Whittier Trust Co. Lowers Holdings in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Whittier Trust Co. reduced its stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 81.8% during the 2nd quarter, HoldingsChannel reports. The fund owned 377 shares of the biotechnology company’s stock after selling 1,700 shares during the period. Whittier Trust Co.’s holdings in BioMarin Pharmaceutical were worth $31,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. AMI Asset Management Corp increased its stake in BioMarin Pharmaceutical by 51.9% during the first 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 during the last quarter. ING Groep NV acquired a new stake in BioMarin Pharmaceutical during the 4th quarter worth approximately $20,248,000. Fisher Asset Management LLC purchased a new position in BioMarin Pharmaceutical in the fourth quarter valued at approximately $1,301,000. APG Asset Management US Inc. acquired a new position in BioMarin Pharmaceutical during the fourth quarter valued at approximately $3,462,000. Finally, Bridgewater Associates LP grew its stake in BioMarin Pharmaceutical by 18.3% during the fourth quarter. Bridgewater Associates LP now owns 190,970 shares of the biotechnology company’s stock worth $18,413,000 after buying an additional 29,576 shares during the period. 98.71% of the stock is owned by institutional investors and hedge funds.

BioMarin Pharmaceutical Price Performance

Shares of BMRN stock opened at $91.21 on Friday. The firm has a fifty day moving average of $86.11 and a two-hundred day moving average of $85.04. The firm has a market cap of $17.32 billion, a P/E ratio of 85.24, a P/E/G ratio of 1.20 and a beta of 0.32. BioMarin Pharmaceutical Inc. has a 1-year low of $73.68 and a 1-year high of $99.56. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.74 and a quick ratio of 1.70.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings results on Monday, August 5th. The biotechnology company reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.39. The business had revenue of $712.03 million during the quarter, compared to the consensus estimate of $660.51 million. BioMarin Pharmaceutical had a return on equity of 5.34% and a net margin of 8.31%. As a group, research analysts anticipate that BioMarin Pharmaceutical Inc. will post 2 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

BMRN has been the topic of a number of research reports. Sanford C. Bernstein raised shares of BioMarin Pharmaceutical from a “market perform” rating to an “outperform” rating and raised their target price for the company from $94.00 to $110.00 in a research note on Tuesday, August 20th. Wells Fargo & Company boosted their price objective on BioMarin Pharmaceutical from $110.00 to $115.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $100.00 target price on shares of BioMarin Pharmaceutical in a research note on Tuesday, August 6th. Stifel Nicolaus boosted their price target on BioMarin Pharmaceutical from $112.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday, August 21st. Finally, Robert W. Baird downgraded shares of BioMarin Pharmaceutical from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $104.00 to $72.00 in a research report on Friday, May 17th. Eight investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, BioMarin Pharmaceutical currently has an average rating of “Moderate Buy” and an average price target of $105.26.

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.