Geode Capital Management LLC Acquires 60,692 Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Geode Capital Management LLC boosted its holdings in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 1.9% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,260,050 shares of the biotechnology company's stock after acquiring an additional 60,692 shares during the quarter. Geode Capital Management LLC owned 1.71% of BioMarin Pharmaceutical worth $228,632,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. AGF Management Ltd. purchased a new stake in shares of BioMarin Pharmaceutical in the second quarter valued at about $2,563,000. Susquehanna Fundamental Investments LLC purchased a new stake in BioMarin Pharmaceutical in the 2nd quarter valued at about $5,627,000. Teachers Retirement System of The State of Kentucky lifted its position in shares of BioMarin Pharmaceutical by 17.4% during the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 194,207 shares of the biotechnology company's stock worth $15,990,000 after buying an additional 28,837 shares in the last quarter. E Fund Management Co. Ltd. boosted its stake in shares of BioMarin Pharmaceutical by 167.4% in the 2nd quarter. E Fund Management Co. Ltd. now owns 13,480 shares of the biotechnology company's stock worth $1,110,000 after buying an additional 8,438 shares during the last quarter. Finally, EULAV Asset Management grew its holdings in shares of BioMarin Pharmaceutical by 12.9% in the third quarter. EULAV Asset Management now owns 131,000 shares of the biotechnology company's stock valued at $9,208,000 after acquiring an additional 15,000 shares in the last quarter. Institutional investors and hedge funds own 98.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on BMRN. Robert W. Baird dropped their price target on BioMarin Pharmaceutical from $72.00 to $65.00 and set a "neutral" rating on the stock in a report on Wednesday, October 30th. Piper Sandler boosted their price target on shares of BioMarin Pharmaceutical from $107.00 to $122.00 and gave the stock an "overweight" rating in a report on Thursday, September 5th. Wedbush upgraded shares of BioMarin Pharmaceutical to a "strong-buy" rating in a research report on Monday, November 4th. Canaccord Genuity Group lowered their price objective on shares of BioMarin Pharmaceutical from $93.00 to $84.00 and set a "hold" rating on the stock in a research report on Wednesday, October 30th. Finally, Scotiabank reduced their target price on shares of BioMarin Pharmaceutical from $95.00 to $78.00 and set a "sector perform" rating for the company in a research report on Tuesday, September 17th. Seven research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, BioMarin Pharmaceutical has a consensus rating of "Moderate Buy" and an average target price of $94.20.

Insider Activity at BioMarin Pharmaceutical

In other news, EVP Charles Greg Guyer sold 5,278 shares of the company's stock in a transaction dated Tuesday, November 12th. The stock was 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 approximately $4,573,490.33. This represents a 7.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.85% of the stock is currently owned by insiders.

BioMarin Pharmaceutical Price Performance

Shares of BMRN stock traded down $0.25 on Friday, reaching $66.01. The company's stock had a trading volume of 772,385 shares, compared to its average volume of 1,805,603. The company has a market capitalization of $12.58 billion, a P/E ratio of 39.53, a PEG ratio of 0.65 and a beta of 0.29. BioMarin Pharmaceutical Inc. has a 12-month low of $61.15 and a 12-month high of $99.56. The stock's 50 day simple moving average is $66.97 and its 200-day simple moving average is $77.16. The company has a quick ratio of 2.62, a current ratio of 4.27 and a debt-to-equity ratio of 0.11.

BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report) last announced its earnings results on Tuesday, October 29th. The biotechnology company reported $0.55 earnings per share for the quarter, missing analysts' consensus estimates of $0.78 by ($0.23). BioMarin Pharmaceutical had a return on equity of 8.53% and a net margin of 11.71%. The business had revenue of $746.00 million during the quarter, compared to the consensus estimate of $703.37 million. During the same quarter in the prior year, the company earned $0.26 earnings per share. BioMarin Pharmaceutical's revenue was up 28.4% compared to the same quarter last year. As a group, equities analysts predict that BioMarin Pharmaceutical Inc. will post 2.49 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.