Avoro Capital Advisors LLC Increases Holdings in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Avoro Capital Advisors LLC raised its position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 4.4% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 4,557,416 shares of the biotechnology company's stock after acquiring an additional 192,416 shares during the period. BioMarin Pharmaceutical makes up about 5.0% of Avoro Capital Advisors LLC's holdings, making the stock its 8th largest position. Avoro Capital Advisors LLC owned 2.40% of BioMarin Pharmaceutical worth $375,212,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Capital Research Global Investors boosted its position in shares of BioMarin Pharmaceutical by 79.0% during 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 last quarter. Principal Financial Group Inc. boosted its position in shares of BioMarin Pharmaceutical by 1,858.6% during the second quarter. Principal Financial Group Inc. now owns 649,460 shares of the biotechnology company's stock valued at $53,470,000 after buying an additional 616,301 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of BioMarin Pharmaceutical by 33.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,605,983 shares of the biotechnology company's stock valued at $154,850,000 after buying an additional 401,152 shares during the last quarter. Third Point LLC purchased a new position in shares of BioMarin Pharmaceutical during the fourth quarter valued at approximately $37,122,000. Finally, Assenagon Asset Management S.A. boosted its position in shares of BioMarin Pharmaceutical by 11,107.4% during the second quarter. Assenagon Asset Management S.A. now owns 352,474 shares of the biotechnology company's stock valued at $29,019,000 after buying an additional 349,329 shares during the last quarter. Institutional investors and hedge funds own 98.71% of the company's stock.

Wall Street Analyst Weigh In

BMRN has been the topic of several research analyst reports. Stifel Nicolaus cut their price objective on BioMarin Pharmaceutical from $115.00 to $87.00 and set a "buy" rating on the stock in a research report on Tuesday, September 17th. Evercore ISI boosted their price objective on BioMarin Pharmaceutical from $113.00 to $115.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 6th. StockNews.com raised BioMarin Pharmaceutical from a "hold" rating to a "buy" rating in a research report on Thursday, August 8th. William Blair raised BioMarin Pharmaceutical to a "strong-buy" rating in a research report on Friday, August 30th. Finally, Bank of America cut their price objective on BioMarin Pharmaceutical from $130.00 to $115.00 and set a "buy" rating on the stock in a research report on Tuesday, September 17th. Eight analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $98.84.

BioMarin Pharmaceutical Stock Performance

Shares of NASDAQ:BMRN traded down $1.56 during midday trading on Monday, reaching $69.13. 2,053,607 shares of the company traded hands, compared to its average volume of 1,917,337. The company has a quick ratio of 1.95, a current ratio of 3.05 and a debt-to-equity ratio of 0.11. BioMarin Pharmaceutical Inc. has a 12 month low of $68.83 and a 12 month high of $99.56. The firm has a market capitalization of $13.13 billion, a price-to-earnings ratio of 66.07, a price-to-earnings-growth ratio of 1.03 and a beta of 0.32. The firm's fifty day moving average price is $85.57 and its two-hundred day moving average price is $84.26.

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