BioMarin Pharmaceutical Inc. (BMRN) Shares Bought by Pitcairn Co.
Pitcairn Co. boosted its position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 10.4% during the second quarter, Holdings Channel reports. The fund owned 7,791 shares of the company’s stock after buying an additional 734 shares during the period. Pitcairn Co.’s holdings in BioMarin Pharmaceutical were worth $607,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of BMRN. Primecap Management Co. CA raised its stake in shares of BioMarin Pharmaceutical by 0.3% in the first quarter. Primecap Management Co. CA now owns 7,350,369 shares of the company’s stock worth $606,258,000 after buying an additional 19,680 shares during the last quarter. State Street Corp raised its stake in shares of BioMarin Pharmaceutical by 5.6% in the first quarter. State Street Corp now owns 3,286,743 shares of the company’s stock worth $271,074,000 after buying an additional 175,733 shares during the last quarter. Norges Bank purchased a new stake in shares of BioMarin Pharmaceutical during the fourth quarter worth approximately $122,313,000. UBS Asset Management Americas Inc. raised its stake in shares of BioMarin Pharmaceutical by 9.1% in the first quarter. UBS Asset Management Americas Inc. now owns 1,147,639 shares of the company’s stock worth $94,658,000 after buying an additional 96,052 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. raised its stake in shares of BioMarin Pharmaceutical by 316.3% in the first quarter. Adage Capital Partners GP L.L.C. now owns 1,052,900 shares of the company’s stock worth $86,843,000 after buying an additional 800,000 shares during the last quarter. 93.02% of the stock is owned by institutional investors and hedge funds.
BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) traded down 0.12% on Thursday, hitting $97.45. 1,053,706 shares of the stock traded hands. The company’s 50 day moving average price is $95.53 and its 200-day moving average price is $88.40. BioMarin Pharmaceutical Inc. has a 52-week low of $62.12 and a 52-week high of $118.48. The stock’s market cap is $15.93 billion.
BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings results on Thursday, August 4th. The company reported ($2.61) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.52) by $2.09. BioMarin Pharmaceutical had a negative net margin of 54.53% and a negative return on equity of 11.99%. The firm had revenue of $300.10 million for the quarter, compared to analysts’ expectations of $278.75 million. During the same quarter in the previous year, the company earned ($0.51) EPS. The company’s quarterly revenue was up 20.0% compared to the same quarter last year. On average, analysts forecast that BioMarin Pharmaceutical Inc. will post ($3.95) earnings per share for the current fiscal year.
A number of analysts recently commented on BMRN shares. JPMorgan Chase & Co. boosted their target price on BioMarin Pharmaceutical from $120.00 to $127.00 and gave the company an “overweight” rating in a research report on Friday, August 5th. Zacks Investment Research downgraded BioMarin Pharmaceutical from a “buy” rating to a “hold” rating in a research note on Thursday, July 14th. Piper Jaffray Cos. reiterated an “overweight” rating on shares of BioMarin Pharmaceutical in a research note on Friday, August 19th. Leerink Swann reiterated an “outperform” rating and set a $107.00 price target on shares of BioMarin Pharmaceutical in a research note on Wednesday, June 22nd. Finally, Cowen and Company set a $150.00 price target on BioMarin Pharmaceutical and gave the company a “buy” rating in a research note on Thursday, September 8th. Three analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. BioMarin Pharmaceutical currently has an average rating of “Buy” and an average price target of $120.61.
In related news, Director V Bryan Lawlis sold 6,400 shares of the firm’s stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $95.01, for a total value of $608,064.00. Following the sale, the director now owns 20,260 shares in the company, valued at $1,924,902.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jean Jacques Bienaime sold 137,368 shares of the firm’s stock in a transaction that occurred on Friday, September 16th. The stock was sold at an average price of $95.34, for a total transaction of $13,096,665.12. Following the completion of the sale, the chief executive officer now owns 421,161 shares in the company, valued at approximately $40,153,489.74. The disclosure for this sale can be found here. Insiders own 2.50% of the company’s stock.
About BioMarin Pharmaceutical
BioMarin Pharmaceutical Inc (BioMarin) develops and commercializes pharmaceuticals for various diseases and medical conditions. The Company’s product portfolio consists of approximately five approved products, and multiple clinical and pre-clinical product candidates. Its approved products include Vimizim (elosulfase alpha), Naglazyme (galsulfase), Kuvan (sapropterin dihydrochloride), Aldurazyme (laronidase) and Firdapse (amifampridine phosphate).
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