Sanctuary Advisors LLC Buys New Shares in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Sanctuary Advisors LLC purchased a new position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 22,043 shares of the biotechnology company’s stock, valued at approximately $1,783,000.

Several other institutional investors have also recently made changes to their positions in BMRN. AMI Asset Management Corp increased its holdings in BioMarin Pharmaceutical by 51.9% in the 1st quarter. AMI Asset Management Corp now owns 346,189 shares of the biotechnology company’s stock worth $30,236,000 after acquiring an additional 118,230 shares in the last quarter. AGF Management Ltd. bought a new position in shares of BioMarin Pharmaceutical in the second quarter worth approximately $2,563,000. Susquehanna Fundamental Investments LLC bought a new position in shares of BioMarin Pharmaceutical in the second quarter worth approximately $5,627,000. Teachers Retirement System of The State of Kentucky increased its stake in shares of BioMarin Pharmaceutical by 17.4% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 194,207 shares of the biotechnology company’s stock worth $15,990,000 after purchasing an additional 28,837 shares in the last quarter. Finally, Fisher Asset Management LLC bought a new stake in shares of BioMarin Pharmaceutical during the 4th quarter valued at $1,301,000. Institutional investors own 98.71% of the company’s stock.

Analyst Upgrades and Downgrades

BMRN has been the subject of a number of analyst reports. JPMorgan Chase & Co. increased their price target on BioMarin Pharmaceutical from $111.00 to $120.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. Barclays cut their target price on BioMarin Pharmaceutical from $110.00 to $86.00 and set an “overweight” rating for the company in a research report on Friday, October 4th. Royal Bank of Canada lowered their price target on BioMarin Pharmaceutical from $85.00 to $80.00 and set a “sector perform” rating on the stock in a report on Friday, October 4th. Canaccord Genuity Group restated a “hold” rating and issued a $93.00 price target on shares of BioMarin Pharmaceutical in a research note on Friday, September 13th. Finally, Wells Fargo & Company reduced their price objective 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. Seven research 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 has a consensus rating of “Moderate Buy” and an average price target of $97.32.

BioMarin Pharmaceutical Stock Performance

NASDAQ BMRN opened at $68.69 on Wednesday. The company has a market cap of $13.04 billion, a P/E ratio of 64.20, a P/E/G ratio of 0.80 and a beta of 0.31. The business’s 50 day moving average price is $82.25 and its 200-day moving average price is $83.07. BioMarin Pharmaceutical Inc. has a fifty-two week low of $67.75 and a fifty-two week high of $99.56. 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 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 business had revenue of $712.03 million for the quarter, compared to the consensus estimate of $660.51 million. Sell-side analysts predict that BioMarin Pharmaceutical Inc. will post 2.39 earnings per share 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.