Louisiana State Employees Retirement System Decreases Stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Louisiana State Employees Retirement System cut its holdings in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 1.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 52,800 shares of the biotechnology company’s stock after selling 900 shares during the quarter. Louisiana State Employees Retirement System’s holdings in BioMarin Pharmaceutical were worth $3,711,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BMRN. International Assets Investment Management LLC purchased a new position in BioMarin Pharmaceutical during the 3rd quarter valued at about $12,940,000. Lecap Asset Management Ltd. purchased a new position in BioMarin Pharmaceutical during the third quarter valued at approximately $1,009,000. Sequoia Financial Advisors LLC purchased a new position in BioMarin Pharmaceutical during the third quarter valued at approximately $279,000. Blue Trust Inc. lifted its stake in BioMarin Pharmaceutical by 504.9% in the 3rd quarter. Blue Trust Inc. now owns 859 shares of the biotechnology company’s stock worth $60,000 after purchasing an additional 717 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in BioMarin Pharmaceutical by 23.4% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 20,763 shares of the biotechnology company’s stock valued at $1,459,000 after purchasing an additional 3,939 shares during the period. Institutional investors own 98.71% of the company’s stock.

BioMarin Pharmaceutical Stock Performance

NASDAQ:BMRN opened at $69.73 on Monday. The firm’s fifty day simple moving average is $77.53 and its 200 day simple moving average is $81.35. BioMarin Pharmaceutical Inc. has a twelve month low of $67.75 and a twelve month high of $99.56. 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 stock has a market cap of $13.24 billion, a P/E ratio of 65.17, a price-to-earnings-growth ratio of 0.81 and a beta of 0.31.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its quarterly earnings data on Monday, August 5th. The biotechnology company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.38 by $0.39. The business had revenue of $712.03 million during the quarter, compared to analyst estimates of $660.51 million. BioMarin Pharmaceutical had a net margin of 9.91% and a return on equity of 6.91%. As a group, research analysts predict that BioMarin Pharmaceutical Inc. will post 2.39 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on BMRN shares. Truist Financial decreased their price target on shares of BioMarin Pharmaceutical from $118.00 to $90.00 and set a “buy” rating on the stock in a report on Tuesday, September 17th. Bank of America dropped their price target 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. StockNews.com raised shares of BioMarin Pharmaceutical from a “hold” rating to a “buy” rating in a research note on Thursday, August 8th. Scotiabank cut their price target on shares of BioMarin Pharmaceutical from $95.00 to $78.00 and set a “sector perform” rating for the company in a research note on Tuesday, September 17th. Finally, Barclays lowered their price objective on shares of BioMarin Pharmaceutical from $110.00 to $86.00 and set an “overweight” rating on the stock in a research report on Friday, October 4th. Seven investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, BioMarin Pharmaceutical has an average rating of “Moderate Buy” and a consensus target price of $96.40.

BioMarin Pharmaceutical 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.