BioMarin Pharmaceutical (NASDAQ:BMRN) Sets New 52-Week Low After Earnings Miss

by · The Cerbat Gem

Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN – Get Free Report) hit a new 52-week low on Wednesday following a weaker than expected earnings announcement. The company 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 for the quarter, missing the consensus estimate of $0.78 by ($0.23). BioMarin Pharmaceutical had a net margin of 9.91% and a return on equity of 6.91%. The firm had revenue of $746.00 million during the quarter, compared to the consensus estimate of $703.37 million. During the same quarter in the previous year, the firm earned $0.26 earnings per share. The business’s revenue was up 28.4% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on BMRN shares. Canaccord Genuity Group reissued a “hold” rating and issued a $93.00 price objective on shares of BioMarin Pharmaceutical in a research note on Friday, September 13th. Robert W. Baird decreased their price objective on BioMarin Pharmaceutical from $72.00 to $65.00 and set a “neutral” rating for the company in a research note on Wednesday. TD Cowen dropped their price objective on BioMarin Pharmaceutical from $125.00 to $120.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Sanford C. Bernstein reduced their target price on shares of BioMarin Pharmaceutical from $116.00 to $90.00 and set an “outperform” rating for the company in a report on Tuesday, September 17th. Finally, Piper Sandler raised their price target on shares of BioMarin Pharmaceutical from $107.00 to $122.00 and gave the company an “overweight” rating in a report on Thursday, September 5th. Eight investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $96.05.

Read Our Latest Report on BioMarin Pharmaceutical

Institutional Trading of BioMarin Pharmaceutical

Large investors have recently made changes to their positions in the business. Innealta Capital LLC acquired a new position in BioMarin Pharmaceutical during the second quarter valued at $25,000. nVerses Capital LLC acquired a new position in shares of BioMarin Pharmaceutical in the 3rd quarter valued at about $28,000. BOKF NA purchased a new stake in shares of BioMarin Pharmaceutical in the second quarter worth about $31,000. Quent Capital LLC grew its holdings in 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 during the period. Finally, Itau Unibanco Holding S.A. purchased a new position in BioMarin Pharmaceutical during the second quarter valued at approximately $47,000. 98.71% of the stock is owned by hedge funds and other institutional investors.

BioMarin Pharmaceutical Price Performance

The company has a debt-to-equity ratio of 0.11, a current ratio of 3.05 and a quick ratio of 1.95. The stock has a fifty day simple moving average of $76.60 and a 200-day simple moving average of $81.04. The company has a market capitalization of $12.83 billion, a price-to-earnings ratio of 65.34, a P/E/G ratio of 0.81 and a beta of 0.31.

About BioMarin Pharmaceutical

(Get Free Report)

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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