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BioMarin Pharmaceutical (NASDAQ:BMRN) dropped 2.7% during trading on Thursday following insider selling activity, American Banking News reports. The stock traded as low as $68.26 and last traded at $68.60, with a volume of 591,308 shares trading hands. The stock had previously closed at $70.49.

Specifically, CFO Daniel K. Spiegelman sold 16,000 shares of the stock on the open market in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $69.83, for a total value of $1,117,280.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

BMRN has been the subject of a number of recent research reports. Analysts at Nomura raised their price target on shares of BioMarin Pharmaceutical from $77.00 to $82.00 in a research note on Thursday, July 31st. They now have a “neutral” rating on the stock. Analysts at Credit Suisse upgraded shares of BioMarin Pharmaceutical from a “neutral” rating to an “outperform” rating in a research note on Monday, June 9th. They now have a $73.00 price target on the stock, up previously from $61.74. Eight analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $82.46.

The stock’s 50-day moving average is $65.00 and its 200-day moving average is $65.28. The company’s market cap is $10.189 billion.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings results on Wednesday, July 30th. The company reported ($0.23) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.41) by $0.18. The company had revenue of $191.70 million for the quarter, compared to the consensus estimate of $159.70 million. During the same quarter last year, the company posted ($0.16) earnings per share. BioMarin Pharmaceutical’s revenue was up 40.1% compared to the same quarter last year. Analysts expect that BioMarin Pharmaceutical will post $-1.30 EPS for the current fiscal year.

BioMarin Pharmaceutical Inc (NASDAQ:BMRN) develops and commercializes pharmaceuticals for serious diseases and medical conditions.

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