73,480 Shares in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) Purchased by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. bought a new position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm bought 73,480 shares of the biotechnology company's stock, valued at approximately $4,838,000.

A number of other hedge funds have also added to or reduced their stakes in BMRN. Merit Financial Group LLC bought a new position in shares of BioMarin Pharmaceutical during the 4th quarter valued at approximately $317,000. Assenagon Asset Management S.A. lifted its position in shares of BioMarin Pharmaceutical by 461.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 611,667 shares of the biotechnology company's stock valued at $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 during the 4th quarter worth $430,000. Swedbank AB increased its holdings in BioMarin Pharmaceutical by 11.2% in the 4th 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 last quarter. Finally, Tidal Investments LLC raised its stake in BioMarin Pharmaceutical by 150.4% in the 3rd quarter. Tidal Investments LLC now owns 30,467 shares of the biotechnology company's stock valued at $2,142,000 after acquiring an additional 18,300 shares during the period. Institutional investors and hedge funds own 98.71% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on BMRN shares. Bank of America lifted their target price on shares of BioMarin Pharmaceutical from $99.00 to $103.00 and gave the stock a "buy" rating in a research note on Thursday, February 20th. Royal Bank of Canada reiterated a "sector perform" rating and issued a $70.00 price target on shares of BioMarin Pharmaceutical in a research report on Thursday, February 20th. Wedbush restated an "outperform" rating and issued a $94.00 target price on shares of BioMarin Pharmaceutical in a research note on Thursday, February 20th. Oppenheimer raised shares of BioMarin Pharmaceutical from a "market perform" rating to an "outperform" rating and set a $98.00 price target on the stock in a report on Monday, February 24th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $90.00 price objective on shares of BioMarin Pharmaceutical in a research note on Thursday, February 20th. Seven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $94.00.

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BioMarin Pharmaceutical Stock Performance

NASDAQ BMRN traded up $1.72 during trading hours on Monday, hitting $58.54. The company's stock had a trading volume of 129,300 shares, compared to its average volume of 1,875,859. BioMarin Pharmaceutical Inc. has a 12 month low of $52.93 and a 12 month high of $94.85. The company's 50 day simple moving average is $67.19 and its two-hundred day simple moving average is $66.60. The company has a debt-to-equity ratio of 0.11, a current ratio of 5.33 and a quick ratio of 2.62. The company has a market cap of $11.17 billion, a P/E ratio of 26.61, a price-to-earnings-growth ratio of 0.61 and a beta of 0.30.

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

Insiders Place Their Bets

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

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.