Proficio Capital Partners LLC Takes Position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Proficio Capital Partners LLC purchased a new stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 14,000 shares of the biotechnology company’s stock, valued at approximately $920,000.

A number of other hedge funds have also recently made changes to their positions in BMRN. TD Private Client Wealth LLC lifted its stake in BioMarin Pharmaceutical by 57.4% in the third quarter. TD Private Client Wealth LLC now owns 510 shares of the biotechnology company’s stock valued at $36,000 after buying an additional 186 shares during the period. Meeder Asset Management Inc. lifted its stake in BioMarin Pharmaceutical by 920.8% in the third quarter. Meeder Asset Management Inc. now owns 735 shares of the biotechnology company’s stock valued at $52,000 after buying an additional 663 shares during the period. True Wealth Design LLC lifted its stake in BioMarin Pharmaceutical by 13,400.0% in the third quarter. True Wealth Design LLC now owns 810 shares of the biotechnology company’s stock valued at $57,000 after buying an additional 804 shares during the period. UMB Bank n.a. lifted its stake in BioMarin Pharmaceutical by 260.1% in the fourth quarter. UMB Bank n.a. now owns 1,019 shares of the biotechnology company’s stock valued at $67,000 after buying an additional 736 shares during the period. Finally, Covestor Ltd lifted its stake in BioMarin Pharmaceutical by 336.4% in the third quarter. Covestor Ltd now owns 1,030 shares of the biotechnology company’s stock valued at $72,000 after buying an additional 794 shares during the period. 98.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on BMRN. Royal Bank of Canada reissued a “sector perform” rating and issued a $70.00 price target on shares of BioMarin Pharmaceutical in a research note on Thursday, February 20th. Wedbush restated an “outperform” rating and set a $94.00 price objective on shares of BioMarin Pharmaceutical in a report on Thursday, February 20th. Wolfe Research started coverage on BioMarin Pharmaceutical in a report on Friday, November 15th. They set an “outperform” rating and a $95.00 price objective for the company. Citigroup boosted their price objective on BioMarin Pharmaceutical from $81.00 to $82.00 and gave the company a “neutral” rating in a report on Thursday, February 20th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $90.00 price objective on shares of BioMarin Pharmaceutical in a report on Thursday, February 20th. Seven analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $94.00.

BioMarin Pharmaceutical Stock Up 1.4 %

Shares of NASDAQ BMRN opened at $72.23 on Friday. BioMarin Pharmaceutical Inc. has a one year low of $60.63 and a one year high of $94.85. The company has a debt-to-equity ratio of 0.11, a current ratio of 5.33 and a quick ratio of 2.62. The business’s fifty day moving average price is $65.76 and its 200-day moving average price is $69.50. The stock has a market capitalization of $13.78 billion, a PE ratio of 32.83, a P/E/G ratio of 0.61 and a beta of 0.33.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its quarterly earnings results on Wednesday, February 19th. The biotechnology company reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.18. The firm had revenue of $747.31 million for the quarter, compared to analysts’ expectations of $711.05 million. BioMarin Pharmaceutical had a return on equity of 9.91% and a net margin of 14.96%. On average, equities research analysts anticipate that BioMarin Pharmaceutical Inc. will post 3.15 EPS for the current year.

Insider Buying and Selling

In related news, CAO Erin Burkhart sold 1,344 shares of the stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $68.38, for a total transaction of $91,902.72. Following the sale, the chief accounting officer now owns 13,105 shares of the company’s stock, valued at approximately $896,119.90. This represents a 9.30 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.85% of the stock is currently owned by insiders.

About BioMarin Pharmaceutical

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.