BioMarin Pharmaceutical (NASDAQ:BMRN) Reaches New 12-Month Low – Here’s Why

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) shares reached a new 52-week low on Friday . The company traded as low as $52.27 and last traded at $52.08, with a volume of 702239 shares traded. The stock had previously closed at $53.85.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Raymond James Financial assumed coverage on shares of BioMarin Pharmaceutical in a research report on Wednesday, September 3rd. They set an “outperform” rating and a $85.00 price target on the stock. Morgan Stanley lowered their price target on shares of BioMarin Pharmaceutical from $97.00 to $96.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 22nd. Zacks Research lowered shares of BioMarin Pharmaceutical from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 13th. Weiss Ratings restated a “sell (d+)” rating on shares of BioMarin Pharmaceutical in a research report on Wednesday. Finally, Guggenheim lifted their target price on shares of BioMarin Pharmaceutical from $101.00 to $106.00 and gave the stock a “buy” rating in a research note on Wednesday, August 6th. Thirteen equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $93.26.

BioMarin Pharmaceutical Stock Down 2.8%

The company has a debt-to-equity ratio of 0.10, a current ratio of 5.56 and a quick ratio of 3.60. The business’s 50 day simple moving average is $56.37 and its 200 day simple moving average is $58.09. The company has a market capitalization of $10.05 billion, a PE ratio of 15.53, a P/E/G ratio of 0.66 and a beta of 0.33.

Institutional Investors Weigh In On BioMarin Pharmaceutical

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Byrne Financial Freedom LLC raised its stake in shares of BioMarin Pharmaceutical by 4.4% in the 1st quarter. Byrne Financial Freedom LLC now owns 3,852 shares of the biotechnology company’s stock valued at $272,000 after acquiring an additional 161 shares during the period. Tokio Marine Asset Management Co. Ltd. raised its stake in shares of BioMarin Pharmaceutical by 0.9% in the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 22,523 shares of the biotechnology company’s stock valued at $1,592,000 after acquiring an additional 197 shares during the period. Securian Asset Management Inc. raised its stake in shares of BioMarin Pharmaceutical by 1.4% in the 2nd quarter. Securian Asset Management Inc. now owns 14,604 shares of the biotechnology company’s stock valued at $803,000 after acquiring an additional 197 shares during the period. Sittner & Nelson LLC raised its stake in shares of BioMarin Pharmaceutical by 6.9% in the 2nd quarter. Sittner & Nelson LLC now owns 3,100 shares of the biotechnology company’s stock valued at $170,000 after acquiring an additional 200 shares during the period. Finally, Xponance Inc. raised its stake in shares of BioMarin Pharmaceutical by 0.6% in the 1st quarter. Xponance Inc. now owns 31,877 shares of the biotechnology company’s stock valued at $2,253,000 after acquiring an additional 202 shares during the period. 98.71% of the stock is owned by hedge funds and other institutional investors.

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.