AGF Management Ltd. Buys New Stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

AGF Management Ltd. bought a new stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 31,130 shares of the biotechnology company's stock, valued at approximately $2,563,000.

Other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in BioMarin Pharmaceutical by 0.4% in the first quarter. Vanguard Group Inc. now owns 18,117,108 shares of the biotechnology company's stock worth $1,582,348,000 after purchasing an additional 67,046 shares during the period. Capital Research Global Investors lifted its holdings in shares of BioMarin Pharmaceutical by 79.0% in the fourth quarter. Capital Research Global Investors now owns 10,774,641 shares of the biotechnology company's stock valued at $1,038,907,000 after buying an additional 4,756,671 shares during the period. Avoro Capital Advisors LLC boosted its stake in BioMarin Pharmaceutical by 1.5% during the first quarter. Avoro Capital Advisors LLC now owns 4,365,000 shares of the biotechnology company's stock valued at $381,239,000 after buying an additional 65,000 shares in the last quarter. Norges Bank acquired a new position in BioMarin Pharmaceutical during the fourth quarter worth about $324,098,000. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of BioMarin Pharmaceutical by 33.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,605,983 shares of the biotechnology company's stock worth $154,850,000 after purchasing an additional 401,152 shares in the last quarter. Institutional investors and hedge funds own 98.71% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on BMRN shares. Scotiabank raised their price objective on BioMarin Pharmaceutical from $86.00 to $95.00 and gave the stock a "sector perform" rating in a research note on Thursday, September 5th. Sanford C. Bernstein raised shares of BioMarin Pharmaceutical from a "market perform" rating to an "outperform" rating and lifted their target price for the stock from $94.00 to $110.00 in a research report on Tuesday, August 20th. Piper Sandler upped their price target on shares of BioMarin Pharmaceutical from $107.00 to $122.00 and gave the company an "overweight" rating in a research report on Thursday, September 5th. Cantor Fitzgerald reiterated an "overweight" rating and set a $110.00 price objective on shares of BioMarin Pharmaceutical in a research report on Monday, September 9th. Finally, Baird R W downgraded shares of BioMarin Pharmaceutical from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 17th. Eight investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $106.11.

BioMarin Pharmaceutical Stock Up 0.6 %

Shares of BioMarin Pharmaceutical stock traded up $0.52 during midday trading on Friday, reaching $84.90. 1,195,484 shares of the company's stock traded hands, compared to its average volume of 1,836,612. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.95 and a current ratio of 3.05. BioMarin Pharmaceutical Inc. has a 52 week low of $73.68 and a 52 week high of $99.56. The company's 50 day simple moving average is $86.84 and its 200 day simple moving average is $84.89. The company has a market cap of $16.12 billion, a price-to-earnings ratio of 79.35, a price-to-earnings-growth ratio of 1.03 and a beta of 0.32.

BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report) last posted its earnings results on Monday, August 5th. The biotechnology company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.39. BioMarin Pharmaceutical had a return on equity of 6.91% and a net margin of 9.91%. The company had revenue of $712.03 million for the quarter, compared to analyst estimates of $660.51 million. Equities analysts expect that BioMarin Pharmaceutical Inc. will post 2.4 earnings per share for the current fiscal 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.