Raymond James & Associates Lowers Stock Position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Raymond James & Associates cut its stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 56.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 58,892 shares of the biotechnology company’s stock after selling 75,992 shares during the period. Raymond James & Associates’ holdings in BioMarin Pharmaceutical were worth $4,140,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in BMRN. Blue Trust Inc. boosted its position in BioMarin Pharmaceutical by 504.9% during the 3rd quarter. Blue Trust Inc. now owns 859 shares of the biotechnology company’s stock worth $60,000 after purchasing an additional 717 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in BioMarin Pharmaceutical by 23.4% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 20,763 shares of the biotechnology company’s stock worth $1,459,000 after purchasing an additional 3,939 shares during the period. nVerses Capital LLC purchased a new stake in BioMarin Pharmaceutical during the 3rd quarter worth $28,000. Vontobel Holding Ltd. boosted its position in BioMarin Pharmaceutical by 73.0% during the 3rd quarter. Vontobel Holding Ltd. now owns 6,050 shares of the biotechnology company’s stock worth $425,000 after purchasing an additional 2,553 shares during the period. Finally, Swedbank AB boosted its position in BioMarin Pharmaceutical by 34.7% during the 3rd quarter. Swedbank AB now owns 388,529 shares of the biotechnology company’s stock worth $27,310,000 after purchasing an additional 100,000 shares during the period. 98.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BMRN has been the subject of a number of research reports. Canaccord Genuity Group decreased their price target on shares of BioMarin Pharmaceutical from $93.00 to $84.00 and set a “hold” rating for the company in a research report on Wednesday. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $80.00 price target on shares of BioMarin Pharmaceutical in a research report on Wednesday. William Blair cut shares of BioMarin Pharmaceutical from an “outperform” rating to a “market perform” rating in a research report on Wednesday. UBS Group boosted their price objective on shares of BioMarin Pharmaceutical from $104.00 to $106.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, TD Cowen cut their price objective on shares of BioMarin Pharmaceutical from $125.00 to $120.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Seven analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $94.45.

BioMarin Pharmaceutical Stock Performance

Shares of BioMarin Pharmaceutical stock opened at $66.60 on Friday. The firm has a market cap of $12.65 billion, a PE ratio of 39.88, a price-to-earnings-growth ratio of 0.77 and a beta of 0.31. The firm’s 50-day simple moving average is $75.13 and its 200-day simple moving average is $80.59. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.95 and a current ratio of 4.27. BioMarin Pharmaceutical Inc. has a 1 year low of $65.35 and a 1 year high of $99.56.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its earnings results on Tuesday, October 29th. The biotechnology company reported $0.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.23). The company had revenue of $746.00 million during the quarter, compared to analyst estimates of $703.37 million. BioMarin Pharmaceutical had a net margin of 11.71% and a return on equity of 8.53%. The business’s revenue for the quarter was up 28.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.26 EPS. Equities analysts forecast that BioMarin Pharmaceutical Inc. will post 2.39 earnings per share 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.