Federated Hermes Inc. Invests $1.66 Million in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Federated Hermes Inc. purchased a new stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) in the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 20,167 shares of the biotechnology company’s stock, valued at approximately $1,660,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BMRN. Vanguard Group Inc. boosted its position in shares of BioMarin Pharmaceutical by 0.4% in the first quarter. Vanguard Group Inc. now owns 18,117,108 shares of the biotechnology company’s stock valued at $1,582,348,000 after acquiring an additional 67,046 shares during the period. Capital Research Global Investors raised its stake in BioMarin Pharmaceutical by 79.0% in the 4th quarter. Capital Research Global Investors now owns 10,774,641 shares of the biotechnology company’s stock worth $1,038,907,000 after purchasing an additional 4,756,671 shares in the last quarter. Avoro Capital Advisors LLC grew its position in shares of BioMarin Pharmaceutical by 1.5% during the 1st quarter. Avoro Capital Advisors LLC now owns 4,365,000 shares of the biotechnology company’s stock worth $381,239,000 after purchasing an additional 65,000 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of BioMarin Pharmaceutical by 33.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,605,983 shares of the biotechnology company’s stock worth $154,850,000 after purchasing an additional 401,152 shares in the last quarter. Finally, DNB Asset Management AS increased its holdings in shares of BioMarin Pharmaceutical by 17.7% during the second quarter. DNB Asset Management AS now owns 1,021,054 shares of the biotechnology company’s stock worth $84,063,000 after purchasing an additional 153,867 shares during the period. 98.71% of the stock is owned by institutional investors and hedge funds.

BioMarin Pharmaceutical Stock Down 1.0 %

NASDAQ:BMRN opened at $70.69 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.05 and a quick ratio of 1.95. BioMarin Pharmaceutical Inc. has a one year low of $68.83 and a one year high of $99.56. The firm’s 50 day simple moving average is $85.57 and its 200 day simple moving average is $84.29. The company has a market cap of $13.42 billion, a PE ratio of 66.07, a P/E/G ratio of 1.03 and a beta of 0.32.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its quarterly earnings data on Monday, August 5th. The biotechnology company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.39. The company had revenue of $712.03 million for the quarter, compared to analysts’ expectations of $660.51 million. BioMarin Pharmaceutical had a net margin of 9.91% and a return on equity of 6.91%. On average, research analysts anticipate that BioMarin Pharmaceutical Inc. will post 2.4 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on BMRN shares. William Blair raised BioMarin Pharmaceutical to a “strong-buy” rating in a research report on Friday, August 30th. Truist Financial reduced their target price on BioMarin Pharmaceutical from $118.00 to $90.00 and set a “buy” rating on the stock in a report on Tuesday. Scotiabank dropped their price target on BioMarin Pharmaceutical from $95.00 to $78.00 and set a “sector perform” rating for the company in a research note on Tuesday. Bank of America reduced their price objective on shares of BioMarin Pharmaceutical from $130.00 to $115.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, TD Cowen dropped their target price on shares of BioMarin Pharmaceutical from $125.00 to $120.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Eight research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, BioMarin Pharmaceutical currently has an average rating of “Moderate Buy” and an average target price of $98.84.

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.