M&T Bank Corp cut its position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 5.3% in the second quarter, HoldingsChannel.com reports. The firm owned 8,570 shares of the biotechnology company’s stock after selling 479 shares during the quarter. M&T Bank Corp’s holdings in BioMarin Pharmaceutical were worth $735,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Comerica Securities Inc. boosted its holdings in BioMarin Pharmaceutical by 23.9% in the 4th quarter. Comerica Securities Inc. now owns 3,197 shares of the biotechnology company’s stock worth $272,000 after buying an additional 617 shares during the period. Geode Capital Management LLC lifted its position in shares of BioMarin Pharmaceutical by 6.0% in the fourth quarter. Geode Capital Management LLC now owns 1,643,507 shares of the biotechnology company’s stock valued at $139,844,000 after acquiring an additional 92,519 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of BioMarin Pharmaceutical by 7.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 309,779 shares of the biotechnology company’s stock valued at $26,375,000 after acquiring an additional 21,009 shares in the last quarter. Mercer Global Advisors Inc. ADV purchased a new position in shares of BioMarin Pharmaceutical in the first quarter valued at about $235,000. Finally, Janney Montgomery Scott LLC boosted its stake in shares of BioMarin Pharmaceutical by 4.0% in the first quarter. Janney Montgomery Scott LLC now owns 6,940 shares of the biotechnology company’s stock worth $616,000 after acquiring an additional 268 shares during the period. Hedge funds and other institutional investors own 98.08% of the company’s stock.
BMRN has been the subject of several research analyst reports. Wedbush reiterated an “outperform” rating and set a $128.00 target price on shares of BioMarin Pharmaceutical in a research report on Wednesday, July 10th. Citigroup reissued a “buy” rating on shares of BioMarin Pharmaceutical in a report on Thursday, May 23rd. BidaskClub downgraded BioMarin Pharmaceutical from a “sell” rating to a “strong sell” rating in a research note on Friday, July 26th. Finally, JPMorgan Chase & Co. reaffirmed a “buy” rating and set a $133.00 price objective on shares of BioMarin Pharmaceutical in a report on Monday, August 5th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $115.60.
BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings results on Thursday, August 1st. The biotechnology company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.16). BioMarin Pharmaceutical had a negative net margin of 7.19% and a negative return on equity of 3.12%. The firm had revenue of $388.00 million for the quarter, compared to analysts’ expectations of $415.03 million. During the same quarter in the prior year, the business earned ($0.09) EPS. The business’s quarterly revenue was up 4.0% compared to the same quarter last year. Analysts predict that BioMarin Pharmaceutical Inc. will post -0.03 earnings per share for the current fiscal year.
In related news, Director V Bryan Lawlis sold 3,750 shares of the firm’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $81.08, for a total value of $304,050.00. Following the completion of the transaction, the director now directly owns 27,340 shares of the company’s stock, valued at $2,216,727.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.97% of the stock is owned by corporate insiders.
BioMarin Pharmaceutical Company Profile
BioMarin Pharmaceutical Inc, a biotechnology company, develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. Its commercial products include Aldurazyme to treat mucopolysaccharidosis I, a genetic disease; Brineura for the treatment of late infantile neuronal ceroid lipofuscinosis type 2, a form of Batten disease; 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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