Pictet Asset Management Holding SA Sells 634,916 Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Pictet Asset Management Holding SA cut its stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 69.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 284,700 shares of the biotechnology company's stock after selling 634,916 shares during the period. Pictet Asset Management Holding SA owned about 0.15% of BioMarin Pharmaceutical worth $18,713,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Merit Financial Group LLC bought a new position in shares of BioMarin Pharmaceutical during the fourth quarter valued at about $317,000. Assenagon Asset Management S.A. boosted its stake in shares of BioMarin Pharmaceutical by 461.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 611,667 shares of the biotechnology company's stock worth $40,205,000 after buying an additional 502,695 shares during the last quarter. Wedmont Private Capital bought a new position in shares of BioMarin Pharmaceutical in the fourth quarter valued at approximately $430,000. Swedbank AB lifted its holdings in BioMarin Pharmaceutical by 11.2% during the fourth quarter. Swedbank AB now owns 432,122 shares of the biotechnology company's stock worth $28,403,000 after acquiring an additional 43,593 shares during the period. Finally, Tidal Investments LLC boosted its position in BioMarin Pharmaceutical by 150.4% in the third quarter. Tidal Investments LLC now owns 30,467 shares of the biotechnology company's stock worth $2,142,000 after purchasing an additional 18,300 shares during the last quarter. 98.71% of the stock is owned by hedge funds and other institutional investors.

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BioMarin Pharmaceutical Price Performance

Shares of BMRN traded down $7.22 during midday trading on Friday, reaching $60.26. The stock had a trading volume of 3,545,266 shares, compared to its average volume of 1,855,047. The company has a current ratio of 5.33, a quick ratio of 2.62 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $11.50 billion, a price-to-earnings ratio of 27.39, a price-to-earnings-growth ratio of 0.61 and a beta of 0.30. The company's 50-day moving average is $67.98 and its 200 day moving average is $67.31. BioMarin Pharmaceutical Inc. has a 12-month low of $60.02 and a 12-month high of $94.85.

BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The biotechnology company reported $0.72 EPS for the quarter, beating analysts' consensus estimates of $0.54 by $0.18. The business had revenue of $747.31 million for the quarter, compared to analysts' expectations of $711.05 million. BioMarin Pharmaceutical had a net margin of 14.96% and a return on equity of 9.91%. On average, equities analysts predict that BioMarin Pharmaceutical Inc. will post 3.15 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on BMRN shares. Oppenheimer upgraded BioMarin Pharmaceutical from a "market perform" rating to an "outperform" rating and set a $98.00 target price on the stock in a research note on Monday, February 24th. Citigroup upped their price objective on BioMarin Pharmaceutical from $81.00 to $82.00 and gave the company a "neutral" rating in a research note on Thursday, February 20th. Royal Bank of Canada reissued a "sector perform" rating and issued a $70.00 target price on shares of BioMarin Pharmaceutical in a research report on Thursday, February 20th. Piper Sandler upped their price target on BioMarin Pharmaceutical from $122.00 to $126.00 and gave the company an "overweight" rating in a research report on Thursday, February 20th. Finally, Bank of America increased their target price on shares of BioMarin Pharmaceutical from $99.00 to $103.00 and gave the stock a "buy" rating in a research report on Thursday, February 20th. Seven equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $94.00.

Insiders Place Their Bets

In other news, CAO Erin Burkhart sold 1,344 shares of BioMarin Pharmaceutical stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $68.38, for a total transaction of $91,902.72. Following the sale, the chief accounting officer now owns 13,105 shares of the company's stock, valued at approximately $896,119.90. The trade was a 9.30 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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.