BioMarin Pharmaceutical (NASDAQ:BMRN) Reaches New 12-Month Low - Time to Sell?

Key Points

• BioMarin Pharmaceutical's stock hit a new 12-month low at $52.91, closing slightly higher at $53.52, with significant trading volume of 1.4 million shares.
• Despite the recent drop in stock price, analysts maintain a largely positive outlook, with a consensus price target of $92.60 and several buy ratings from major firms.
• Institutional ownership in BioMarin Pharmaceutical is strong, with nearly 99% of shares held by hedge funds and institutional investors, indicating continued interest in the company.

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Get Free Report)'s stock price reached a new 52-week low on Tuesday . The company traded as low as $52.91 and last traded at $53.52, with a volume of 1403444 shares. The stock had previously closed at $53.94.

Wall Street Analysts Forecast Growth

BMRN has been the topic of a number of research analyst reports. HC Wainwright started coverage on BioMarin Pharmaceutical in a research report on Monday, September 8th. They issued a "neutral" rating and a $60.00 target price on the stock. Zacks Research downgraded BioMarin Pharmaceutical from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 13th. Wolfe Research set a $95.00 price target on shares of BioMarin Pharmaceutical and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Guggenheim lifted their price objective on shares of BioMarin Pharmaceutical from $101.00 to $106.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Finally, UBS Group upped their price objective on BioMarin Pharmaceutical from $113.00 to $114.00 and gave the stock a "buy" rating in a research report on Tuesday, August 5th. Fourteen analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $92.60.

BioMarin Pharmaceutical Trading Down 1.0%

The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.60 and a current ratio of 5.56. The firm has a market capitalization of $10.26 billion, a price-to-earnings ratio of 15.85, a PEG ratio of 0.69 and a beta of 0.35. The company has a 50-day moving average price of $57.51 and a 200-day moving average price of $59.66.

Institutional Investors Weigh In On BioMarin Pharmaceutical

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Dodge & Cox grew its holdings in shares of BioMarin Pharmaceutical by 1.0% during the second quarter. Dodge & Cox now owns 15,108,310 shares of the biotechnology company's stock worth $830,504,000 after purchasing an additional 153,070 shares during the last quarter. Viking Global Investors LP grew its position in shares of BioMarin Pharmaceutical by 13.8% during the second quarter. Viking Global Investors LP now owns 12,288,611 shares of the biotechnology company's stock worth $675,505,000 after acquiring an additional 1,488,552 shares during the last quarter. AQR Capital Management LLC grew its position in shares of BioMarin Pharmaceutical by 90.7% during the second quarter. AQR Capital Management LLC now owns 5,580,573 shares of the biotechnology company's stock worth $306,429,000 after acquiring an additional 2,654,768 shares during the last quarter. Geode Capital Management LLC boosted its stake in BioMarin Pharmaceutical by 1.3% during the 2nd quarter. Geode Capital Management LLC now owns 3,474,438 shares of the biotechnology company's stock worth $190,417,000 after purchasing an additional 43,185 shares during the period. Finally, Nuveen LLC purchased a new position in BioMarin Pharmaceutical during the 1st quarter worth $184,475,000. 98.71% of the stock is owned by hedge funds and other institutional investors.

BioMarin Pharmaceutical Company Profile

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.

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