Hsbc Holdings PLC Decreases Holdings in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Hsbc Holdings PLC cut its holdings in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 61.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 89,795 shares of the biotechnology company's stock after selling 142,903 shares during the quarter. Hsbc Holdings PLC's holdings in BioMarin Pharmaceutical were worth $7,406,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. AMI Asset Management Corp increased its holdings in BioMarin Pharmaceutical by 51.9% in the first quarter. AMI Asset Management Corp now owns 346,189 shares of the biotechnology company's stock valued at $30,236,000 after buying an additional 118,230 shares in the last quarter. AGF Management Ltd. purchased a new stake in BioMarin Pharmaceutical during the second quarter worth $2,563,000. Fisher Asset Management LLC purchased a new stake in BioMarin Pharmaceutical during the fourth quarter worth $1,301,000. APG Asset Management US Inc. acquired a new stake in BioMarin Pharmaceutical in the fourth quarter valued at $3,462,000. Finally, Bridgewater Associates LP increased its position in shares of BioMarin Pharmaceutical by 18.3% in the fourth quarter. Bridgewater Associates LP now owns 190,970 shares of the biotechnology company's stock valued at $18,413,000 after buying an additional 29,576 shares in the last quarter. Institutional investors and hedge funds own 98.71% of the company's stock.

Wall Street Analysts Forecast Growth

BMRN has been the topic of several recent research reports. Evercore ISI boosted their price objective on shares of BioMarin Pharmaceutical from $113.00 to $115.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 6th. TD Cowen lowered their price target on shares of BioMarin Pharmaceutical from $125.00 to $120.00 and set a "buy" rating on the stock in a research report on Tuesday, August 6th. Sanford C. Bernstein dropped their price objective 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. Royal Bank of Canada reduced their target price on BioMarin Pharmaceutical from $100.00 to $85.00 and set a "sector perform" rating on the stock in a research note on Tuesday, September 17th. Finally, Scotiabank dropped their price target on BioMarin Pharmaceutical from $95.00 to $78.00 and set a "sector perform" rating for the company in a research report on Tuesday, September 17th. Eight equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $98.84.

BioMarin Pharmaceutical Trading Up 0.5 %

Shares of BMRN traded up $0.35 during mid-day trading on Tuesday, reaching $69.48. The company had a trading volume of 2,150,842 shares, compared to its average volume of 1,918,866. BioMarin Pharmaceutical Inc. has a fifty-two week low of $67.75 and a fifty-two week high of $99.56. The firm has a fifty day simple moving average of $85.26 and a 200-day simple moving average of $84.14. The stock has a market cap of $13.19 billion, a price-to-earnings ratio of 64.61, a price-to-earnings-growth ratio of 1.03 and a beta of 0.32. The company has a current ratio of 3.05, a quick ratio of 1.95 and a debt-to-equity ratio of 0.11.

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

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.