Principal Financial Group Inc. Sells 191,421 Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Principal Financial Group Inc. reduced its stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 29.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 458,039 shares of the biotechnology company's stock after selling 191,421 shares during the quarter. Principal Financial Group Inc. owned approximately 0.24% of BioMarin Pharmaceutical worth $32,196,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in BMRN. Innealta Capital LLC purchased a new position in BioMarin Pharmaceutical during the second quarter worth approximately $25,000. BOKF NA purchased a new position in BioMarin Pharmaceutical during the second quarter worth approximately $31,000. Quent Capital LLC boosted its position in BioMarin Pharmaceutical by 58.9% during the second quarter. Quent Capital LLC now owns 391 shares of the biotechnology company's stock worth $32,000 after purchasing an additional 145 shares in the last quarter. nVerses Capital LLC purchased a new position in BioMarin Pharmaceutical during the third quarter worth approximately $28,000. Finally, Itau Unibanco Holding S.A. purchased a new position in BioMarin Pharmaceutical during the second quarter worth approximately $47,000. 98.71% of the stock is currently owned by hedge funds and other institutional investors.

BioMarin Pharmaceutical Stock Performance

BMRN stock remained flat at $66.37 during mid-day trading on Tuesday. 680,643 shares of the company's stock were exchanged, compared to its average volume of 1,832,720. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.62 and a current ratio of 4.27. BioMarin Pharmaceutical Inc. has a 52 week low of $65.35 and a 52 week high of $99.56. The stock has a market capitalization of $12.65 billion, a P/E ratio of 39.74, a P/E/G ratio of 0.66 and a beta of 0.31. The stock has a 50-day moving average of $72.21 and a two-hundred day moving average of $79.57.

BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The biotechnology company reported $0.55 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.78 by ($0.23). BioMarin Pharmaceutical had a return on equity of 8.53% and a net margin of 11.71%. The company had revenue of $746.00 million during the quarter, compared to analysts' expectations of $703.37 million. During the same period last year, the company earned $0.26 earnings per share. BioMarin Pharmaceutical's revenue for the quarter was up 28.4% compared to the same quarter last year. Equities research analysts expect that BioMarin Pharmaceutical Inc. will post 2.47 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on BMRN. Stifel Nicolaus lowered their price target on BioMarin Pharmaceutical from $115.00 to $87.00 and set a "buy" rating on the stock in a research note on Tuesday, September 17th. Sanford C. Bernstein lowered their price target on BioMarin Pharmaceutical from $116.00 to $90.00 and set an "outperform" rating on the stock in a research note on Tuesday, September 17th. Evercore ISI lowered their price objective on BioMarin Pharmaceutical from $115.00 to $105.00 and set an "outperform" rating on the stock in a research note on Wednesday, October 30th. Raymond James reissued an "outperform" rating and set a $79.00 price objective on shares of BioMarin Pharmaceutical in a research note on Thursday, October 10th. Finally, William Blair lowered BioMarin Pharmaceutical from an "outperform" rating to a "market perform" rating in a research note on Wednesday, October 30th. Seven investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $94.16.

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.