Allstate Corp Takes $368,000 Position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Allstate Corp purchased a new stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 5,594 shares of the biotechnology company's stock, valued at approximately $368,000.

Several other large investors have also made changes to their positions in BMRN. FMR LLC lifted its stake in BioMarin Pharmaceutical by 21.7% in the third quarter. FMR LLC now owns 206,538 shares of the biotechnology company's stock valued at $14,518,000 after acquiring an additional 36,877 shares during the last quarter. Quantbot Technologies LP bought a new position in shares of BioMarin Pharmaceutical during the 3rd quarter valued at $171,000. Glenmede Trust Co. NA bought a new stake in BioMarin Pharmaceutical in the third quarter worth $254,000. Captrust Financial Advisors increased its position in BioMarin Pharmaceutical by 34.1% during the third quarter. Captrust Financial Advisors now owns 10,900 shares of the biotechnology company's stock worth $766,000 after buying an additional 2,770 shares during the last quarter. Finally, Paloma Partners Management Co acquired a new position in BioMarin Pharmaceutical during the third quarter worth $239,000. Institutional investors own 98.71% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on BMRN. Bank of America upped their price target on BioMarin Pharmaceutical from $99.00 to $103.00 and gave the stock a "buy" rating in a research note on Thursday, February 20th. StockNews.com cut shares of BioMarin Pharmaceutical from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, April 1st. Wedbush reaffirmed an "outperform" rating and set a $94.00 price objective on shares of BioMarin Pharmaceutical in a report on Thursday, February 20th. Scotiabank lifted their target price on shares of BioMarin Pharmaceutical from $78.00 to $80.00 and gave the stock a "sector perform" rating in a report on Thursday, February 20th. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $90.00 price target on shares of BioMarin Pharmaceutical in a report on Thursday, February 20th. Seven research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat.com, BioMarin Pharmaceutical currently has a consensus rating of "Moderate Buy" and an average price target of $94.00.

Insider Activity

In other news, CAO Erin Burkhart sold 1,344 shares of the firm's stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $68.38, for a total transaction of $91,902.72. Following the completion of the sale, the chief accounting officer now owns 13,105 shares of the company's stock, valued at approximately $896,119.90. This trade represents a 9.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 1.85% of the stock is owned by corporate insiders.

BioMarin Pharmaceutical Price Performance

BMRN traded down $1.10 during midday trading on Monday, reaching $59.16. 4,049,659 shares of the company's stock were exchanged, compared to its average volume of 1,870,683. The company has a quick ratio of 2.62, a current ratio of 5.33 and a debt-to-equity ratio of 0.11. The business has a 50-day simple moving average of $67.90 and a two-hundred day simple moving average of $67.10. The firm has a market capitalization of $11.29 billion, a price-to-earnings ratio of 26.89, a price-to-earnings-growth ratio of 0.61 and a beta of 0.30. BioMarin Pharmaceutical Inc. has a one year low of $56.86 and a one year high of $94.85.

BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report) last posted its earnings results on Wednesday, February 19th. The biotechnology company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.54 by $0.18. BioMarin Pharmaceutical had a return on equity of 9.91% and a net margin of 14.96%. The business had revenue of $747.31 million during the quarter, compared to the consensus estimate of $711.05 million. As a group, research analysts predict that BioMarin Pharmaceutical Inc. will post 3.15 EPS for the current year.

About BioMarin Pharmaceutical

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.