1832 Asset Management L.P. Decreases Stock Holdings in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

1832 Asset Management L.P. reduced its position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 97.3% in the first quarter, according to its most recent filing with the SEC. The fund owned 19,721 shares of the biotechnology company’s stock after selling 717,500 shares during the quarter. 1832 Asset Management L.P.’s holdings in BioMarin Pharmaceutical were worth $1,722,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of BMRN. Lindbrook Capital LLC increased its holdings in shares of BioMarin Pharmaceutical by 259.8% in the 4th quarter. Lindbrook Capital LLC now owns 385 shares of the biotechnology company’s stock worth $37,000 after buying an additional 278 shares during the last quarter. Benjamin F. Edwards & Company Inc. raised its position in BioMarin Pharmaceutical by 135.3% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 433 shares of the biotechnology company’s stock valued at $42,000 after purchasing an additional 249 shares during the period. Jones Financial Companies Lllp bought a new stake in shares of BioMarin Pharmaceutical in the 4th quarter valued at approximately $43,000. First Horizon Advisors Inc. boosted its holdings in shares of BioMarin Pharmaceutical by 33.3% in the 4th quarter. First Horizon Advisors Inc. now owns 576 shares of the biotechnology company’s stock worth $56,000 after purchasing an additional 144 shares during the period. Finally, Allworth Financial LP increased its position in shares of BioMarin Pharmaceutical by 54.9% during the 4th quarter. Allworth Financial LP now owns 604 shares of the biotechnology company’s stock valued at $58,000 after purchasing an additional 214 shares during the last quarter. 98.71% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at BioMarin Pharmaceutical

In related news, EVP George Eric Davis sold 1,850 shares of the stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $85.01, for a total transaction of $157,268.50. Following the sale, the executive vice president now directly owns 56,157 shares of the company’s stock, valued at $4,773,906.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Brian Mueller sold 5,000 shares of the company’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 transaction of $375,950.00. Following the completion of the transaction, the chief financial officer now directly owns 72,159 shares of the company’s stock, valued at approximately $5,425,635.21. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP George Eric Davis sold 1,850 shares of BioMarin Pharmaceutical stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $85.01, for a total transaction of $157,268.50. Following the completion of the sale, the executive vice president now directly owns 56,157 shares in the company, valued at approximately $4,773,906.57. The disclosure for this sale can be found here. Insiders have sold 67,700 shares of company stock valued at $5,209,352 in the last 90 days. 1.85% of the stock is currently owned by company insiders.

BioMarin Pharmaceutical Stock Performance

Shares of NASDAQ:BMRN traded down $1.00 during midday trading on Friday, reaching $84.59. The company’s stock had a trading volume of 1,063,391 shares, compared to its average volume of 1,262,695. The company has a quick ratio of 1.70, a current ratio of 2.74 and a debt-to-equity ratio of 0.12. The stock has a fifty day moving average of $81.75 and a 200 day moving average of $85.47. BioMarin Pharmaceutical Inc. has a twelve month low of $73.68 and a twelve month high of $99.56. The firm has a market capitalization of $16.06 billion, a PE ratio of 79.06, a P/E/G ratio of 1.20 and a beta of 0.32.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.12. BioMarin Pharmaceutical had a return on equity of 5.34% and a net margin of 8.31%. The company had revenue of $648.83 million during the quarter, compared to analysts’ expectations of $649.75 million. On average, equities analysts expect that BioMarin Pharmaceutical Inc. will post 2 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have commented on BMRN shares. Canaccord Genuity Group reaffirmed a “hold” rating and set a $89.00 price objective on shares of BioMarin Pharmaceutical in a research note on Thursday. Robert W. Baird cut shares of BioMarin Pharmaceutical from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $104.00 to $72.00 in a research note on Friday, May 17th. Baird R W lowered shares of BioMarin Pharmaceutical from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 17th. Wells Fargo & Company raised their price objective on shares of BioMarin Pharmaceutical from $110.00 to $115.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Finally, Scotiabank raised their price target on BioMarin Pharmaceutical from $83.00 to $85.00 and gave the stock a “sector perform” rating in a research note on Thursday, April 25th. Ten research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $102.00.

BioMarin Pharmaceutical Profile

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.