Prudential Financial Inc. Raises Stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Prudential Financial Inc. grew its stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 131.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 144,082 shares of the biotechnology company's stock after purchasing an additional 81,887 shares during the quarter. Prudential Financial Inc. owned approximately 0.08% of BioMarin Pharmaceutical worth $9,426,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. TD Private Client Wealth LLC lifted its stake in BioMarin Pharmaceutical by 57.4% during the 3rd quarter. TD Private Client Wealth LLC now owns 510 shares of the biotechnology company's stock valued at $36,000 after acquiring an additional 186 shares in the last quarter. SBI Securities Co. Ltd. purchased a new stake in shares of BioMarin Pharmaceutical in the fourth quarter valued at about $36,000. True Wealth Design LLC lifted its position in shares of BioMarin Pharmaceutical by 13,400.0% during the third quarter. True Wealth Design LLC now owns 810 shares of the biotechnology company's stock valued at $57,000 after purchasing an additional 804 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in shares of BioMarin Pharmaceutical by 111.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 885 shares of the biotechnology company's stock valued at $58,000 after purchasing an additional 466 shares in the last quarter. Finally, UMB Bank n.a. boosted its holdings in BioMarin Pharmaceutical by 260.1% during the fourth quarter. UMB Bank n.a. now owns 1,019 shares of the biotechnology company's stock worth $67,000 after purchasing an additional 736 shares during the last quarter. Hedge funds and other institutional investors own 98.71% of the company's stock.

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Insiders Place Their Bets

In other news, CAO Erin Burkhart sold 1,295 shares of BioMarin Pharmaceutical stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $71.52, for a total transaction of $92,618.40. Following the completion of the sale, the chief accounting officer now directly owns 16,955 shares of the company's stock, valued at approximately $1,212,621.60. The trade was a 7.10 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.85% of the company's stock.

BioMarin Pharmaceutical Price Performance

NASDAQ:BMRN traded down $2.75 during trading hours on Tuesday, hitting $67.94. 1,287,929 shares of the company's stock traded hands, compared to its average volume of 1,840,978. BioMarin Pharmaceutical Inc. has a 52 week low of $60.63 and a 52 week high of $94.85. The business's fifty day simple moving average is $67.64 and its two-hundred day simple moving average is $67.42. The company has a quick ratio of 2.62, a current ratio of 5.33 and a debt-to-equity ratio of 0.11. The firm has a market cap of $12.96 billion, a P/E ratio of 30.88, a P/E/G ratio of 0.61 and a beta of 0.33.

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

Analyst Ratings Changes

Several research firms have commented on BMRN. Scotiabank lifted their target price on shares of BioMarin Pharmaceutical from $78.00 to $80.00 and gave the stock a "sector perform" rating in a research report on Thursday, February 20th. Royal Bank of Canada reiterated a "sector perform" rating and set a $70.00 price target on shares of BioMarin Pharmaceutical in a report on Thursday, February 20th. Oppenheimer upgraded BioMarin Pharmaceutical from a "market perform" rating to an "outperform" rating and set a $98.00 price objective for the company in a research note on Monday, February 24th. Bank of America lifted their target price on BioMarin Pharmaceutical from $99.00 to $103.00 and gave the stock a "buy" rating in a research note on Thursday, February 20th. Finally, Citigroup increased their price target on shares of BioMarin Pharmaceutical from $81.00 to $82.00 and gave the company a "neutral" rating in a research report on Thursday, February 20th. Seven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, BioMarin Pharmaceutical has an average rating of "Moderate Buy" and an average price target of $94.00.

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.