BioMarin Pharmaceutical (NASDAQ:BMRN) Downgraded by Baird R W to "Hold"

Baird R W downgraded shares of BioMarin Pharmaceutical (NASDAQ:BMRN - Free Report) from a strong-buy rating to a hold rating in a research report released on Friday morning, Zacks.com reports.

BMRN has been the subject of several other research reports. Scotiabank upped their price target on shares of BioMarin Pharmaceutical from $83.00 to $85.00 and gave the stock a sector perform rating in a research report on Thursday, April 25th. Robert W. Baird cut shares of BioMarin Pharmaceutical from an outperform rating to a neutral rating and dropped their price objective for the company from $104.00 to $72.00 in a research note on Friday. Evercore ISI began coverage on shares of BioMarin Pharmaceutical in a research note on Tuesday. They set an outperform rating and a $113.00 price objective for the company. Citigroup dropped their price objective on shares of BioMarin Pharmaceutical from $94.00 to $91.00 and set a neutral rating for the company in a research note on Thursday, April 25th. Finally, Canaccord Genuity Group dropped their price objective on shares of BioMarin Pharmaceutical from $91.00 to $89.00 and set a hold rating for the company in a research note on Friday, April 26th. Nine equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $106.11.

BioMarin Pharmaceutical Price Performance

Shares of BioMarin Pharmaceutical stock traded up $0.59 during trading hours on Friday, reaching $77.56. The stock had a trading volume of 3,433,447 shares, compared to its average volume of 1,970,463. The stock's 50 day moving average is $85.47 and its 200 day moving average is $88.86. The firm has a market capitalization of $14.73 billion, a PE ratio of 72.49, a PEG ratio of 1.21 and a beta of 0.34. BioMarin Pharmaceutical has a twelve month low of $76.02 and a twelve month high of $99.56. The company has a current ratio of 2.74, a quick ratio of 1.70 and a debt-to-equity ratio of 0.12.

BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 24th. The biotechnology company reported $0.49 earnings per share for the quarter, topping analysts' consensus estimates of $0.37 by $0.12. The business had revenue of $648.83 million during the quarter, compared to the consensus estimate of $649.75 million. BioMarin Pharmaceutical had a net margin of 8.31% and a return on equity of 5.34%. Equities analysts expect that BioMarin Pharmaceutical will post 1.99 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Henry J. Fuchs sold 35,341 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $85.18, for a total transaction of $3,010,346.38. Following the completion of the transaction, the insider now owns 212,117 shares of the company's stock, valued at approximately $18,068,126.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other BioMarin Pharmaceutical news, EVP George Eric Davis sold 24,602 shares of the stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $88.34, for a total transaction of $2,173,340.68. Following the sale, the executive vice president now directly owns 55,856 shares in the company, valued at approximately $4,934,319.04. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Henry J. Fuchs sold 35,341 shares of the firm's stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $85.18, for a total transaction of $3,010,346.38. Following the completion of the sale, the insider now owns 212,117 shares in the company, valued at $18,068,126.06. The disclosure for this sale can be found here. In the last quarter, insiders sold 110,079 shares of company stock valued at $9,528,436. Company insiders own 1.85% of the company's stock.

Institutional Investors Weigh In On BioMarin Pharmaceutical

A number of hedge funds and other institutional investors have recently modified their holdings of BMRN. Stratos Wealth Partners LTD. grew its position in BioMarin Pharmaceutical by 2.1% during the 4th quarter. Stratos Wealth Partners LTD. now owns 5,709 shares of the biotechnology company's stock worth $550,000 after purchasing an additional 115 shares during the last quarter. KB Financial Partners LLC grew its position in BioMarin Pharmaceutical by 51.3% during the 3rd quarter. KB Financial Partners LLC now owns 348 shares of the biotechnology company's stock worth $31,000 after purchasing an additional 118 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its position in BioMarin Pharmaceutical by 1.2% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 10,668 shares of the biotechnology company's stock worth $932,000 after purchasing an additional 130 shares during the last quarter. First Horizon Advisors Inc. grew its position in BioMarin Pharmaceutical by 33.3% during the 4th quarter. First Horizon Advisors Inc. now owns 576 shares of the biotechnology company's stock worth $56,000 after purchasing an additional 144 shares during the last quarter. Finally, Atria Wealth Solutions Inc. grew its position in BioMarin Pharmaceutical by 1.6% during the 4th quarter. Atria Wealth Solutions Inc. now owns 9,729 shares of the biotechnology company's stock worth $938,000 after purchasing an additional 153 shares during the last quarter. 98.71% of the stock is currently owned by institutional investors and hedge funds.

About BioMarin Pharmaceutical

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.