Invesco Ltd. Sells 6,338,291 Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Invesco Ltd. lowered its holdings in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 92.6% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 504,781 shares of the biotechnology company’s stock after selling 6,338,291 shares during the period. Invesco Ltd.’s holdings in BioMarin Pharmaceutical were worth $33,179,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of BMRN. Vanguard Group Inc. boosted its stake in shares of BioMarin Pharmaceutical by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 19,372,185 shares of the biotechnology company’s stock worth $1,273,334,000 after acquiring an additional 93,531 shares during the period. Norges Bank acquired a new stake in BioMarin Pharmaceutical during the 4th quarter valued at $234,645,000. Geode Capital Management LLC boosted its position in BioMarin Pharmaceutical by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 3,288,778 shares of the biotechnology company’s stock worth $215,784,000 after purchasing an additional 28,728 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of BioMarin Pharmaceutical by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,423,508 shares of the biotechnology company’s stock valued at $93,567,000 after purchasing an additional 21,880 shares during the last quarter. Finally, abrdn plc raised its position in shares of BioMarin Pharmaceutical by 31.9% in the fourth quarter. abrdn plc now owns 695,802 shares of the biotechnology company’s stock valued at $45,735,000 after purchasing an additional 168,121 shares during the period. Institutional investors and hedge funds own 98.71% of the company’s stock.

Insider Activity

In related news, CAO Erin Burkhart sold 1,344 shares of the business’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $68.38, for a total transaction of $91,902.72. Following the sale, the chief accounting officer now owns 13,105 shares in the company, valued at $896,119.90. The trade was a 9.30 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.85% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Oppenheimer raised shares of BioMarin Pharmaceutical from a “market perform” rating to an “outperform” rating and set a $98.00 target price for the company in a report on Monday, February 24th. Scotiabank upped their target price on BioMarin Pharmaceutical from $78.00 to $80.00 and gave the company a “sector perform” rating in a research report on Thursday, February 20th. Cantor Fitzgerald reissued an “overweight” rating and set a $90.00 price target on shares of BioMarin Pharmaceutical in a report on Thursday, February 20th. Citigroup upped their price objective on BioMarin Pharmaceutical from $81.00 to $82.00 and gave the company a “neutral” rating in a report on Thursday, February 20th. Finally, StockNews.com downgraded BioMarin Pharmaceutical from a “strong-buy” rating to a “buy” rating in a report on Thursday. Seven analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, BioMarin Pharmaceutical currently has a consensus rating of “Moderate Buy” and an average price target of $94.00.

BioMarin Pharmaceutical Stock Performance

BioMarin Pharmaceutical stock opened at $59.17 on Friday. The stock has a market cap of $11.29 billion, a PE ratio of 26.90, a P/E/G ratio of 0.61 and a beta of 0.30. The company has a quick ratio of 2.62, a current ratio of 5.33 and a debt-to-equity ratio of 0.11. BioMarin Pharmaceutical Inc. has a 12-month low of $52.93 and a 12-month high of $94.85. The business’s 50-day moving average price is $66.83 and its two-hundred day moving average price is $66.35.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings data on Wednesday, February 19th. The biotechnology company reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.18. BioMarin Pharmaceutical had a net margin of 14.96% and a return on equity of 9.91%. The business had revenue of $747.31 million during the quarter, compared to analysts’ expectations of $711.05 million. As a group, analysts expect that BioMarin Pharmaceutical Inc. will post 3.15 earnings per share for the current fiscal year.

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.