Why BioMarin Pharmaceuticals Fell 6.9% on Thursday
BioMarin Pharmaceuticals (NASDAQ: BMRN), a biopharmaceutical company that specializes in finding therapies for rare genetic diseases, saw its shares drop 6.9% on Thursday after falling as much as 9.8% earlier in the day. The stock closed on Wednesday at $92.10, then opened on Thursday at $89.63. It fell to its daily low at $83.10 shortly after noon before rising a bit to the close at $89.73. The stock has a 52-week low of $70.73 and a 52-week high of $97.76.
The company reported third-quarter earnings after the market closed on Wednesday, and investors were not that impressed.
BioMarin reported nine-month revenue of $1.56 billion, up 12% year over year, and third-quarter revenue of $505 million, again up 24% over the same period last year. Earnings per share (EPS) for nine months came in at a loss of $0.04, compared to an EPS loss of $0.20 in the first nine months of 2021. In the quarter, the company posted EPS of $0.77 compared to an EPS loss of $0.03 in the same quarter in 2021. The reason the stock slumped a bit is analysts had predicted quarterly revenue to fall between $513 million and $515.5 million.
Source Fool.com
