hold" rating for the company in a report on Wednesday. Robert W. Baird lowered their price objective on BioMarin Pharmaceutical from $72.00 to $65.00 and set a "neutral" rating on the stock in a research report on Wednesday. Evercore ISI reduced their price objective on BioMarin Pharmaceutical from $115.00 to $105.00 and set an "outperform" rating on the stock in a research note on Wednesday. Stifel Nicolaus reduced their price objective on BioMarin Pharmaceutical from $115.00 to $87.00 and set a "buy" rating on the stock in a research note on Tuesday, September 17th. Finally, StockNews.com raised BioMarin Pharmaceutical from a "hold" rating to a "buy" rating in a research note on Thursday, August 8th. Eight analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $93.67.

Hedge Funds Weigh In On BioMarin Pharmaceutical

Institutional investors have recently bought and sold shares of the company. Envestnet Portfolio Solutions Inc. lifted its position in shares of BioMarin Pharmaceutical by 1.2% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 10,668 shares of the biotechnology company's stock worth $932,000 after acquiring an additional 130 shares in the last quarter. Quent Capital LLC lifted its position in shares of BioMarin Pharmaceutical by 58.9% during the second quarter. Quent Capital LLC now owns 391 shares of the biotechnology company's stock worth $32,000 after acquiring an additional 145 shares in the last quarter. Voisard Asset Management Group Inc. lifted its position in shares of BioMarin Pharmaceutical by 17.8% during the third quarter. Voisard Asset Management Group Inc. now owns 1,355 shares of the biotechnology company's stock worth $95,000 after acquiring an additional 205 shares in the last quarter. Grandfield & Dodd LLC lifted its position in shares of BioMarin Pharmaceutical by 1.6% during the first quarter. Grandfield & Dodd LLC now owns 16,127 shares of the biotechnology company's stock worth $1,409,000 after acquiring an additional 255 shares in the last quarter. Finally, AIA Group Ltd lifted its position in shares of BioMarin Pharmaceutical by 7.0% during the first quarter. AIA Group Ltd now owns 4,076 shares of the biotechnology company's stock worth $356,000 after acquiring an additional 266 shares in the last quarter. Hedge funds and other institutional investors own 98.71% of the company's stock.

BioMarin Pharmaceutical Stock Down 4.5 %

The company has a quick ratio of 1.95, a current ratio of 3.05 and a debt-to-equity ratio of 0.11. The company has a market cap of $12.68 billion, a PE ratio of 62.91, a P/E/G ratio of 0.81 and a beta of 0.31. The stock has a 50-day moving average of $76.60 and a 200-day moving average of $81.04.

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.