Howe & Rusling Inc. Acquires 24,971 Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Howe & Rusling Inc. raised its stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 101.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,652 shares of the biotechnology company's stock after purchasing an additional 24,971 shares during the period. Howe & Rusling Inc.'s holdings in BioMarin Pharmaceutical were worth $3,490,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Innealta Capital LLC acquired a new position in shares of BioMarin Pharmaceutical in the 2nd quarter worth approximately $25,000. nVerses Capital LLC acquired a new position in shares of BioMarin Pharmaceutical during the third quarter worth about $28,000. BOKF NA acquired a new stake in shares of BioMarin Pharmaceutical during the 2nd quarter worth $31,000. Quent Capital LLC boosted its position in BioMarin Pharmaceutical by 58.9% during the 2nd quarter. Quent Capital LLC now owns 391 shares of the biotechnology company's stock worth $32,000 after buying an additional 145 shares during the period. Finally, Itau Unibanco Holding S.A. bought a new position in BioMarin Pharmaceutical in the 2nd quarter valued at about $47,000. Institutional investors and hedge funds own 98.71% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on BMRN. Wedbush raised BioMarin Pharmaceutical to a "strong-buy" rating in a research note on Monday, November 4th. Robert W. Baird reduced their price objective on shares of BioMarin Pharmaceutical from $72.00 to $65.00 and set a "neutral" rating for the company in a research report on Wednesday, October 30th. UBS Group lifted their price objective on BioMarin Pharmaceutical from $104.00 to $106.00 and gave the company a "buy" rating in a research note on Wednesday, October 30th. Truist Financial lowered their price objective on shares of BioMarin Pharmaceutical from $118.00 to $90.00 and set a "buy" rating on the stock in a research report on Tuesday, September 17th. Finally, JPMorgan Chase & Co. reduced their price target 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. Seven research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $94.20.

BioMarin Pharmaceutical Stock Performance

NASDAQ:BMRN traded up $0.59 during trading hours on Wednesday, hitting $62.56. 1,162,287 shares of the company traded hands, compared to its average volume of 1,828,828. BioMarin Pharmaceutical Inc. has a twelve month low of $61.15 and a twelve month high of $99.56. The stock has a market capitalization of $11.92 billion, a price-to-earnings ratio of 37.11, a P/E/G ratio of 0.63 and a beta of 0.31. The firm has a 50-day moving average of $69.53 and a 200 day moving average of $78.82. The company has a current ratio of 4.27, a quick ratio of 2.62 and a debt-to-equity ratio of 0.11.

BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The biotechnology company reported $0.55 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.78 by ($0.23). The business had revenue of $746.00 million during the quarter, compared to the consensus estimate of $703.37 million. BioMarin Pharmaceutical had a net margin of 11.71% and a return on equity of 8.53%. The firm's quarterly revenue was up 28.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.26 EPS. On average, analysts forecast that BioMarin Pharmaceutical Inc. will post 2.47 EPS for the current year.

Insider Activity

In related news, EVP Charles Greg Guyer sold 5,278 shares of the stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $66.37, for a total transaction of $350,300.86. Following the completion of 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.85% of the company's stock.

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.