Clearbridge Investments LLC Sells 1,529 Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Clearbridge Investments LLC lessened its stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 0.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 259,573 shares of the biotechnology company’s stock after selling 1,529 shares during the period. Clearbridge Investments LLC’s holdings in BioMarin Pharmaceutical were worth $21,371,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Principal Financial Group Inc. increased its stake in shares of BioMarin Pharmaceutical by 1,858.6% during the 2nd quarter. Principal Financial Group Inc. now owns 649,460 shares of the biotechnology company’s stock worth $53,470,000 after purchasing an additional 616,301 shares during the last quarter. Avoro Capital Advisors LLC increased its position in BioMarin Pharmaceutical by 11.7% during the fourth quarter. Avoro Capital Advisors LLC now owns 4,300,000 shares of the biotechnology company’s stock worth $414,606,000 after buying an additional 450,000 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of BioMarin Pharmaceutical by 33.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,605,983 shares of the biotechnology company’s stock valued at $154,850,000 after buying an additional 401,152 shares during the last quarter. Third Point LLC acquired a new position in shares of BioMarin Pharmaceutical during the 4th quarter worth approximately $37,122,000. Finally, Assenagon Asset Management S.A. boosted its position in BioMarin Pharmaceutical by 11,107.4% during the second quarter. Assenagon Asset Management S.A. now owns 352,474 shares of the biotechnology company’s stock worth $29,019,000 after purchasing an additional 349,329 shares during the period. 98.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BMRN has been the subject of a number of recent research reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $110.00 target price on shares of BioMarin Pharmaceutical in a research report on Monday, September 9th. Truist Financial cut their price objective on shares of BioMarin Pharmaceutical from $118.00 to $90.00 and set a “buy” rating for the company in a report on Tuesday, September 17th. Royal Bank of Canada decreased their target price on shares of BioMarin Pharmaceutical from $85.00 to $80.00 and set a “sector perform” rating on the stock in a research report on Friday. Sanford C. Bernstein cut their price target on BioMarin Pharmaceutical from $116.00 to $90.00 and set an “outperform” rating for the company in a research note on Tuesday, September 17th. Finally, Canaccord Genuity Group reissued a “hold” rating and set a $93.00 price target on shares of BioMarin Pharmaceutical in a research report on Friday, September 13th. Seven analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, BioMarin Pharmaceutical currently has a consensus rating of “Moderate Buy” and a consensus price target of $97.32.

BioMarin Pharmaceutical Stock Up 2.0 %

Shares of NASDAQ BMRN opened at $69.51 on Friday. The company has a quick ratio of 1.95, a current ratio of 3.05 and a debt-to-equity ratio of 0.11. The firm has a market cap of $13.20 billion, a PE ratio of 64.96, a P/E/G ratio of 0.80 and a beta of 0.32. The company’s fifty day simple moving average is $82.55 and its 200 day simple moving average is $83.20. BioMarin Pharmaceutical Inc. has a 12-month low of $67.75 and a 12-month high of $99.56.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings results on Monday, August 5th. The biotechnology company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.39. BioMarin Pharmaceutical had a return on equity of 6.91% and a net margin of 9.91%. The business had revenue of $712.03 million for the quarter, compared to the consensus estimate of $660.51 million. As a group, sell-side analysts forecast that BioMarin Pharmaceutical Inc. will post 2.39 earnings per share for the current fiscal 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.