Meiji Yasuda Asset Management Co Ltd. Purchases 5,731 Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Meiji Yasuda Asset Management Co Ltd. grew its position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 83.0% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 12,637 shares of the biotechnology company’s stock after buying an additional 5,731 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in BioMarin Pharmaceutical were worth $1,040,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Innealta Capital LLC bought a new stake in shares of BioMarin Pharmaceutical in the 2nd quarter valued at about $25,000. BOKF NA acquired a new stake in BioMarin Pharmaceutical in the 2nd quarter worth approximately $31,000. Quent Capital LLC boosted its stake in BioMarin Pharmaceutical by 58.9% in the 2nd 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. Jones Financial Companies Lllp acquired a new stake in BioMarin Pharmaceutical in the 4th quarter worth approximately $43,000. Finally, Scarborough Advisors LLC acquired a new stake in BioMarin Pharmaceutical in the 4th quarter worth approximately $71,000. 98.71% of the stock is currently owned by institutional investors.

BioMarin Pharmaceutical Price Performance

BioMarin Pharmaceutical stock opened at $71.41 on Friday. The company’s fifty day moving average price is $85.86 and its 200 day moving average price is $84.40. BioMarin Pharmaceutical Inc. has a 1 year low of $68.83 and a 1 year high of $99.56. The stock has a market capitalization of $13.56 billion, a P/E ratio of 66.74, a P/E/G ratio of 1.03 and a beta of 0.32. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.95 and a current ratio of 3.05.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its earnings results on Monday, August 5th. The biotechnology company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.39. BioMarin Pharmaceutical had a net margin of 9.91% and a return on equity of 6.91%. The company had revenue of $712.03 million for the quarter, compared to analysts’ expectations of $660.51 million. As a group, equities research analysts anticipate that BioMarin Pharmaceutical Inc. will post 2.4 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently commented on BMRN. William Blair upgraded shares of BioMarin Pharmaceutical to a “strong-buy” rating in a research note on Friday, August 30th. TD Cowen lowered their target price on shares of BioMarin Pharmaceutical from $125.00 to $120.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. Canaccord Genuity Group reiterated a “hold” rating and issued a $93.00 target price on shares of BioMarin Pharmaceutical in a research note on Friday, September 13th. StockNews.com upgraded shares of BioMarin Pharmaceutical from a “hold” rating to a “buy” rating in a research note on Thursday, August 8th. Finally, Sanford C. Bernstein lowered their target price on shares of BioMarin Pharmaceutical from $116.00 to $90.00 and set an “outperform” rating for the company in a research note on Tuesday. Eight research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $98.84.

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.