BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) Position Trimmed by Principal Financial Group Inc.

Principal Financial Group Inc. lowered its stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 29.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 458,039 shares of the biotechnology company's stock after selling 191,421 shares during the quarter. Principal Financial Group Inc. owned about 0.24% of BioMarin Pharmaceutical worth $32,196,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Erste Asset Management GmbH acquired a new stake in BioMarin Pharmaceutical in the 3rd quarter valued at approximately $48,527,000. Vestal Point Capital LP acquired a new stake in shares of BioMarin Pharmaceutical in the third quarter valued at $28,116,000. Clearline Capital LP purchased a new stake in shares of BioMarin Pharmaceutical in the 3rd quarter valued at $22,477,000. Rhumbline Advisers lifted its stake in BioMarin Pharmaceutical by 122.1% during the 2nd quarter. Rhumbline Advisers now owns 551,553 shares of the biotechnology company's stock worth $45,409,000 after acquiring an additional 303,207 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in BioMarin Pharmaceutical by 38.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,034,457 shares of the biotechnology company's stock valued at $85,178,000 after acquiring an additional 289,953 shares during the period. 98.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Wolfe Research assumed coverage on shares of BioMarin Pharmaceutical in a research note on Friday, November 15th. They set an "outperform" rating and a $95.00 price target on the stock. Citigroup reduced their target price on shares of BioMarin Pharmaceutical from $93.00 to $81.00 and set a "neutral" rating on the stock in a report on Wednesday, October 30th. Sanford C. Bernstein dropped their price target on shares of BioMarin Pharmaceutical from $116.00 to $90.00 and set an "outperform" rating for the company in a research note on Tuesday, September 17th. JPMorgan Chase & Co. reduced their price objective on BioMarin Pharmaceutical from $110.00 to $109.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 30th. Finally, Wedbush raised BioMarin Pharmaceutical to a "strong-buy" rating in a research note on Monday, November 4th. Seven analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $94.20.

BioMarin Pharmaceutical Price Performance

NASDAQ:BMRN traded up $0.36 during trading hours on Tuesday, reaching $66.63. 439,028 shares of the company traded hands, compared to its average volume of 1,800,531. BioMarin Pharmaceutical Inc. has a 1-year low of $61.15 and a 1-year high of $99.25. The stock has a market cap of $12.70 billion, a P/E ratio of 39.90, a P/E/G ratio of 0.65 and a beta of 0.29. The firm's 50-day moving average is $66.50 and its 200-day moving average is $76.66. The company has a debt-to-equity ratio of 0.11, a current ratio of 4.27 and a quick ratio of 2.62.

BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report) last released its quarterly 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). The firm had revenue of $746.00 million for the quarter, compared to analyst estimates of $703.37 million. BioMarin Pharmaceutical had a return on equity of 8.53% and a net margin of 11.71%. BioMarin Pharmaceutical's revenue for the quarter was up 28.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.26 earnings per share. Equities research analysts expect that BioMarin Pharmaceutical Inc. will post 2.49 earnings per share for the current fiscal year.

Insider Buying and Selling at BioMarin Pharmaceutical

In other news, EVP Charles Greg Guyer sold 5,278 shares of the stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $66.37, for a total transaction of $350,300.86. Following the transaction, the executive vice president now owns 68,909 shares of the company's stock, valued at approximately $4,573,490.33. This trade represents a 7.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.85% of the stock is currently owned by insiders.

BioMarin Pharmaceutical 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.