BioMarin Pharmaceutical (NASDAQ:BMRN) Issues FY 2024 Earnings Guidance

BioMarin Pharmaceutical (NASDAQ:BMRN) updated its FY 2024 earnings guidance on Monday. The company provided EPS guidance of 3.100-3.250 for the period, compared to the consensus EPS estimate of 2.870. The company issued revenue guidance of $2.8 billion-$2.8 billion, compared to the consensus revenue estimate of $2.7 billion. BioMarin Pharmaceutical also updated its FY24 guidance to $3.10-3.25 EPS.

BioMarin Pharmaceutical Stock Performance

Shares of NASDAQ BMRN traded down $3.73 during trading hours on Monday, hitting $80.47. 2,229,636 shares of the stock were exchanged, compared to its average volume of 1,864,912. BioMarin Pharmaceutical has a one year low of $73.68 and a one year high of $99.56. The company’s 50 day moving average is $82.53 and its 200 day moving average is $85.06. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.74 and a quick ratio of 1.70. The firm has a market capitalization of $15.28 billion, a P/E ratio of 76.24, a P/E/G ratio of 1.20 and a beta of 0.32.

Analyst Ratings Changes

A number of research firms have weighed in on BMRN. Robert W. Baird downgraded BioMarin Pharmaceutical from an outperform rating to a neutral rating and decreased their price objective for the company from $104.00 to $72.00 in a report on Friday, May 17th. Scotiabank increased their price objective on shares of BioMarin Pharmaceutical from $83.00 to $85.00 and gave the company a sector perform rating in a report on Thursday, April 25th. Evercore ISI began coverage on BioMarin Pharmaceutical in a research report on Tuesday, May 14th. They set an outperform rating and a $113.00 target price for the company. StockNews.com upgraded shares of BioMarin Pharmaceutical from a hold rating to a buy rating in a research report on Tuesday, July 30th. Finally, Morgan Stanley decreased their price objective on BioMarin Pharmaceutical from $115.00 to $112.00 and set an overweight rating for the company in a research report on Friday, April 26th. Nine analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, BioMarin Pharmaceutical presently has a consensus rating of Moderate Buy and an average price target of $102.00.

Insider Buying and Selling at BioMarin Pharmaceutical

In other BioMarin Pharmaceutical news, Director Jean Jacques Bienaime sold 20,000 shares of the company’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $81.62, for a total value of $1,632,400.00. Following the sale, the director now owns 474,994 shares in the company, valued at approximately $38,769,010.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other BioMarin Pharmaceutical news, Director Jean Jacques Bienaime sold 20,000 shares of the company’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $81.62, for a total transaction of $1,632,400.00. Following the sale, the director now owns 474,994 shares of the company’s stock, valued at $38,769,010.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP George Eric Davis sold 40,850 shares of BioMarin Pharmaceutical stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $74.51, for a total value of $3,043,733.50. Following the completion of the transaction, the executive vice president now directly owns 56,157 shares of the company’s stock, valued at $4,184,258.07. The disclosure for this sale can be found here. Over the last three months, insiders sold 65,850 shares of company stock worth $5,052,084. 1.85% of the stock is currently owned by insiders.

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.