BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 4,667 Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lessened its holdings in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 12.8% during the third quarter, HoldingsChannel reports. The institutional investor owned 31,676 shares of the biotechnology company’s stock after selling 4,667 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in BioMarin Pharmaceutical were worth $2,227,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Innealta Capital LLC purchased a new stake in shares of BioMarin Pharmaceutical in the second quarter worth $25,000. BOKF NA purchased a new stake in shares of BioMarin Pharmaceutical in the second quarter worth $31,000. nVerses Capital LLC purchased a new stake in BioMarin Pharmaceutical during the third quarter valued at about $28,000. Itau Unibanco Holding S.A. purchased a new stake in BioMarin Pharmaceutical during the second quarter valued at about $47,000. Finally, Meeder Asset Management Inc. increased its holdings in shares of BioMarin Pharmaceutical by 920.8% in the third quarter. Meeder Asset Management Inc. now owns 735 shares of the biotechnology company’s stock worth $52,000 after buying an additional 663 shares during the period. Hedge funds and other institutional investors own 98.71% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on BMRN shares. Citigroup decreased their price objective on BioMarin Pharmaceutical from $93.00 to $81.00 and set a “neutral” rating on the stock in a report on Wednesday, October 30th. Piper Sandler lifted their price objective on BioMarin Pharmaceutical from $107.00 to $122.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. William Blair downgraded BioMarin Pharmaceutical from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 30th. UBS Group raised their target price on BioMarin Pharmaceutical from $104.00 to $106.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, Bank of America cut their target price on BioMarin Pharmaceutical from $130.00 to $115.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. Seven investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $94.20.

BioMarin Pharmaceutical Price Performance

BMRN stock opened at $66.51 on Thursday. The firm has a 50 day moving average price of $67.46 and a 200-day moving average price of $77.62. BioMarin Pharmaceutical Inc. has a 52-week low of $61.15 and a 52-week high of $99.56. The firm has a market capitalization of $12.68 billion, a price-to-earnings ratio of 39.83, a PEG ratio of 0.64 and a beta of 0.29. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.62 and a current ratio of 4.27.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its earnings results on Tuesday, October 29th. The biotechnology company reported $0.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.23). BioMarin Pharmaceutical had a net margin of 11.71% and a return on equity of 8.53%. The business had revenue of $746.00 million for the quarter, compared to analysts’ expectations of $703.37 million. During the same quarter in the previous year, the business posted $0.26 earnings per share. BioMarin Pharmaceutical’s revenue for the quarter was up 28.4% on a year-over-year basis. Equities research analysts forecast that BioMarin Pharmaceutical Inc. will post 2.49 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Charles Greg Guyer sold 5,278 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $66.37, for a total value of $350,300.86. Following the completion of the transaction, the executive vice president now directly owns 68,909 shares in the company, valued at $4,573,490.33. The trade was a 7.11 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.85% of the stock is owned by company insiders.

BioMarin Pharmaceutical Company 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.