BioMarin Pharmaceutical (NASDAQ:BMRN) Shares Gap Down – Time to Sell?

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.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Loop Capital set a $105.00 price target on shares of BioMarin Pharmaceutical in a report on Monday, March 2nd. Bank of America lowered their target price on shares of BioMarin Pharmaceutical from $97.00 to $85.00 and set a “buy” rating on the stock in a research note on Wednesday, March 11th. Sanford C. Bernstein lifted their price objective on BioMarin Pharmaceutical from $90.00 to $94.00 and gave the company an “outperform” rating in a report on Wednesday, February 25th. Oppenheimer dropped their target price on BioMarin Pharmaceutical from $98.00 to $95.00 and set an “outperform” rating for the company in a report on Tuesday, February 24th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $103.00 price target on shares of BioMarin Pharmaceutical in a research note on Thursday. Seventeen research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $90.00.

BioMarin Pharmaceutical Stock Down 1.6%

The firm has a fifty day moving average price of $58.96 and a 200 day moving average price of $56.31. The company has a quick ratio of 3.50, a current ratio of 5.21 and a debt-to-equity ratio of 0.10. The company has a market cap of $11.07 billion, a P/E ratio of 32.34, a PEG ratio of 0.57 and a beta of 0.25.

Insider Transactions at BioMarin Pharmaceutical

In other BioMarin Pharmaceutical news, EVP Gregory R. Friberg sold 6,326 shares of the business’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $60.38, for a total value of $381,963.88. Following the completion of the transaction, the executive vice president directly owned 37,578 shares of the company’s stock, valued at approximately $2,268,959.64. The trade was a 14.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Charles Greg Guyer sold 16,486 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $60.46, for a total transaction of $996,743.56. Following the transaction, the executive vice president owned 79,953 shares in the company, valued at $4,833,958.38. The trade was a 17.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.85% of the stock is owned by corporate insiders.

Institutional Trading of BioMarin Pharmaceutical

A number of hedge funds and other institutional investors have recently modified their holdings of BMRN. Activest Wealth Management bought a new position in BioMarin Pharmaceutical in the 4th quarter valued at $26,000. Quent Capital LLC bought a new stake in shares of BioMarin Pharmaceutical during the third quarter worth $28,000. CIBC Private Wealth Group LLC lifted its stake 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 valued at $39,000 after acquiring an additional 179 shares during the period. Smartleaf Asset Management LLC lifted its stake in shares of BioMarin Pharmaceutical by 92.5% during the third quarter. Smartleaf Asset Management LLC now owns 749 shares of the biotechnology company’s stock valued at $40,000 after acquiring an additional 360 shares during the period. Finally, Caitong International Asset Management Co. Ltd bought a new position in BioMarin Pharmaceutical in the third quarter valued at about $40,000. Institutional investors and hedge funds own 98.71% of the company’s stock.

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.