Third Point LLC bought a new stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 385,000 shares of the biotechnology company's stock, valued at approximately $37,122,000. BioMarin Pharmaceutical accounts for about 0.6% of Third Point LLC's portfolio, making the stock its 26th biggest holding. Third Point LLC owned 0.20% of BioMarin Pharmaceutical at the end of the most recent quarter.
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Several other hedge funds have also recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC increased its holdings in shares of BioMarin Pharmaceutical by 7,368.7% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 60,571 shares of the biotechnology company's stock valued at $5,840,000 after purchasing an additional 59,760 shares during the period. International Assets Investment Management LLC bought a new stake in shares of BioMarin Pharmaceutical during the 4th quarter worth about $3,598,000. FMR LLC lifted its stake in shares of BioMarin Pharmaceutical by 30.4% in the 3rd quarter. FMR LLC now owns 713,797 shares of the biotechnology company's stock worth $63,157,000 after acquiring an additional 166,219 shares during the period. Nordea Investment Management AB lifted its stake in shares of BioMarin Pharmaceutical by 4.9% in the 4th quarter. Nordea Investment Management AB now owns 11,594 shares of the biotechnology company's stock worth $1,121,000 after acquiring an additional 544 shares during the period. Finally, ING Groep NV bought a new position in shares of BioMarin Pharmaceutical in the fourth quarter valued at approximately $20,248,000. Institutional investors own 98.71% of the company's stock.
Insider Activity
In related news, CFO Brian Mueller sold 5,000 shares of BioMarin Pharmaceutical stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $75.19, for a total value of $375,950.00. Following the transaction, the chief financial officer now owns 72,159 shares in the company, valued at approximately $5,425,635.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other BioMarin Pharmaceutical news, CFO Brian Mueller sold 5,000 shares of the firm's stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $75.19, for a total value of $375,950.00. Following the sale, the chief financial officer now owns 72,159 shares of the company's stock, valued at approximately $5,425,635.21. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP George Eric Davis sold 40,850 shares of the company's stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $74.51, for a total value of $3,043,733.50. Following the transaction, the executive vice president now owns 56,157 shares of the company's stock, valued at $4,184,258.07. The disclosure for this sale can be found here. Insiders have sold a total of 114,588 shares of company stock valued at $9,413,633 over the last 90 days. 1.85% of the stock is currently owned by company insiders.
BioMarin Pharmaceutical Stock Up 0.8 %
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Shares of BMRN traded up $0.68 during midday trading on Wednesday, reaching $84.55. 3,412,656 shares of the stock were exchanged, compared to its average volume of 1,691,707. The company has a market cap of $16.05 billion, a price-to-earnings ratio of 78.38, a P/E/G ratio of 1.18 and a beta of 0.31. The company has a quick ratio of 1.70, a current ratio of 2.74 and a debt-to-equity ratio of 0.12. BioMarin Pharmaceutical Inc. has a 12-month low of $73.68 and a 12-month high of $99.56. The firm has a 50 day simple moving average of $82.71 and a 200-day simple moving average of $88.02.
BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report) last released its quarterly earnings data on Wednesday, April 24th. The biotechnology company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.12. BioMarin Pharmaceutical had a net margin of 8.31% and a return on equity of 5.34%. The business had revenue of $648.83 million during the quarter, compared to analyst estimates of $649.75 million. Research analysts forecast that BioMarin Pharmaceutical Inc. will post 1.99 EPS for the current year.
Analysts Set New Price Targets
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A number of equities analysts have issued reports on BMRN shares. Piper Sandler decreased their price target on BioMarin Pharmaceutical from $115.00 to $107.00 and set an "overweight" rating for the company in a research note on Friday, February 23rd. Evercore ISI began coverage on shares of BioMarin Pharmaceutical in a research report on Tuesday, May 14th. They issued an "outperform" rating and a $113.00 price target on the stock. Canaccord Genuity Group reduced their price objective on shares of BioMarin Pharmaceutical from $91.00 to $89.00 and set a "hold" rating for the company in a research report on Friday, April 26th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $110.00 price objective on shares of BioMarin Pharmaceutical in a research note on Thursday, April 25th. Finally, Scotiabank increased their target price on shares of BioMarin Pharmaceutical from $83.00 to $85.00 and gave the company a "sector perform" rating in a research note on Thursday, April 25th. Nine analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $106.11.
View Our Latest Research Report on BMRN
BioMarin Pharmaceutical Company Profile
(Free Report)
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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