CIBC Asset Management Inc Increases Stock Position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

CIBC Asset Management Inc grew its position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 5.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,372 shares of the biotechnology company’s stock after purchasing an additional 325 shares during the period. CIBC Asset Management Inc’s holdings in BioMarin Pharmaceutical were worth $525,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in BMRN. Vanguard Group Inc. grew its holdings in BioMarin Pharmaceutical by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 18,117,108 shares of the biotechnology company’s stock valued at $1,582,348,000 after buying an additional 67,046 shares in the last quarter. Capital Research Global Investors grew its holdings in shares of BioMarin Pharmaceutical by 79.0% in the fourth quarter. Capital Research Global Investors now owns 10,774,641 shares of the biotechnology company’s stock valued at $1,038,907,000 after purchasing an additional 4,756,671 shares in the last quarter. Avoro Capital Advisors LLC increased its position in BioMarin Pharmaceutical by 1.5% in the first quarter. Avoro Capital Advisors LLC now owns 4,365,000 shares of the biotechnology company’s stock worth $381,239,000 after purchasing an additional 65,000 shares during the last quarter. Norges Bank purchased a new stake in BioMarin Pharmaceutical during the fourth quarter valued at $324,098,000. Finally, Price T Rowe Associates Inc. MD lifted its position in BioMarin Pharmaceutical by 33.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,605,983 shares of the biotechnology company’s stock valued at $154,850,000 after purchasing an additional 401,152 shares during the last quarter. 98.71% of the stock is owned by institutional investors.

BioMarin Pharmaceutical Price Performance

Shares of BMRN stock opened at $84.08 on Friday. BioMarin Pharmaceutical Inc. has a twelve month low of $73.68 and a twelve month high of $99.56. The company has a current ratio of 3.05, a quick ratio of 1.95 and a debt-to-equity ratio of 0.11. The stock has a fifty day simple moving average of $86.53 and a two-hundred day simple moving average of $85.04. The stock has a market capitalization of $15.97 billion, a price-to-earnings ratio of 78.58 and a beta of 0.32.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings data on Monday, August 5th. The biotechnology company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.39. BioMarin Pharmaceutical had a return on equity of 6.91% and a net margin of 9.91%. The firm had revenue of $712.03 million during the quarter, compared to the consensus estimate of $660.51 million. On average, analysts predict that BioMarin Pharmaceutical Inc. will post 2.35 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently issued reports on BMRN shares. Baird R W cut shares of BioMarin Pharmaceutical from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 17th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $110.00 price objective on shares of BioMarin Pharmaceutical in a research note on Monday, August 5th. Barclays cut their target price on BioMarin Pharmaceutical from $111.00 to $110.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 6th. JPMorgan Chase & Co. lifted their price objective on shares of BioMarin Pharmaceutical from $111.00 to $120.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, Wells Fargo & Company boosted their price objective on shares of BioMarin Pharmaceutical from $110.00 to $115.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Eight research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $106.10.

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.