BioMarin Pharmaceutical (NASDAQ:BMRN) Reaches New 52-Week Low After Analyst Downgrade

Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) hit a new 52-week low during mid-day trading on Monday after HC Wainwright lowered their price target on the stock from $55.00 to $50.00. HC Wainwright currently has a neutral rating on the stock. BioMarin Pharmaceutical traded as low as $50.65 and last traded at $50.5950, with a volume of 561115 shares trading hands. The stock had previously closed at $51.81.

Several other research firms have also recently weighed in on BMRN. Oppenheimer cut their target price on BioMarin Pharmaceutical from $98.00 to $95.00 and set an “outperform” rating for the company in a research note on Tuesday, February 24th. Wolfe Research restated an “outperform” rating on shares of BioMarin Pharmaceutical in a research note on Monday, March 16th. Morgan Stanley cut their target price on BioMarin Pharmaceutical from $120.00 to $119.00 and set an “overweight” rating for the company in a research note on Tuesday, May 5th. Piper Sandler cut their target price on BioMarin Pharmaceutical from $122.00 to $84.00 and set an “overweight” rating for the company in a research note on Friday, February 6th. Finally, Bank of America cut their target price on BioMarin Pharmaceutical from $97.00 to $85.00 and set a “buy” rating for the company in a research note on Wednesday, March 11th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.70.

Insiders Place Their Bets

In other news, EVP Charles Greg Guyer sold 16,486 shares of the stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $60.46, for a total value of $996,743.56. Following the completion of the transaction, the executive vice president directly owned 79,953 shares in the company, valued at approximately $4,833,958.38. This represents a 17.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Gregory R. Friberg sold 6,326 shares of the stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $60.38, for a total value of $381,963.88. Following the completion of the transaction, the executive vice president owned 37,578 shares of the company’s stock, valued at $2,268,959.64. The trade was a 14.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 26,093 shares of company stock valued at $1,555,389 over the last quarter. 0.85% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of BMRN. Activest Wealth Management bought a new position in shares of BioMarin Pharmaceutical in the 4th quarter valued at $26,000. Quent Capital LLC bought a new position in shares of BioMarin Pharmaceutical in the 3rd quarter valued at $28,000. CIBC Private Wealth Group LLC lifted its stake in shares of BioMarin Pharmaceutical by 38.2% in the 4th quarter. CIBC Private Wealth Group LLC now owns 648 shares of the biotechnology company’s stock valued at $39,000 after acquiring an additional 179 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in BioMarin Pharmaceutical by 92.5% in the third quarter. Smartleaf Asset Management LLC now owns 749 shares of the biotechnology company’s stock valued at $40,000 after purchasing an additional 360 shares during the period. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in BioMarin Pharmaceutical in the third quarter valued at $40,000. 98.71% of the stock is currently owned by institutional investors.

BioMarin Pharmaceutical Stock Down 3.7%

The firm has a market capitalization of $9.64 billion, a price-to-earnings ratio of 36.60, a P/E/G ratio of 0.39 and a beta of 0.23. The stock has a fifty day moving average of $55.48 and a two-hundred day moving average of $56.31. The company has a debt-to-equity ratio of 0.23, a current ratio of 5.81 and a quick ratio of 4.20.

About BioMarin Pharmaceutical

BioMarin Pharmaceutical Inc is a biopharmaceutical company specializing in the development and commercialization of therapies for rare genetic and metabolic diseases. The company focuses on addressing unmet medical needs by leveraging enzyme replacement therapy, small molecule pharmacological chaperones and gene therapy technologies. Headquartered in Novato, California, BioMarin operates research and development facilities in the United States and Europe.

The company’s commercial portfolio includes several approved therapies targeting inherited disorders.