BioMarin Pharmaceutical (NASDAQ:BMRN) Posts Quarterly Earnings Results, Misses Estimates By $0.18 EPS

BioMarin Pharmaceutical (NASDAQ:BMRN) announced its quarterly earnings data on Monday. The biotechnology company reported $0.76 earnings per share for the quarter, missing the consensus estimate of $0.94 by ($0.18), FiscalAI reports. BioMarin Pharmaceutical had a net margin of 10.83% and a return on equity of 7.91%. The business had revenue of $766.21 million during the quarter, compared to analyst estimates of $752.15 million.

BioMarin Pharmaceutical Stock Up 2.6%

Shares of NASDAQ:BMRN traded up $1.40 during midday trading on Monday, reaching $55.46. 2,806,153 shares of the company were exchanged, compared to its average volume of 2,000,107. The stock has a fifty day simple moving average of $56.93 and a two-hundred day simple moving average of $56.32. BioMarin Pharmaceutical has a fifty-two week low of $50.76 and a fifty-two week high of $66.28. The firm has a market cap of $10.72 billion, a PE ratio of 31.16, a P/E/G ratio of 0.54 and a beta of 0.23. The company has a quick ratio of 3.50, a current ratio of 5.21 and a debt-to-equity ratio of 0.10.

Analysts Set New Price Targets

BMRN has been the topic of several analyst reports. Canaccord Genuity Group increased their price objective on shares of BioMarin Pharmaceutical from $98.00 to $104.00 and gave the company a “buy” rating in a report on Thursday, February 26th. Oppenheimer cut their target price on shares of BioMarin Pharmaceutical from $98.00 to $95.00 and set an “outperform” rating on the stock in a report on Tuesday, February 24th. Jefferies Financial Group reiterated a “buy” rating and issued a $103.00 target price on shares of BioMarin Pharmaceutical in a report on Thursday, March 12th. HC Wainwright cut their target price on shares of BioMarin Pharmaceutical from $60.00 to $55.00 and set a “neutral” rating on the stock in a report on Wednesday, February 25th. Finally, Loop Capital set a $105.00 target price on shares of BioMarin Pharmaceutical in a report on Monday, March 2nd. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $91.48.

Insider Buying and Selling

In other BioMarin Pharmaceutical news, EVP Gregory R. Friberg sold 6,326 shares of BioMarin Pharmaceutical 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 sale, the executive vice president directly owned 37,578 shares in the company, valued at approximately $2,268,959.64. The trade was a 14.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Charles Greg Guyer sold 16,486 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president directly owned 79,953 shares in the company, valued at $4,833,958.38. This trade represents a 17.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.85% of the stock is currently 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 company. CIBC Private Wealth Group LLC raised its position in BioMarin Pharmaceutical by 38.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 648 shares of the biotechnology company’s stock worth $39,000 after acquiring an additional 179 shares in the last quarter. Parallel Advisors LLC increased its stake in shares of BioMarin Pharmaceutical by 62.2% during the 3rd quarter. Parallel Advisors LLC now owns 769 shares of the biotechnology company’s stock worth $42,000 after purchasing an additional 295 shares during the last quarter. Algert Global LLC increased its stake in shares of BioMarin Pharmaceutical by 0.8% during the 3rd quarter. Algert Global LLC now owns 40,210 shares of the biotechnology company’s stock worth $2,178,000 after purchasing an additional 336 shares during the last quarter. NewEdge Advisors LLC increased its stake in shares of BioMarin Pharmaceutical by 11.5% during the 1st quarter. NewEdge Advisors LLC now owns 3,769 shares of the biotechnology company’s stock worth $266,000 after purchasing an additional 388 shares during the last quarter. Finally, Public Employees Retirement System of Ohio increased its stake in shares of BioMarin Pharmaceutical by 0.9% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 60,427 shares of the biotechnology company’s stock worth $3,273,000 after purchasing an additional 532 shares during the last quarter. 98.71% of the stock is owned by institutional investors.

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.