Lisanti Capital Growth LLC Makes New Investment in BioMarin Pharmaceutical Inc. $BMRN

Lisanti Capital Growth LLC acquired a new stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor acquired 102,925 shares of the biotechnology company’s stock, valued at approximately $6,176,000. BioMarin Pharmaceutical makes up approximately 1.7% of Lisanti Capital Growth LLC’s holdings, making the stock its 12th largest position.

A number of other hedge funds also recently made changes to their positions in BMRN. Amundi grew its position in BioMarin Pharmaceutical by 37.8% in the second quarter. Amundi now owns 259,782 shares of the biotechnology company’s stock worth $14,865,000 after acquiring an additional 71,246 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in BioMarin Pharmaceutical during the second quarter valued at about $3,461,000. Rice Hall James & Associates LLC purchased a new stake in BioMarin Pharmaceutical during the second quarter valued at about $14,203,000. Bank of New York Mellon Corp bought a new stake in BioMarin Pharmaceutical during the second quarter worth about $66,107,000. Finally, Edmond DE Rothschild Holding S.A. bought a new stake in BioMarin Pharmaceutical during the second quarter worth about $39,312,000. 98.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on BMRN. Oppenheimer cut their price objective on BioMarin Pharmaceutical from $97.00 to $94.00 and set an “outperform” rating for the company in a report on Tuesday, November 3rd. Morgan Stanley decreased their price objective on BioMarin Pharmaceutical from $122.00 to $119.00 and set an “overweight” rating on the stock in a report on Tuesday, November 3rd. Wall Street Zen raised BioMarin Pharmaceutical from a “hold” rating to a “buy” rating in a report on Sunday. Weiss Ratings downgraded BioMarin Pharmaceutical from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, September 18th. Finally, Piper Sandler upped their target price on BioMarin Pharmaceutical from $88.00 to $90.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 1st. Three research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, BioMarin Pharmaceutical presently has a consensus rating of “Moderate Buy” and a consensus price target of $87.91.

BioMarin Pharmaceutical Price Performance

BMRN stock opened at $58.33 on Thursday. The firm has a market cap of $11.30 billion, a P/E ratio of -583.30, a P/E/G ratio of 0.77 and a beta of 0.21. The firm’s fifty day moving average is $59.25 and its 200 day moving average is $58.48. BioMarin Pharmaceutical Inc. has a 52 week low of $49.26 and a 52 week high of $70.98. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.32 and a current ratio of 2.44.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings results on Monday, November 2nd. The biotechnology company reported $0.23 earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.28. BioMarin Pharmaceutical had a negative net margin of 0.52% and a positive return on equity of 5.58%. The business had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $1.02 billion. During the same period in the previous year, the firm posted $0.12 earnings per share. The firm’s revenue for the quarter was up 32.0% on a year-over-year basis. Research analysts predict that BioMarin Pharmaceutical Inc. will post 2.20 earnings per share for the current year.

About BioMarin Pharmaceutical

BioMarin Pharmaceutical is a biotechnology company focused on developing and commercializing medicines for people with rare genetic diseases. Its work includes research, clinical development, manufacturing and distribution of therapies for conditions that often have limited treatment options. The company’s marketed treatments address disorders including phenylketonuria, mucopolysaccharidosis, late-infantile neuronal ceroid lipofuscinosis, achondroplasia and hemophilia A. Its products include Kuvan and Palynziq for phenylketonuria, Vimizim for Morquio A syndrome, Brineura for CLN2 disease, Voxzogo for achondroplasia and Roctavian for hemophilia A. Founded in 1997 and headquartered in San Rafael, California, BioMarin serves patients and healthcare providers in the United States and international markets, including Europe.