BioMarin Pharmaceutical Inc. (BMRN) Bond Prices Fall 1% Insider Trade
An issue of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) debt fell 1% against its face value during trading on Wednesday after an insider sold shares in the company. The high-yield debt issue has a 0.75% coupon and is set to mature on October 15, 2018. The bonds in the issue are now trading at $122.71 and were trading at $122.96 last week. Price changes in a company’s debt in credit markets sometimes predict parallel changes in its share price. Specifically, CEO Jean Jacques Bienaime sold 41,666 shares of the business’s stock in a transaction on Monday, July 18th. The shares were sold at an average price of $92.72, for a total value of $3,863,271.52. Following the completion of the sale, the chief executive officer now directly owns 420,250 shares of the company’s stock, valued at $38,965,580. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director V Bryan Lawlis sold 6,400 shares of the business’s stock in a transaction 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 sale, the director now directly owns 20,260 shares of the company’s stock, valued at $1,924,902.60. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by company insiders.
Several analysts have weighed in on the stock. Vetr raised shares of BioMarin Pharmaceutical from a “buy” rating to a “strong-buy” rating and set a $110.24 price target for the company in a research note on Tuesday, August 9th. Oppenheimer Holdings Inc. reaffirmed a “hold” rating and set a $99.00 price objective on shares of BioMarin Pharmaceutical in a research note on Wednesday, June 1st. Wedbush reaffirmed a “neutral” rating and set a $108.00 price objective on shares of BioMarin Pharmaceutical in a research note on Thursday, July 28th. Leerink Swann reaffirmed an “outperform” rating and set a $127.00 price objective on shares of BioMarin Pharmaceutical in a research note on Friday, September 16th. Finally, Jefferies Group set a $116.00 price objective on shares of BioMarin Pharmaceutical and gave the company a “buy” rating in a research note on Thursday, July 28th. Three equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. BioMarin Pharmaceutical has an average rating of “Buy” and an average target price of $120.61.
The company’s market cap is $15.93 billion. The firm’s 50-day moving average price is $95.53 and its 200 day moving average price is $88.40.
BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings results on Thursday, August 4th. The company reported ($2.61) EPS for the quarter, missing the consensus estimate of ($0.52) by $2.09. BioMarin Pharmaceutical had a negative net margin of 54.53% and a negative return on equity of 11.99%. The business earned $300.10 million during the quarter, compared to the consensus estimate of $278.75 million. During the same quarter in the prior year, the firm posted ($0.51) EPS. The company’s revenue for the quarter was up 20.0% compared to the same quarter last year. Analysts expect that BioMarin Pharmaceutical Inc. will post ($3.95) EPS for the current year.
Several large investors have recently bought and sold shares of BMRN. Norges Bank acquired a new stake in BioMarin Pharmaceutical during the fourth quarter valued at approximately $122,313,000. DnB Asset Management AS acquired a new stake in BioMarin Pharmaceutical during the first quarter valued at approximately $1,031,000. Quantitative Systematic Strategies LLC raised its stake in BioMarin Pharmaceutical by 16.1% in the first quarter. Quantitative Systematic Strategies LLC now owns 3,311 shares of the company’s stock valued at $259,000 after buying an additional 459 shares in the last quarter. Aperio Group LLC raised its stake in BioMarin Pharmaceutical by 39.7% in the first quarter. Aperio Group LLC now owns 44,657 shares of the company’s stock valued at $3,683,000 after buying an additional 12,688 shares in the last quarter. Finally, Mn Services Vermogensbeheer B.V. acquired a new stake in BioMarin Pharmaceutical during the first quarter valued at approximately $289,000. Institutional investors and hedge funds own 93.02% of the company’s stock.
About BioMarin Pharmaceutical
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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