Simplify Asset Management Inc. Takes $417,000 Position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Simplify Asset Management Inc. purchased a new stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 5,067 shares of the biotechnology company’s stock, valued at approximately $417,000.

Several other hedge funds have also added to or reduced their stakes in the business. Primecap Management Co. CA lifted its stake in shares of BioMarin Pharmaceutical by 0.4% during the 2nd quarter. Primecap Management Co. CA now owns 18,790,085 shares of the biotechnology company’s stock worth $1,546,988,000 after buying an additional 76,190 shares during the last quarter. Vanguard Group Inc. lifted its position in BioMarin Pharmaceutical by 0.4% during the first quarter. Vanguard Group Inc. now owns 18,117,108 shares of the biotechnology company’s stock worth $1,582,348,000 after acquiring an additional 67,046 shares during the last quarter. Capital Research Global Investors boosted its holdings in shares of BioMarin Pharmaceutical by 79.0% during the fourth quarter. Capital Research Global Investors now owns 10,774,641 shares of the biotechnology company’s stock worth $1,038,907,000 after acquiring an additional 4,756,671 shares during the period. Avoro Capital Advisors LLC grew its position in shares of 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 valued at $381,239,000 after purchasing an additional 65,000 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in shares of BioMarin Pharmaceutical by 33.3% in 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. Institutional investors and hedge funds own 98.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on BMRN shares. Sanford C. Bernstein reduced their price target on BioMarin Pharmaceutical from $116.00 to $90.00 and set an “outperform” rating for the company in a research note on Tuesday. Piper Sandler boosted their target price on shares of BioMarin Pharmaceutical from $107.00 to $122.00 and gave the company an “overweight” rating in a research report on Thursday, September 5th. Royal Bank of Canada lowered their price target on shares of BioMarin Pharmaceutical from $100.00 to $85.00 and set a “sector perform” rating on the stock in a research report on Tuesday. Canaccord Genuity Group reissued a “hold” rating and issued a $93.00 price objective on shares of BioMarin Pharmaceutical in a report on Friday, September 13th. Finally, Barclays decreased their target price on shares of BioMarin Pharmaceutical from $111.00 to $110.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 6th. Eight investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $98.84.

BioMarin Pharmaceutical Price Performance

NASDAQ:BMRN opened at $71.41 on Friday. The company has a quick ratio of 1.95, a current ratio of 3.05 and a debt-to-equity ratio of 0.11. BioMarin Pharmaceutical Inc. has a 52 week low of $68.83 and a 52 week high of $99.56. The business’s 50-day simple moving average is $85.86 and its two-hundred day simple moving average is $84.40. The stock has a market cap of $13.56 billion, a PE ratio of 66.74, a P/E/G ratio of 1.03 and a beta of 0.32.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its earnings results 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 net margin of 9.91% and a return on equity of 6.91%. The company had revenue of $712.03 million during the quarter, compared to analysts’ expectations of $660.51 million. As a group, analysts forecast that BioMarin Pharmaceutical Inc. will post 2.4 EPS for the current fiscal year.

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.