BioMarin Pharmaceutical (NASDAQ:BMRN) Sets New 52-Week Low on Disappointing Earnings

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)’s stock price reached a new 52-week low during trading on Wednesday following a weaker than expected earnings announcement. 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 EPS for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.23). The business had revenue of $746.00 million for the quarter, compared to analyst estimates of $703.37 million. BioMarin Pharmaceutical had a net margin of 9.91% and a return on equity of 6.91%. BioMarin Pharmaceutical’s revenue for the quarter was up 28.4% on a year-over-year basis. During the same period last year, the business posted $0.26 earnings per share.

Analyst Upgrades and Downgrades

BMRN has been the topic of a number of research analyst reports. Stifel Nicolaus dropped their target price on BioMarin Pharmaceutical from $115.00 to $87.00 and set a “buy” rating on the stock in a report on Tuesday, September 17th. Scotiabank cut their price objective on BioMarin Pharmaceutical from $95.00 to $78.00 and set a “sector perform” rating for the company in a report on Tuesday, September 17th. TD Cowen dropped their price target on shares of BioMarin Pharmaceutical from $125.00 to $120.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Bank of America reduced their price objective on shares of BioMarin Pharmaceutical from $130.00 to $115.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. Finally, StockNews.com raised shares of BioMarin Pharmaceutical from a “hold” rating to a “buy” rating in a research note on Thursday, August 8th. Eight research analysts have rated the stock with a hold rating and sixteen have issued a buy 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 target price of $93.67.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of BMRN. Primecap Management Co. CA raised its holdings in BioMarin Pharmaceutical by 0.4% during the second quarter. Primecap Management Co. CA now owns 18,790,085 shares of the biotechnology company’s stock valued at $1,546,988,000 after buying an additional 76,190 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of BioMarin Pharmaceutical by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 18,117,108 shares of the biotechnology company’s stock valued at $1,582,348,000 after acquiring an additional 67,046 shares in the last quarter. Avoro Capital Advisors LLC lifted its holdings in BioMarin Pharmaceutical by 4.4% in the 2nd quarter. Avoro Capital Advisors LLC now owns 4,557,416 shares of the biotechnology company’s stock worth $375,212,000 after purchasing an additional 192,416 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in BioMarin Pharmaceutical by 38.9% during the second quarter. Dimensional Fund Advisors LP now owns 1,034,457 shares of the biotechnology company’s stock worth $85,178,000 after purchasing an additional 289,953 shares during the period. Finally, DNB Asset Management AS grew its holdings in BioMarin Pharmaceutical by 17.7% during the second quarter. DNB Asset Management AS now owns 1,021,054 shares of the biotechnology company’s stock valued at $84,063,000 after purchasing an additional 153,867 shares during the last quarter. Institutional investors and hedge funds own 98.71% of the company’s stock.

BioMarin Pharmaceutical Stock Performance

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 stock’s 50-day moving average price is $75.60 and its 200 day moving average price is $80.84. The company has a market cap of $12.51 billion, a P/E ratio of 61.58, a price-to-earnings-growth ratio of 0.81 and a beta of 0.31.

About BioMarin Pharmaceutical

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.