Traders Buy Shares of BioMarin Pharmaceutical (BMRN) on Weakness Following Insider Selling

Traders purchased shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) on weakness during trading on Thursday following insider selling activity. $56.14 million flowed into the stock on the tick-up and $22.34 million flowed out of the stock on the tick-down, for a money net flow of $33.80 million into the stock. Of all companies tracked, BioMarin Pharmaceutical had the 21st highest net in-flow for the day. BioMarin Pharmaceutical traded down ($1.76) for the day and closed at $90.32Specifically, insider Henry J. Fuchs sold 15,000 shares of the company’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $89.23, for a total value of $1,338,450.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Jean Jacques Bienaime sold 20,000 shares of the company’s stock in a transaction on Friday, December 29th. The shares were sold at an average price of $89.75, for a total transaction of $1,795,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 50,750 shares of company stock worth $4,536,588. Insiders own 1.85% of the company’s stock.

Several brokerages recently issued reports on BMRN. Zacks Investment Research lowered shares of BioMarin Pharmaceutical from a “hold” rating to a “sell” rating in a research note on Monday, October 16th. Goldman Sachs Group reissued a “buy” rating and set a $129.00 target price on shares of BioMarin Pharmaceutical in a research note on Friday, October 6th. Morgan Stanley reissued an “overweight” rating and set a $117.00 target price (up from $115.00) on shares of BioMarin Pharmaceutical in a research note on Friday, October 6th. Jefferies Group reissued a “buy” rating and set a $116.00 target price on shares of BioMarin Pharmaceutical in a research note on Tuesday, September 26th. Finally, BidaskClub raised shares of BioMarin Pharmaceutical from a “strong sell” rating to a “sell” rating in a research note on Saturday, December 16th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. BioMarin Pharmaceutical has a consensus rating of “Buy” and an average price target of $112.44.

The company has a debt-to-equity ratio of 0.41, a current ratio of 4.91 and a quick ratio of 3.81. The firm has a market cap of $15,860.00, a price-to-earnings ratio of -108.82 and a beta of 1.81.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings data on Thursday, October 26th. The biotechnology company reported ($0.07) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.13) by $0.06. BioMarin Pharmaceutical had a negative net margin of 12.45% and a negative return on equity of 4.60%. The firm had revenue of $334.18 million for the quarter, compared to the consensus estimate of $347.38 million. During the same quarter in the prior year, the company posted $0.02 earnings per share. The business’s revenue was up 19.4% on a year-over-year basis. analysts forecast that BioMarin Pharmaceutical Inc. will post -0.64 earnings per share for the current year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Atlantic Trust Group LLC acquired a new position in BioMarin Pharmaceutical during the third quarter worth $1,997,000. Americafirst Capital Management LLC acquired a new position in BioMarin Pharmaceutical during the third quarter worth $702,000. IFM Investors Pty Ltd acquired a new position in BioMarin Pharmaceutical during the third quarter worth $448,000. Piedmont Investment Advisors LLC acquired a new position in BioMarin Pharmaceutical during the third quarter worth $561,000. Finally, California Public Employees Retirement System raised its holdings in BioMarin Pharmaceutical by 1.6% during the third quarter. California Public Employees Retirement System now owns 332,500 shares of the biotechnology company’s stock worth $30,946,000 after buying an additional 5,100 shares during the last quarter. Hedge funds and other institutional investors own 99.02% of the company’s stock.

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BioMarin Pharmaceutical Company Profile

BioMarin Pharmaceutical Inc is a biotechnology company. The Company develops and commercializes pharmaceuticals for various diseases and medical conditions. As of December 31, 2016, the Company’s therapy portfolio consisted of five products, and multiple clinical and pre-clinical product candidates. Its commercial products include Aldurazyme (laronidase) for Mucopolysaccharidosis I (MPS I), Firdapse (amifampridine phosphate) for Lambert Eaton Myasthenic Syndrome (LEMS), Kuvan (sapropterin dihydrochloride) for phenylketonuria (PKU), Naglazyme (galsulfase) for Mucopolysaccharidosis VI (MPS VI) and Vimizim (elosulfase alpha) for Mucopolysaccharidosis IV Type A (MPS IV A).

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