Investors Sell Shares of BioMarin Pharmaceutical Inc. (BMRN) on Strength on Insider Selling
Investors sold shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) on strength during trading hours on Monday following insider selling activity. $29.60 million flowed into the stock on the tick-up and $40.63 million flowed out of the stock on the tick-down, for a money net flow of $11.03 million out of the stock. Of all stocks tracked, BioMarin Pharmaceutical had the 0th highest net out-flow for the day. BioMarin Pharmaceutical traded up $0.41 for the day and closed at $85.45Specifically, CEO Jean Jacques Bienaime sold 64,125 shares of the firm’s stock in a transaction on Friday, October 14th. The stock was sold at an average price of $86.96, for a total transaction of $5,576,310.00. Following the transaction, the chief executive officer now directly owns 378,184 shares in the company, valued at approximately $32,886,880.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Brian Mueller sold 287 shares of the firm’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $100.00, for a total value of $28,700.00. Following the transaction, the vice president now owns 14,260 shares in the company, valued at $1,426,000. The disclosure for this sale can be found here. Company insiders own 2.50% of the company’s stock.
Several research firms have commented on BMRN. William Blair set a $116.00 price objective on BioMarin Pharmaceutical and gave the stock a “buy” rating in a report on Thursday, July 28th. Robert W. Baird set a $115.00 price target on BioMarin Pharmaceutical and gave the company a “buy” rating in a report on Saturday. Vetr upgraded BioMarin Pharmaceutical from a “hold” rating to a “buy” rating and set a $110.24 price target on the stock in a report on Tuesday, August 2nd. Wedbush reiterated a “neutral” rating and issued a $104.00 price target (down from $108.00) on shares of BioMarin Pharmaceutical in a report on Tuesday, September 6th. Finally, JPMorgan Chase & Co. reiterated a “buy” rating on shares of BioMarin Pharmaceutical in a report on Wednesday, September 7th. Three research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $118.31.
BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings data on Thursday, August 4th. The company reported ($2.61) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.52) by $2.09. BioMarin Pharmaceutical had a negative return on equity of 11.99% and a negative net margin of 54.53%. The firm had revenue of $300.10 million for the quarter, compared to analysts’ expectations of $278.75 million. During the same quarter last year, the firm posted ($0.51) earnings per share. BioMarin Pharmaceutical’s quarterly revenue was up 20.0% on a year-over-year basis.
A number of large investors have recently bought and sold shares of the company. Adage Capital Partners GP L.L.C. raised its stake in BioMarin Pharmaceutical by 316.3% in the first quarter. Adage Capital Partners GP L.L.C. now owns 1,052,900 shares of the company’s stock valued at $86,843,000 after buying an additional 800,000 shares during the period. Candriam Luxembourg S.C.A. raised its stake in BioMarin Pharmaceutical by 18.5% in the second quarter. Candriam Luxembourg S.C.A. now owns 247,100 shares of the company’s stock valued at $19,225,000 after buying an additional 38,628 shares during the period. ING Groep NV purchased a new stake in BioMarin Pharmaceutical during the second quarter valued at approximately $57,357,000. Strs Ohio raised its stake in BioMarin Pharmaceutical by 50.7% in the second quarter. Strs Ohio now owns 491,556 shares of the company’s stock valued at $38,243,000 after buying an additional 165,472 shares during the period. Finally, State Street Corp raised its stake in BioMarin Pharmaceutical by 5.6% in the first quarter. State Street Corp now owns 3,286,743 shares of the company’s stock valued at $271,074,000 after buying an additional 175,733 shares during the period. Institutional investors own 93.08% 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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