Manning & Napier Advisors LLC Raises Stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)
Manning & Napier Advisors LLC boosted its stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 25.2% during the second quarter, Holdings Channel reports. The firm owned 2,118,486 shares of the biotechnology company’s stock after buying an additional 426,016 shares during the period. BioMarin Pharmaceutical comprises about 1.7% of Manning & Napier Advisors LLC’s portfolio, making the stock its 21st largest position. Manning & Napier Advisors LLC’s holdings in BioMarin Pharmaceutical were worth $192,399,000 as of its most recent filing with the SEC.
Other large investors have also recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its stake in shares of BioMarin Pharmaceutical by 4.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 180,646 shares of the biotechnology company’s stock valued at $14,966,000 after buying an additional 7,130 shares during the period. Emory University boosted its stake in shares of BioMarin Pharmaceutical by 3.2% in the first quarter. Emory University now owns 23,791 shares of the biotechnology company’s stock valued at $2,088,000 after buying an additional 744 shares during the period. Perigon Wealth Management LLC boosted its stake in shares of BioMarin Pharmaceutical by 10.9% in the fourth quarter. Perigon Wealth Management LLC now owns 5,165 shares of the biotechnology company’s stock valued at $485,000 after buying an additional 506 shares during the period. UBS Asset Management Americas Inc. boosted its stake in shares of BioMarin Pharmaceutical by 11.3% in the first quarter. UBS Asset Management Americas Inc. now owns 1,087,995 shares of the biotechnology company’s stock valued at $95,504,000 after buying an additional 110,504 shares during the period. Finally, Gulf International Bank UK Ltd boosted its stake in shares of BioMarin Pharmaceutical by 1.5% in the first quarter. Gulf International Bank UK Ltd now owns 52,575 shares of the biotechnology company’s stock valued at $4,615,000 after buying an additional 800 shares during the period. 96.50% of the stock is currently owned by hedge funds and other institutional investors.
Shares of BioMarin Pharmaceutical Inc. (BMRN) traded up 1.76% during mid-day trading on Friday, hitting $89.28. The company had a trading volume of 1,137,963 shares. The firm has a 50-day moving average price of $90.78 and a 200 day moving average price of $89.94. The firm’s market capitalization is $15.58 billion. BioMarin Pharmaceutical Inc. has a 52-week low of $78.42 and a 52-week high of $102.49.
BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its earnings results on Thursday, May 4th. The biotechnology company reported $0.03 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.30) by $0.33. BioMarin Pharmaceutical had a negative net margin of 48.43% and a negative return on equity of 22.71%. The firm had revenue of $303.70 million during the quarter, compared to the consensus estimate of $292.58 million. During the same quarter last year, the firm earned ($0.53) EPS. The firm’s revenue for the quarter was up 28.3% on a year-over-year basis. Analysts expect that BioMarin Pharmaceutical Inc. will post ($0.85) earnings per share for the current year.
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BMRN has been the topic of several research reports. Jefferies Group LLC reaffirmed a “buy” rating and issued a $116.00 target price on shares of BioMarin Pharmaceutical in a report on Wednesday, April 26th. Vetr cut BioMarin Pharmaceutical from a “strong-buy” rating to a “buy” rating and set a $95.10 target price on the stock. in a report on Monday, April 10th. Zacks Investment Research raised BioMarin Pharmaceutical from a “hold” rating to a “buy” rating and set a $107.00 price objective on the stock in a research note on Monday, May 1st. Credit Suisse Group AG reissued an “outperform” rating and set a $112.00 price objective on shares of BioMarin Pharmaceutical in a research note on Tuesday, April 18th. Finally, BMO Capital Markets reduced their price objective on BioMarin Pharmaceutical from $112.00 to $105.00 and set an “outperform” rating on the stock in a research note on Monday, April 24th. One analyst has rated the stock with a sell rating, nine have given a hold rating and fourteen have assigned a buy rating to the company’s stock. BioMarin Pharmaceutical has an average rating of “Buy” and an average price target of $111.29.
In other news, CEO Jean Jacques Bienaime sold 5,000 shares of BioMarin Pharmaceutical stock in a transaction on Tuesday, April 25th. The shares were sold at an average price of $94.00, for a total transaction of $470,000.00. Following the completion of the sale, the chief executive officer now directly owns 243,194 shares of the company’s stock, valued at approximately $22,860,236. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Jeffrey Robert Ajer sold 1,004 shares of BioMarin Pharmaceutical stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $89.61, for a total transaction of $89,968.44. Following the sale, the executive vice president now directly owns 47,944 shares of the company’s stock, valued at $4,296,261.84. The disclosure for this sale can be found here. Insiders sold a total of 92,024 shares of company stock valued at $8,536,526 in the last three months. 2.50% of the stock is currently owned by corporate insiders.
About BioMarin Pharmaceutical
BioMarin Pharmaceutical Inc is a biotechnology company. The Company develops and commercializes pharmaceuticals for various diseases and medical conditions. As of December 31, 2016, the Company’s therapy portfolio consisted of five products, and multiple clinical and pre-clinical product candidates. Its commercial products include Aldurazyme (laronidase) for Mucopolysaccharidosis I (MPS I), Firdapse (amifampridine phosphate) for Lambert Eaton Myasthenic Syndrome (LEMS), Kuvan (sapropterin dihydrochloride) for phenylketonuria (PKU), Naglazyme (galsulfase) for Mucopolysaccharidosis VI (MPS VI) and Vimizim (elosulfase alpha) for Mucopolysaccharidosis IV Type A (MPS IV A).
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