The Manufacturers Life Insurance Company Boosts Stock Position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

The Manufacturers Life Insurance Company raised its holdings in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 177.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 180,617 shares of the biotechnology company's stock after buying an additional 115,578 shares during the period. The Manufacturers Life Insurance Company owned about 0.10% of BioMarin Pharmaceutical worth $14,870,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Innealta Capital LLC purchased a new position in BioMarin Pharmaceutical in the 2nd quarter worth about $25,000. BOKF NA bought a new stake in shares of BioMarin Pharmaceutical during the second quarter valued at approximately $31,000. Quent Capital LLC boosted its holdings 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. Jones Financial Companies Lllp bought a new position in BioMarin Pharmaceutical in the fourth quarter worth approximately $43,000. Finally, Itau Unibanco Holding S.A. bought a new position in BioMarin Pharmaceutical in the second quarter worth approximately $47,000. Institutional investors own 98.71% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Canaccord Genuity Group reiterated a "hold" rating and issued a $93.00 target price on shares of BioMarin Pharmaceutical in a report on Friday, September 13th. Barclays lowered their price objective on shares of BioMarin Pharmaceutical from $111.00 to $110.00 and set an "overweight" rating for the company in a research note on Tuesday, August 6th. Bank of America cut their target price on shares of BioMarin Pharmaceutical from $130.00 to $115.00 and set a "buy" rating on the stock in a research report on Tuesday, September 17th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $110.00 price target on shares of BioMarin Pharmaceutical in a research report on Monday, September 9th. Finally, Sanford C. Bernstein dropped their price objective on shares of BioMarin Pharmaceutical from $116.00 to $90.00 and set an "outperform" rating on the stock in a research note on Tuesday, September 17th. Seven investment 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 data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $98.84.

BioMarin Pharmaceutical Stock Performance

BioMarin Pharmaceutical stock traded down $1.50 during mid-day trading on Thursday, reaching $68.16. 1,395,821 shares of the company traded hands, compared to its average volume of 1,897,275. The company has a market capitalization of $12.94 billion, a price-to-earnings ratio of 65.10, a price-to-earnings-growth ratio of 0.80 and a beta of 0.32. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.05 and a quick ratio of 1.95. The firm's fifty day moving average is $83.20 and its two-hundred day moving average is $83.40. BioMarin Pharmaceutical Inc. has a fifty-two week low of $67.75 and a fifty-two week high of $99.56.

BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report) last announced its quarterly earnings data 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. BioMarin Pharmaceutical had a return on equity of 6.91% and a net margin of 9.91%. The business had revenue of $712.03 million for the quarter, compared to analyst estimates of $660.51 million. On average, equities research analysts expect that BioMarin Pharmaceutical Inc. will post 2.39 earnings per share 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.