Park Avenue Securities LLC Makes New Investment in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Park Avenue Securities LLC bought a new position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRNGet Rating) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 2,571 shares of the biotechnology company’s stock, valued at approximately $218,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Kinneret Advisory LLC lifted its position in BioMarin Pharmaceutical by 2.2% in the 2nd quarter. Kinneret Advisory LLC now owns 5,213 shares of the biotechnology company’s stock worth $432,000 after buying an additional 110 shares in the last quarter. Xponance Inc. lifted its position in BioMarin Pharmaceutical by 3.2% in the 3rd quarter. Xponance Inc. now owns 3,584 shares of the biotechnology company’s stock worth $304,000 after buying an additional 112 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in BioMarin Pharmaceutical by 0.8% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 14,473 shares of the biotechnology company’s stock worth $1,227,000 after buying an additional 117 shares in the last quarter. AdvisorNet Financial Inc lifted its position in BioMarin Pharmaceutical by 1.3% in the 3rd quarter. AdvisorNet Financial Inc now owns 9,435 shares of the biotechnology company’s stock worth $800,000 after buying an additional 125 shares in the last quarter. Finally, CWM LLC lifted its position in BioMarin Pharmaceutical by 19.1% in the 3rd quarter. CWM LLC now owns 930 shares of the biotechnology company’s stock worth $79,000 after buying an additional 149 shares in the last quarter. Hedge funds and other institutional investors own 96.26% of the company’s stock.

BioMarin Pharmaceutical Stock Performance

NASDAQ BMRN opened at $113.82 on Wednesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 5.15 and a quick ratio of 3.54. The firm has a market capitalization of $21.11 billion, a price-to-earnings ratio of 271.00 and a beta of 0.36. The company’s fifty day moving average is $103.98 and its two-hundred day moving average is $93.89. BioMarin Pharmaceutical Inc. has a 52-week low of $70.73 and a 52-week high of $114.80.

BioMarin Pharmaceutical (NASDAQ:BMRNGet Rating) last posted its quarterly earnings results on Wednesday, October 26th. The biotechnology company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.04. The company had revenue of $505.30 million for the quarter, compared to analyst estimates of $516.03 million. BioMarin Pharmaceutical had a net margin of 4.18% and a return on equity of 2.50%. The business’s quarterly revenue was up 23.6% on a year-over-year basis. During the same period last year, the business posted ($0.03) EPS. Equities research analysts forecast that BioMarin Pharmaceutical Inc. will post 0.87 EPS for the current year.

Insiders Place Their Bets

In related news, Director Mark J. Alles purchased 3,625 shares of the firm’s stock in a transaction on Monday, October 31st. The shares were bought at an average cost of $86.75 per share, for a total transaction of $314,468.75. Following the transaction, the director now directly owns 10,905 shares of the company’s stock, valued at approximately $946,008.75. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director Mark J. Alles purchased 3,625 shares of the firm’s stock in a transaction on Monday, October 31st. The shares were bought at an average cost of $86.75 per share, for a total transaction of $314,468.75. Following the transaction, the director now directly owns 10,905 shares of the company’s stock, valued at approximately $946,008.75. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Jean Jacques Bienaime sold 1,500 shares of BioMarin Pharmaceutical stock in a transaction dated Monday, October 31st. The shares were sold at an average price of $86.55, for a total transaction of $129,825.00. Following the sale, the chief executive officer now owns 322,824 shares in the company, valued at $27,940,417.20. The disclosure for this sale can be found here. Insiders have sold 44,380 shares of company stock worth $4,706,718 in the last ninety days. Insiders own 1.75% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Cantor Fitzgerald raised their price target on shares of BioMarin Pharmaceutical from $110.00 to $115.00 in a report on Wednesday, October 12th. StockNews.com assumed coverage on shares of BioMarin Pharmaceutical in a report on Wednesday, October 12th. They set a “buy” rating on the stock. Credit Suisse Group cut their price target on shares of BioMarin Pharmaceutical from $111.00 to $110.00 and set an “outperform” rating on the stock in a report on Thursday, October 27th. Morgan Stanley raised their price target on shares of BioMarin Pharmaceutical from $113.00 to $132.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Evercore ISI raised their price target on shares of BioMarin Pharmaceutical to $130.00 in a report on Friday, December 2nd. Three investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $120.12.

BioMarin Pharmaceutical Company Profile

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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.

Further Reading

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Institutional Ownership by Quarter for BioMarin Pharmaceutical (NASDAQ:BMRN)

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