Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) traded down 2% on Wednesday following insider selling activity. The stock traded as low as $95.00 and last traded at $96.01, with a volume of 776,098 shares changing hands. The stock had previously closed at $97.95.

Specifically, VP Brian Mueller sold 287 shares of the company’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $100.00, for a total value of $28,700.00. Following the completion of the sale, the vice president now owns 14,260 shares of the company’s stock, valued at $1,426,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP George Eric Davis sold 2,167 shares of the company’s stock in a transaction dated Thursday, July 7th. The stock was sold at an average price of $90.00, for a total transaction of $195,030.00. Following the completion of the sale, the executive vice president now directly owns 72,836 shares of the company’s stock, valued at approximately $6,555,240. The disclosure for this sale can be found here. Insiders own 2.50% of the company’s stock.

Several research firms recently weighed in on BMRN. Vetr downgraded shares of BioMarin Pharmaceutical from a “buy” rating to a “hold” rating and set a $103.86 price objective for the company. in a report on Monday, August 1st. Barclays PLC upped their price objective on shares of BioMarin Pharmaceutical from $105.00 to $125.00 and gave the stock an “overweight” rating in a report on Friday, August 5th. Stifel Nicolaus upped their price objective on shares of BioMarin Pharmaceutical from $107.00 to $113.00 and gave the stock a “buy” rating in a report on Friday, August 5th. Piper Jaffray Cos. upped their price objective on shares of BioMarin Pharmaceutical from $107.00 to $120.00 and gave the stock an “overweight” rating in a report on Friday, August 5th. Finally, Jefferies Group upped their price objective on shares of BioMarin Pharmaceutical from $116.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, August 5th. Three investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $120.61.

This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/09/21/biomarin-pharmaceutical-inc-bmrn-trading-down-2-following-insider-selling.html

The stock’s market capitalization is $15.75 billion. The company’s 50 day moving average is $95.69 and its 200 day moving average is $88.27.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its earnings results on Thursday, August 4th. The company reported ($2.61) earnings per share (EPS) for the quarter, missing the Zacks’ 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 company had revenue of $300.10 million for the quarter, compared to the consensus estimate of $278.75 million. During the same quarter last year, the business posted ($0.51) EPS. BioMarin Pharmaceutical’s quarterly revenue was up 20.0% on a year-over-year basis. Equities analysts expect that BioMarin Pharmaceutical Inc. will post ($3.95) earnings per share for the current year.

A number of institutional investors have recently modified their holdings of the company. Pacer Advisors Inc. boosted its position in shares of BioMarin Pharmaceutical by 1.2% in the second quarter. Pacer Advisors Inc. now owns 4,339 shares of the company’s stock worth $338,000 after buying an additional 52 shares during the period. Hartford Investment Management Co. boosted its position in shares of BioMarin Pharmaceutical by 2.5% in the second quarter. Hartford Investment Management Co. now owns 2,906 shares of the company’s stock worth $226,000 after buying an additional 70 shares during the period. Essex Investment Management Co. LLC boosted its position in shares of BioMarin Pharmaceutical by 0.6% in the second quarter. Essex Investment Management Co. LLC now owns 15,411 shares of the company’s stock worth $1,199,000 after buying an additional 90 shares during the period. Mn Services Vermogensbeheer B.V. boosted its position in shares of BioMarin Pharmaceutical by 2.3% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 4,082 shares of the company’s stock worth $286,000 after buying an additional 90 shares during the period. Finally, Glenmede Trust Co. NA boosted its position in shares of BioMarin Pharmaceutical by 0.7% in the second quarter. Glenmede Trust Co. NA now owns 16,639 shares of the company’s stock worth $1,293,000 after buying an additional 114 shares during the period. Hedge funds and other institutional investors own 93.02% of the company’s stock.

BioMarin Pharmaceutical Company Profile

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).

5 Day Chart for NASDAQ:BMRN

Receive News & Ratings for BioMarin Pharmaceutical Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for BioMarin Pharmaceutical Inc. and related companies with MarketBeat.com's FREE daily email newsletter.