State of Alaska Department of Revenue Cuts Stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

State of Alaska Department of Revenue cut its holdings in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 19.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 29,225 shares of the biotechnology company’s stock after selling 7,045 shares during the period. State of Alaska Department of Revenue’s holdings in BioMarin Pharmaceutical were worth $2,053,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in BMRN. Envestnet Portfolio Solutions Inc. increased its position in BioMarin Pharmaceutical by 1.2% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 10,668 shares of the biotechnology company’s stock valued at $932,000 after buying an additional 130 shares in the last quarter. Quent Capital LLC boosted its stake in BioMarin Pharmaceutical by 58.9% in the 2nd quarter. Quent Capital LLC now owns 391 shares of the biotechnology company’s stock worth $32,000 after purchasing an additional 145 shares in the last quarter. Grandfield & Dodd LLC grew its position in BioMarin Pharmaceutical by 1.6% during the 1st quarter. Grandfield & Dodd LLC now owns 16,127 shares of the biotechnology company’s stock worth $1,409,000 after purchasing an additional 255 shares during the last quarter. AIA Group Ltd increased its stake in BioMarin Pharmaceutical by 7.0% during the 1st quarter. AIA Group Ltd now owns 4,076 shares of the biotechnology company’s stock valued at $356,000 after purchasing an additional 266 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of BioMarin Pharmaceutical by 56.1% in the third quarter. GAMMA Investing LLC now owns 782 shares of the biotechnology company’s stock worth $55,000 after buying an additional 281 shares during the last quarter. Hedge funds and other institutional investors own 98.71% of the company’s stock.

BioMarin Pharmaceutical Price Performance

Shares of NASDAQ BMRN opened at $66.60 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.95 and a current ratio of 4.27. The firm has a fifty day moving average of $75.13 and a 200 day moving average of $80.67. The firm has a market cap of $12.65 billion, a PE ratio of 39.88, a PEG ratio of 0.77 and a beta of 0.31. BioMarin Pharmaceutical Inc. has a one year low of $65.35 and a one year high of $99.56.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings results on Tuesday, October 29th. The biotechnology company reported $0.55 earnings per share for the quarter, missing the consensus estimate of $0.78 by ($0.23). BioMarin Pharmaceutical had a return on equity of 8.53% and a net margin of 11.71%. The company had revenue of $746.00 million for the quarter, compared to analyst estimates of $703.37 million. During the same quarter last year, the company earned $0.26 EPS. The firm’s revenue for the quarter was up 28.4% on a year-over-year basis. As a group, research analysts predict that BioMarin Pharmaceutical Inc. will post 2.39 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on BMRN shares. Canaccord Genuity Group dropped their price objective on shares of BioMarin Pharmaceutical from $93.00 to $84.00 and set a “hold” rating on the stock in a report on Wednesday. Raymond James restated an “outperform” rating and issued a $79.00 price objective on shares of BioMarin Pharmaceutical in a research note on Thursday, October 10th. Cantor Fitzgerald dropped their target price on BioMarin Pharmaceutical from $110.00 to $90.00 and set an “overweight” rating on the stock in a research report on Wednesday. Citigroup reduced their price target on shares of BioMarin Pharmaceutical from $93.00 to $81.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, Robert W. Baird dropped their price objective on shares of BioMarin Pharmaceutical from $72.00 to $65.00 and set a “neutral” rating on the stock in a report on Wednesday. Eight equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $93.67.

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.