State Street Corp increased its position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 6.9% during the first quarter, Holdings Channel reports. The institutional investor owned 4,001,529 shares of the biotechnology company’s stock after buying an additional 258,417 shares during the period. State Street Corp’s holdings in BioMarin Pharmaceutical were worth $351,249,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. Parallel Advisors LLC increased its stake in BioMarin Pharmaceutical by 13.6% in the first quarter. Parallel Advisors LLC now owns 1,042 shares of the biotechnology company’s stock worth $100,000 after buying an additional 125 shares in the last quarter. Nikko Asset Management Americas Inc. acquired a new position in shares of BioMarin Pharmaceutical during the first quarter worth $114,000. Global X Management Co. LLC increased its position in shares of BioMarin Pharmaceutical by 59.7% in the first quarter. Global X Management Co. LLC now owns 1,656 shares of the biotechnology company’s stock worth $145,000 after buying an additional 619 shares during the period. Toronto Dominion Bank increased its position in shares of BioMarin Pharmaceutical by 27.1% in the first quarter. Toronto Dominion Bank now owns 1,881 shares of the biotechnology company’s stock worth $165,000 after buying an additional 401 shares during the period. Finally, Mutual of America Capital Management LLC increased its position in shares of BioMarin Pharmaceutical by 20.0% in the first quarter. Mutual of America Capital Management LLC now owns 2,066 shares of the biotechnology company’s stock worth $181,000 after buying an additional 344 shares during the period. 96.74% of the stock is currently owned by institutional investors and hedge funds.
BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) traded down 2.19% on Friday, reaching $88.49. 1,825,231 shares of the company were exchanged. The firm’s market capitalization is $15.44 billion. The firm has a 50-day moving average of $91.11 and a 200 day moving average of $88.75. BioMarin Pharmaceutical Inc. has a 12-month low of $73.45 and a 12-month high of $102.49.
BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its quarterly earnings data on Thursday, May 4th. The biotechnology company reported $0.03 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.30) by $0.33. BioMarin Pharmaceutical had a negative net margin of 48.43% and a negative return on equity of 22.71%. The company had revenue of $303.70 million for the quarter, compared to the consensus estimate of $292.58 million. During the same quarter in the prior year, the firm earned ($0.53) earnings per share. The firm’s revenue for the quarter was up 28.3% compared to the same quarter last year. On average, equities analysts predict that BioMarin Pharmaceutical Inc. will post ($0.81) earnings per share for the current year.
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A number of equities analysts have weighed in on BMRN shares. Vetr downgraded BioMarin Pharmaceutical from a “strong-buy” rating to a “buy” rating and set a $95.10 price target on the stock. in a research report on Monday, April 10th. J P Morgan Chase & Co set a $123.00 price objective on BioMarin Pharmaceutical and gave the stock a “buy” rating in a report on Saturday, February 25th. Cowen and Company restated a “buy” rating and set a $150.00 price objective on shares of BioMarin Pharmaceutical in a report on Friday, February 24th. Jefferies Group LLC restated a “buy” rating and set a $116.00 price objective on shares of BioMarin Pharmaceutical in a report on Wednesday, April 26th. Finally, Deutsche Bank AG set a $105.00 price objective on BioMarin Pharmaceutical and gave the stock a “buy” rating in a report on Friday, April 28th. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $111.06.
In other BioMarin Pharmaceutical news, EVP Jeffrey Robert Ajer sold 3,890 shares of the company’s stock in a transaction that occurred on Wednesday, March 29th. The shares were sold at an average price of $89.15, for a total transaction of $346,793.50. Following the completion of the sale, the executive vice president now directly owns 51,532 shares of the company’s stock, valued at $4,594,077.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP George Eric Davis sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, May 5th. The shares were sold at an average price of $100.34, for a total transaction of $250,850.00. Following the sale, the executive vice president now directly owns 85,251 shares of the company’s stock, valued at $8,554,085.34. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 64,649 shares of company stock valued at $5,977,789. 2.50% of the stock is owned by corporate insiders.
About BioMarin Pharmaceutical
BioMarin Pharmaceutical Inc is a biotechnology company. The Company develops and commercializes pharmaceuticals for various diseases and medical conditions. As of December 31, 2016, the Company’s therapy portfolio consisted of five products, and multiple clinical and pre-clinical product candidates. Its commercial products include Aldurazyme (laronidase) for Mucopolysaccharidosis I (MPS I), Firdapse (amifampridine phosphate) for Lambert Eaton Myasthenic Syndrome (LEMS), Kuvan (sapropterin dihydrochloride) for phenylketonuria (PKU), Naglazyme (galsulfase) for Mucopolysaccharidosis VI (MPS VI) and Vimizim (elosulfase alpha) for Mucopolysaccharidosis IV Type A (MPS IV A).
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