BioMarin Pharmaceutical (NASDAQ:BMRN) Shares Gap Down – What’s Next?

Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) gapped down prior to trading on Monday . The stock had previously closed at $58.51, but opened at $56.71. BioMarin Pharmaceutical shares last traded at $58.07, with a volume of 344,613 shares traded.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Barclays upped their target price on shares of BioMarin Pharmaceutical from $80.00 to $105.00 and gave the company an “overweight” rating in a research report on Tuesday, March 3rd. Truist Financial lifted their price target on shares of BioMarin Pharmaceutical from $80.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, December 23rd. Oppenheimer dropped their price target on shares of BioMarin Pharmaceutical from $98.00 to $95.00 and set an “outperform” rating for the company in a research note on Tuesday, February 24th. Piper Sandler reduced their price objective on shares of BioMarin Pharmaceutical from $122.00 to $84.00 and set an “overweight” rating on the stock in a research note on Friday, February 6th. Finally, Leerink Partners cut shares of BioMarin Pharmaceutical from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $82.00 to $60.00 in a research report on Wednesday, December 3rd. Seventeen analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $90.00.

BioMarin Pharmaceutical Trading Down 1.6%

The company has a market capitalization of $11.07 billion, a P/E ratio of 32.34, a PEG ratio of 0.57 and a beta of 0.25. The company has a debt-to-equity ratio of 0.10, a current ratio of 5.21 and a quick ratio of 3.50. The business’s 50-day moving average price is $58.96 and its two-hundred day moving average price is $56.31.

Insider Transactions at BioMarin Pharmaceutical

In other BioMarin Pharmaceutical news, EVP Charles Greg Guyer sold 16,486 shares of the stock in a transaction dated 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 sale, the executive vice president directly owned 79,953 shares in the company, valued at $4,833,958.38. This represents a 17.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Gregory R. Friberg sold 6,326 shares of the firm’s stock in a transaction dated Thursday, February 26th. The stock was 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. This represents a 14.41% 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 insiders.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Activest Wealth Management bought a new stake in BioMarin Pharmaceutical in the 4th quarter valued at $26,000. Quent Capital LLC bought a new stake in shares of BioMarin Pharmaceutical in the third quarter valued at about $28,000. CIBC Private Wealth Group LLC boosted its position in shares of 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 buying an additional 179 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in shares of BioMarin Pharmaceutical during the third quarter worth about $40,000. Finally, Smartleaf Asset Management LLC raised its position in BioMarin Pharmaceutical by 92.5% in the 3rd quarter. Smartleaf Asset Management LLC now owns 749 shares of the biotechnology company’s stock valued at $40,000 after buying an additional 360 shares during the last quarter. 98.71% of the stock is currently owned by institutional investors and hedge funds.

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.