Comgest Global Investors S.A.S. Trims Position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Comgest Global Investors S.A.S. cut its position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 93.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,147 shares of the biotechnology company's stock after selling 142,630 shares during the quarter. Comgest Global Investors S.A.S.'s holdings in BioMarin Pharmaceutical were worth $713,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Innealta Capital LLC bought a new stake in BioMarin Pharmaceutical in the 2nd quarter valued at about $25,000. BOKF NA bought a new stake in shares of BioMarin Pharmaceutical in the second quarter valued at approximately $31,000. Quent Capital LLC raised its position in shares of BioMarin Pharmaceutical by 58.9% in the second quarter. Quent Capital LLC now owns 391 shares of the biotechnology company's stock valued at $32,000 after purchasing an additional 145 shares during the period. nVerses Capital LLC bought a new stake in BioMarin Pharmaceutical during the 3rd quarter valued at $28,000. Finally, Itau Unibanco Holding S.A. bought a new stake in BioMarin Pharmaceutical during the 2nd quarter valued at $47,000. 98.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on BMRN shares. Wolfe Research started coverage on BioMarin Pharmaceutical in a research note on Friday. They set an "outperform" rating and a $95.00 price objective on the stock. Royal Bank of Canada restated a "sector perform" rating and issued a $80.00 price objective on shares of BioMarin Pharmaceutical in a research report on Wednesday, October 30th. Truist Financial reduced their target price on BioMarin Pharmaceutical from $118.00 to $90.00 and set a "buy" rating on the stock in a research note on Tuesday, September 17th. Barclays decreased their target price on BioMarin Pharmaceutical from $110.00 to $86.00 and set an "overweight" rating for the company in a report on Friday, October 4th. Finally, Sanford C. Bernstein dropped their price target on BioMarin Pharmaceutical from $116.00 to $90.00 and set an "outperform" rating on the stock 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. According to data from MarketBeat, BioMarin Pharmaceutical has a consensus rating of "Moderate Buy" and a consensus price target of $94.20.

Insider Activity

In related news, EVP Charles Greg Guyer sold 5,278 shares of the firm's stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $66.37, for a total value of $350,300.86. Following the transaction, the executive vice president now directly 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.85% of the company's stock.

BioMarin Pharmaceutical Stock Performance

NASDAQ:BMRN traded down $2.18 during midday trading on Friday, hitting $63.42. The company's stock had a trading volume of 1,687,439 shares, compared to its average volume of 1,830,490. 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 Inc. has a fifty-two week low of $63.22 and a fifty-two week high of $99.56. The firm's 50 day moving average is $70.43 and its 200-day moving average is $79.15. The firm has a market cap of $12.09 billion, a P/E ratio of 37.98, a P/E/G ratio of 0.66 and a beta of 0.31.

BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report) last issued its earnings results on Tuesday, October 29th. The biotechnology company reported $0.55 EPS 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 company had revenue of $746.00 million during the quarter, compared to analysts' expectations of $703.37 million. During the same quarter in the previous year, the company earned $0.26 EPS. The firm's quarterly revenue was up 28.4% compared to the same quarter last year. Equities analysts anticipate that BioMarin Pharmaceutical Inc. will post 2.47 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.