State of New Jersey Common Pension Fund D Sells 37,718 Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

State of New Jersey Common Pension Fund D lessened its position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 35.5% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 68,403 shares of the biotechnology company’s stock after selling 37,718 shares during the period. State of New Jersey Common Pension Fund D’s holdings in BioMarin Pharmaceutical were worth $5,632,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the company. AGF Management Ltd. bought a new stake in BioMarin Pharmaceutical in the second quarter valued at approximately $2,563,000. Daiwa Securities Group Inc. increased its stake in BioMarin Pharmaceutical by 3.2% in the second quarter. Daiwa Securities Group Inc. now owns 16,821 shares of the biotechnology company’s stock valued at $1,385,000 after purchasing an additional 514 shares in the last quarter. Andra AP fonden bought a new stake in BioMarin Pharmaceutical in the second quarter valued at approximately $1,515,000. Royal London Asset Management Ltd. increased its stake in BioMarin Pharmaceutical by 1.5% in the second quarter. Royal London Asset Management Ltd. now owns 73,287 shares of the biotechnology company’s stock valued at $6,034,000 after purchasing an additional 1,090 shares in the last quarter. Finally, Texas Permanent School Fund Corp bought a new stake in shares of BioMarin Pharmaceutical during the second quarter worth $2,194,000. Institutional investors own 98.71% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on BMRN. Royal Bank of Canada reissued a “sector perform” rating and set a $100.00 price objective on shares of BioMarin Pharmaceutical in a research report on Thursday, September 5th. Wells Fargo & Company increased their price objective on shares of BioMarin Pharmaceutical from $110.00 to $115.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Cantor Fitzgerald restated an “overweight” rating and set a $110.00 target price on shares of BioMarin Pharmaceutical in a report on Monday, September 9th. Barclays reduced their target price on shares of BioMarin Pharmaceutical from $111.00 to $110.00 and set an “overweight” rating for the company in a report on Tuesday, August 6th. Finally, Piper Sandler increased their target price on shares of BioMarin Pharmaceutical from $107.00 to $122.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. Eight 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 company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $106.11.

BioMarin Pharmaceutical Price Performance

NASDAQ:BMRN opened at $84.90 on Monday. BioMarin Pharmaceutical Inc. has a 52 week low of $73.68 and a 52 week high of $99.56. The firm has a market cap of $16.12 billion, a price-to-earnings ratio of 79.35, a P/E/G ratio of 1.03 and a beta of 0.32. The firm’s 50-day simple moving average is $86.84 and its 200 day simple moving average is $84.82. 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 released 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. 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 analyst estimates of $660.51 million. As a group, sell-side analysts predict that BioMarin Pharmaceutical Inc. will post 2.4 earnings per share for the current year.

BioMarin Pharmaceutical Company 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.