Eqis Capital Management Inc. lowered its position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 14.2% in the third quarter, HoldingsChannel reports. The fund owned 20,008 shares of the biotechnology company’s stock after selling 3,323 shares during the quarter. Eqis Capital Management Inc.’s holdings in BioMarin Pharmaceutical were worth $1,349,000 at the end of the most recent reporting period.
Several other institutional investors have also recently modified their holdings of BMRN. Nuveen Asset Management LLC acquired a new position in shares of BioMarin Pharmaceutical in the second quarter worth about $258,055,000. York Capital Management Global Advisors LLC acquired a new position in shares of BioMarin Pharmaceutical in the second quarter worth about $95,648,000. DekaBank Deutsche Girozentrale raised its position in shares of BioMarin Pharmaceutical by 454.6% in the second quarter. DekaBank Deutsche Girozentrale now owns 458,424 shares of the biotechnology company’s stock worth $38,584,000 after acquiring an additional 375,760 shares during the period. Bessemer Group Inc. raised its position in shares of BioMarin Pharmaceutical by 266,566.7% during the 2nd quarter. Bessemer Group Inc. now owns 336,000 shares of the biotechnology company’s stock worth $28,778,000 after purchasing an additional 335,874 shares during the last quarter. Finally, Marshall Wace LLP raised its position in shares of BioMarin Pharmaceutical by 59,167.2% during the 2nd quarter. Marshall Wace LLP now owns 282,112 shares of the biotechnology company’s stock worth $24,162,000 after purchasing an additional 281,636 shares during the last quarter. Institutional investors and hedge funds own 97.62% of the company’s stock.
Several research analysts recently weighed in on the stock. Wedbush upped their price target on shares of BioMarin Pharmaceutical from $128.00 to $152.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Barclays reduced their price target on shares of BioMarin Pharmaceutical from $95.00 to $86.00 and set an “equal weight” rating for the company in a research report on Thursday, October 24th. BidaskClub upgraded shares of BioMarin Pharmaceutical from a “sell” rating to a “hold” rating in a research report on Friday, November 8th. Piper Jaffray Companies set a $120.00 price target on shares of BioMarin Pharmaceutical and gave the stock a “buy” rating in a research report on Friday, September 13th. Finally, SunTrust Banks assumed coverage on shares of BioMarin Pharmaceutical in a research report on Tuesday. They set a “buy” rating and a $110.00 price target for the company. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. BioMarin Pharmaceutical presently has a consensus rating of “Buy” and a consensus price target of $106.53.
BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings data on Wednesday, October 23rd. The biotechnology company reported $0.31 EPS for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.25. The company had revenue of $461.10 million during the quarter, compared to the consensus estimate of $455.78 million. BioMarin Pharmaceutical had a negative net margin of 2.65% and a negative return on equity of 1.35%. BioMarin Pharmaceutical’s quarterly revenue was up 17.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.07) EPS. On average, analysts forecast that BioMarin Pharmaceutical Inc. will post 0.01 earnings per share for the current fiscal year.
In other BioMarin Pharmaceutical news, CEO Jean Jacques Bienaime sold 5,000 shares of the stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $69.55, for a total value of $347,750.00. Following the completion of the sale, the chief executive officer now owns 332,520 shares in the company, valued at approximately $23,126,766. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director V Bryan Lawlis sold 3,750 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $74.47, for a total transaction of $279,262.50. Following the completion of the sale, the director now owns 27,340 shares of the company’s stock, valued at approximately $2,036,009.80. The disclosure for this sale can be found here. 1.97% of the stock is currently owned by corporate insiders.
About BioMarin Pharmaceutical
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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