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

BioMarin Pharmaceutical Inc. (NASDAQ:BMRNGet Free Report)’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.

Read Our Latest Analysis on BioMarin Pharmaceutical

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

(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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