Magnetar Financial LLC Makes New Investment in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Magnetar Financial LLC acquired a new position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 8,816 shares of the biotechnology company’s stock, valued at approximately $726,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Innealta Capital LLC acquired a new stake in BioMarin Pharmaceutical during the second quarter worth approximately $25,000. BOKF NA purchased a new position in shares of BioMarin Pharmaceutical during the second quarter worth approximately $31,000. Quent Capital LLC grew its position in shares of BioMarin Pharmaceutical by 58.9% during the second quarter. Quent Capital LLC now owns 391 shares of the biotechnology company’s stock worth $32,000 after acquiring an additional 145 shares during the last quarter. Jones Financial Companies Lllp purchased a new position in shares of BioMarin Pharmaceutical during the fourth quarter worth approximately $43,000. Finally, Itau Unibanco Holding S.A. purchased a new position in shares of BioMarin Pharmaceutical during the second quarter worth approximately $47,000. Institutional investors and hedge funds own 98.71% of the company’s stock.

Analyst Ratings Changes

BMRN has been the topic of a number of research reports. Royal Bank of Canada lowered their target price 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, September 17th. Wells Fargo & Company lowered their target price on shares of BioMarin Pharmaceutical from $115.00 to $90.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 17th. JPMorgan Chase & Co. raised their target price 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. Piper Sandler raised their target price on shares of BioMarin Pharmaceutical from $107.00 to $122.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $110.00 target price on shares of BioMarin Pharmaceutical in a research report on Monday, September 9th. Eight analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $98.84.

BioMarin Pharmaceutical Price Performance

Shares of NASDAQ BMRN opened at $69.48 on Wednesday. The firm has a market capitalization of $13.19 billion, a P/E ratio of 64.93, a PEG ratio of 1.03 and a beta of 0.32. BioMarin Pharmaceutical Inc. has a one year low of $67.75 and a one year high of $99.56. The company’s fifty day moving average is $84.93 and its two-hundred day moving average is $84.02. 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 issued its earnings results on Monday, August 5th. The biotechnology company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.38 by $0.39. The company had revenue of $712.03 million for the quarter, compared to analyst estimates of $660.51 million. BioMarin Pharmaceutical had a net margin of 9.91% and a return on equity of 6.91%. Analysts forecast that BioMarin Pharmaceutical Inc. will post 2.4 EPS for the current fiscal 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.