Beacon Pointe Advisors LLC Has $1.27 Million Stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Beacon Pointe Advisors LLC reduced its position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRNGet Rating) by 6.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,292 shares of the biotechnology company’s stock after selling 1,125 shares during the period. Beacon Pointe Advisors LLC’s holdings in BioMarin Pharmaceutical were worth $1,266,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in BMRN. Kinneret Advisory LLC raised its position in shares of BioMarin Pharmaceutical by 2.2% during the second quarter. Kinneret Advisory LLC now owns 5,213 shares of the biotechnology company’s stock worth $432,000 after purchasing an additional 110 shares during the period. Commerce Bank grew its stake in shares of BioMarin Pharmaceutical by 3.8% during the 1st quarter. Commerce Bank now owns 5,419 shares of the biotechnology company’s stock worth $418,000 after acquiring an additional 198 shares during the period. Covington Capital Management grew its stake in shares of BioMarin Pharmaceutical by 40.8% during the 2nd quarter. Covington Capital Management now owns 704 shares of the biotechnology company’s stock worth $58,000 after acquiring an additional 204 shares during the period. Brown Brothers Harriman & Co. grew its stake in shares of BioMarin Pharmaceutical by 21.7% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 1,217 shares of the biotechnology company’s stock worth $101,000 after acquiring an additional 217 shares during the period. Finally, Desjardins Global Asset Management Inc. grew its stake in shares of BioMarin Pharmaceutical by 43.2% during the 2nd quarter. Desjardins Global Asset Management Inc. now owns 815 shares of the biotechnology company’s stock worth $67,000 after acquiring an additional 246 shares during the period. 94.84% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the company. JPMorgan Chase & Co. cut their target price on BioMarin Pharmaceutical from $140.00 to $112.00 and set an “overweight” rating for the company in a research note on Monday, October 24th. StockNews.com assumed coverage on BioMarin Pharmaceutical in a research report on Wednesday, October 12th. They issued a “buy” rating on the stock. Piper Sandler lifted their price target on BioMarin Pharmaceutical from $125.00 to $128.00 and gave the company an “overweight” rating in a research report on Tuesday, August 9th. TheStreet upgraded BioMarin Pharmaceutical from a “c” rating to a “b-” rating in a research report on Thursday, October 27th. Finally, Wedbush restated a “neutral” rating and set a $74.00 price target on shares of BioMarin Pharmaceutical in a research report on Tuesday, September 13th. Two research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $111.07.

BioMarin Pharmaceutical Stock Up 7.2 %

BMRN stock opened at $97.79 on Thursday. BioMarin Pharmaceutical Inc. has a 1-year low of $70.73 and a 1-year high of $99.74. The business has a fifty day moving average price of $86.71 and a 200-day moving average price of $85.53. The company has a debt-to-equity ratio of 0.24, a current ratio of 5.15 and a quick ratio of 3.54. The stock has a market capitalization of $18.14 billion, a P/E ratio of 232.83, a P/E/G ratio of 2.00 and a beta of 0.34.

BioMarin Pharmaceutical (NASDAQ:BMRNGet Rating) last posted its quarterly earnings results on Wednesday, October 26th. The biotechnology company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.41). BioMarin Pharmaceutical had a return on equity of 2.50% and a net margin of 4.18%. The business had revenue of $505.30 million during the quarter, compared to analysts’ expectations of $516.03 million. During the same quarter in the prior year, the firm earned ($0.03) EPS. The firm’s revenue for the quarter was up 23.6% compared to the same quarter last year. Equities analysts forecast that BioMarin Pharmaceutical Inc. will post 0.88 earnings per share for the current fiscal year.

Insider Transactions at BioMarin Pharmaceutical

In other news, EVP Jeffrey Robert Ajer sold 3,000 shares of the business’s stock in a transaction on Wednesday, November 2nd. The stock was sold at an average price of $86.12, for a total value of $258,360.00. Following the completion of the transaction, the executive vice president now owns 41,088 shares in the company, valued at $3,538,498.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Jean Jacques Bienaime sold 1,500 shares of the company’s stock in a transaction on Monday, October 31st. The stock was sold at an average price of $86.55, for a total transaction of $129,825.00. Following the completion of the sale, the chief executive officer now owns 322,824 shares in the company, valued at $27,940,417.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Jeffrey Robert Ajer sold 3,000 shares of the company’s stock in a transaction on Wednesday, November 2nd. The shares were sold at an average price of $86.12, for a total value of $258,360.00. Following the sale, the executive vice president now owns 41,088 shares of the company’s stock, valued at approximately $3,538,498.56. The disclosure for this sale can be found here. Insiders sold 8,500 shares of company stock worth $747,745 over the last quarter. 1.75% of the stock is currently owned by insiders.

BioMarin Pharmaceutical Company Profile

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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.

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Institutional Ownership by Quarter for BioMarin Pharmaceutical (NASDAQ:BMRN)

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