Principal Financial Group Inc. Has $32.20 Million Stock Position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Principal Financial Group Inc. reduced its position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 29.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 458,039 shares of the biotechnology company’s stock after selling 191,421 shares during the period. Principal Financial Group Inc.’s holdings in BioMarin Pharmaceutical were worth $32,196,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Innealta Capital LLC bought a new stake in shares of BioMarin Pharmaceutical in the 2nd quarter valued at approximately $25,000. BOKF NA bought a new stake in BioMarin Pharmaceutical in the second quarter worth approximately $31,000. nVerses Capital LLC bought a new stake in BioMarin Pharmaceutical in the third quarter worth approximately $28,000. TD Private Client Wealth LLC increased its stake in shares of BioMarin Pharmaceutical by 57.4% during the 3rd quarter. TD Private Client Wealth LLC now owns 510 shares of the biotechnology company’s stock worth $36,000 after purchasing an additional 186 shares during the last quarter. Finally, Itau Unibanco Holding S.A. bought a new position in shares of BioMarin Pharmaceutical during the 2nd quarter valued at $47,000. 98.71% of the stock is owned by hedge funds and other institutional investors.

BioMarin Pharmaceutical Stock Performance

Shares of NASDAQ BMRN opened at $66.27 on Tuesday. BioMarin Pharmaceutical Inc. has a one year low of $61.15 and a one year high of $99.25. The company has a current ratio of 4.27, a quick ratio of 2.62 and a debt-to-equity ratio of 0.11. The business has a fifty day simple moving average of $66.58 and a 200 day simple moving average of $76.76. The firm has a market capitalization of $12.63 billion, a price-to-earnings ratio of 39.68, a PEG ratio of 0.65 and a beta of 0.29.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings data on Tuesday, October 29th. The biotechnology company reported $0.55 EPS for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.23). BioMarin Pharmaceutical had a return on equity of 8.53% and a net margin of 11.71%. The business had revenue of $746.00 million for the quarter, compared to the consensus estimate of $703.37 million. During the same period in the previous year, the business posted $0.26 earnings per share. BioMarin Pharmaceutical’s revenue was up 28.4% on a year-over-year basis. Sell-side analysts expect that BioMarin Pharmaceutical Inc. will post 2.49 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Charles Greg Guyer sold 5,278 shares of the stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $66.37, for a total value of $350,300.86. Following the completion of the transaction, the executive vice president now directly owns 68,909 shares of the company’s stock, valued at approximately $4,573,490.33. This represents a 7.11 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.85% of the company’s stock.

Analyst Upgrades and Downgrades

BMRN has been the subject of a number of recent research reports. Barclays decreased their price objective on shares of BioMarin Pharmaceutical from $110.00 to $86.00 and set an “overweight” rating for the company in a report on Friday, October 4th. Canaccord Genuity Group lowered their price objective on BioMarin Pharmaceutical from $93.00 to $84.00 and set a “hold” rating on the stock in a report on Wednesday, October 30th. Bank of America decreased their target price on BioMarin Pharmaceutical from $130.00 to $115.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. Robert W. Baird reduced their price objective on shares of BioMarin Pharmaceutical from $72.00 to $65.00 and set a “neutral” rating for the company in a research note on Wednesday, October 30th. Finally, Evercore ISI decreased their price objective on shares of BioMarin Pharmaceutical from $115.00 to $105.00 and set an “outperform” rating for the company in a report on Wednesday, October 30th. Seven analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, BioMarin Pharmaceutical currently has a consensus rating of “Moderate Buy” and a consensus target price of $94.20.

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.