BioMarin Pharmaceutical Inc. (BMRN) Bond Prices Fall 1% Insider Trade
An issue of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) debt fell 1% as a percentage of its face value during trading on Wednesday after an insider sold shares in the company. The high-yield issue of debt has a 0.75% coupon and will mature on October 15, 2018. The debt is now trading at $122.71 and was trading at $122.96 one week ago. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its stock price. Specifically, EVP George Eric Davis sold 2,167 shares of BioMarin Pharmaceutical stock in a transaction that occurred on Thursday, July 7th. The shares were sold at an average price of $90.00, for a total value of $195,030.00. Following the transaction, the executive vice president now owns 72,836 shares of the company’s stock, valued at approximately $6,555,240. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director V Bryan Lawlis sold 6,400 shares of BioMarin Pharmaceutical stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $95.01, for a total transaction of $608,064.00. Following the completion of the transaction, the director now directly owns 20,260 shares in the company, valued at approximately $1,924,902.60. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by insiders.
A number of brokerages have recently issued reports on BMRN. Goldman Sachs Group Inc. reaffirmed a “buy” rating and issued a $126.00 price objective on shares of BioMarin Pharmaceutical in a research report on Wednesday, June 1st. Royal Bank Of Canada reaffirmed a “buy” rating on shares of BioMarin Pharmaceutical in a research report on Tuesday, May 31st. Leerink Swann reaffirmed a “buy” rating on shares of BioMarin Pharmaceutical in a research report on Wednesday, June 1st. Cowen and Company reaffirmed a “buy” rating on shares of BioMarin Pharmaceutical in a research report on Thursday, July 28th. Finally, Oppenheimer Holdings Inc. reaffirmed a “hold” rating and issued a $99.00 price objective on shares of BioMarin Pharmaceutical in a research report on Wednesday, June 1st. Three investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. BioMarin Pharmaceutical presently has a consensus rating of “Buy” and an average price target of $120.61.
The company’s 50 day moving average price is $95.53 and its 200 day moving average price is $88.40. The firm’s market capitalization is $15.93 billion.
BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its earnings results on Thursday, August 4th. The company reported ($2.61) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.52) by $2.09. The business had revenue of $300.10 million for the quarter, compared to analysts’ expectations of $278.75 million. BioMarin Pharmaceutical had a negative return on equity of 11.99% and a negative net margin of 54.53%. The business’s revenue was up 20.0% on a year-over-year basis. During the same quarter last year, the business posted ($0.51) earnings per share. On average, equities analysts anticipate that BioMarin Pharmaceutical Inc. will post ($3.95) EPS for the current fiscal year.
Institutional investors have recently bought and sold shares of the stock. Rockefeller Financial Services Inc. purchased a new position in BioMarin Pharmaceutical during the second quarter worth $111,000. Meeder Asset Management Inc. purchased a new position in BioMarin Pharmaceutical during the second quarter worth $140,000. Mutual of America Capital Management LLC raised its position in BioMarin Pharmaceutical by 930.0% in the second quarter. Mutual of America Capital Management LLC now owns 1,854 shares of the company’s stock worth $144,000 after buying an additional 1,674 shares during the period. LS Investment Advisors LLC raised its position in BioMarin Pharmaceutical by 13.5% in the second quarter. LS Investment Advisors LLC now owns 1,946 shares of the company’s stock worth $151,000 after buying an additional 231 shares during the period. Finally, NEXT Financial Group Inc raised its position in BioMarin Pharmaceutical by 244.3% in the second quarter. NEXT Financial Group Inc now owns 1,980 shares of the company’s stock worth $154,000 after buying an additional 1,405 shares during the period. Hedge funds and other institutional investors own 93.02% of the company’s stock.
BioMarin Pharmaceutical Company Profile
BioMarin Pharmaceutical Inc (BioMarin) develops and commercializes pharmaceuticals for various diseases and medical conditions. The Company’s product portfolio consists of approximately five approved products, and multiple clinical and pre-clinical product candidates. Its approved products include Vimizim (elosulfase alpha), Naglazyme (galsulfase), Kuvan (sapropterin dihydrochloride), Aldurazyme (laronidase) and Firdapse (amifampridine phosphate).
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