Federated Hermes Inc. Invests $1.66 Million in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Federated Hermes Inc. purchased a new stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 20,167 shares of the biotechnology company’s stock, valued at approximately $1,660,000.

A number of other hedge funds have also modified their holdings of BMRN. AMI Asset Management Corp raised its holdings in BioMarin Pharmaceutical by 51.9% in the first quarter. AMI Asset Management Corp now owns 346,189 shares of the biotechnology company’s stock worth $30,236,000 after purchasing an additional 118,230 shares during the period. AGF Management Ltd. acquired a new stake in BioMarin Pharmaceutical during the 2nd quarter worth $2,563,000. Fisher Asset Management LLC bought a new position in BioMarin Pharmaceutical during the fourth quarter worth about $1,301,000. APG Asset Management US Inc. acquired a new position in BioMarin Pharmaceutical in the fourth quarter valued at about $3,462,000. Finally, Bridgewater Associates LP increased its holdings in shares of BioMarin Pharmaceutical by 18.3% in the fourth quarter. Bridgewater Associates LP now owns 190,970 shares of the biotechnology company’s stock worth $18,413,000 after acquiring an additional 29,576 shares in the last quarter. 98.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on BMRN. Wells Fargo & Company cut their price objective on BioMarin Pharmaceutical from $115.00 to $90.00 and set an “overweight” rating on the stock in a report on Tuesday. Sanford C. Bernstein cut their price target on shares of BioMarin Pharmaceutical from $116.00 to $90.00 and set an “outperform” rating on the stock in a research note on Tuesday. JPMorgan Chase & Co. increased their price objective on shares of BioMarin Pharmaceutical from $111.00 to $120.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. Stifel Nicolaus cut their price objective on shares of BioMarin Pharmaceutical from $115.00 to $87.00 and set a “buy” rating on the stock in a research report on Tuesday. Finally, Scotiabank lowered their target price on BioMarin Pharmaceutical from $95.00 to $78.00 and set a “sector perform” rating for the company in a report on Tuesday. Eight analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $98.84.

BioMarin Pharmaceutical Price Performance

Shares of NASDAQ BMRN opened at $70.69 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. The business’s 50 day moving average price is $85.57 and its two-hundred day moving average price is $84.29. The company has a market cap of $13.42 billion, a PE ratio of 66.07, a price-to-earnings-growth ratio of 1.03 and a beta of 0.32. BioMarin Pharmaceutical Inc. has a twelve month low of $68.83 and a twelve month high of $99.56.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings results on Monday, August 5th. The biotechnology company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.39. BioMarin Pharmaceutical had a return on equity of 6.91% and a net margin of 9.91%. The business had revenue of $712.03 million for the quarter, compared to analysts’ expectations of $660.51 million. On average, analysts predict that BioMarin Pharmaceutical Inc. will post 2.4 EPS for the current year.

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.