Jennison Associates LLC Cuts Stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Jennison Associates LLC reduced its holdings in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 43.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 332,018 shares of the biotechnology company’s stock after selling 257,326 shares during the period. Jennison Associates LLC owned about 0.18% of BioMarin Pharmaceutical worth $32,013,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in BMRN. KB Financial Partners LLC increased its stake in BioMarin Pharmaceutical by 51.3% during the 3rd quarter. KB Financial Partners LLC now owns 348 shares of the biotechnology company’s stock worth $31,000 after buying an additional 118 shares during the period. Castleview Partners LLC purchased a new stake in BioMarin Pharmaceutical during the 3rd quarter worth approximately $35,000. Lindbrook Capital LLC increased its stake in BioMarin Pharmaceutical by 259.8% during the 4th quarter. Lindbrook Capital LLC now owns 385 shares of the biotechnology company’s stock worth $37,000 after buying an additional 278 shares during the period. Allworth Financial LP increased its stake in BioMarin Pharmaceutical by 54.9% during the 4th quarter. Allworth Financial LP now owns 604 shares of the biotechnology company’s stock worth $58,000 after buying an additional 214 shares during the period. Finally, Signaturefd LLC increased its position in shares of BioMarin Pharmaceutical by 17.9% in the 3rd quarter. Signaturefd LLC now owns 1,283 shares of the biotechnology company’s stock valued at $114,000 after purchasing an additional 195 shares during the last quarter. 98.71% of the stock is owned by hedge funds and other institutional investors.

BioMarin Pharmaceutical Stock Down 0.9 %

Shares of NASDAQ:BMRN opened at $91.20 on Thursday. The stock has a market cap of $17.21 billion, a P/E ratio of 103.64, a P/E/G ratio of 1.70 and a beta of 0.31. The firm has a fifty day moving average price of $87.86 and a 200 day moving average price of $89.23. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.51 and a quick ratio of 1.57. BioMarin Pharmaceutical Inc. has a 1-year low of $76.02 and a 1-year high of $99.56.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its quarterly earnings results on Thursday, February 22nd. The biotechnology company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.05. The firm had revenue of $646.21 million during the quarter, compared to analysts’ expectations of $639.53 million. BioMarin Pharmaceutical had a net margin of 6.93% and a return on equity of 5.01%. BioMarin Pharmaceutical’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.11 EPS. Sell-side analysts predict that BioMarin Pharmaceutical Inc. will post 1.85 EPS for the current year.

Insider Buying and Selling

In other news, CAO Erin Burkhart sold 2,286 shares of the firm’s stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $90.00, for a total value of $205,740.00. Following the completion of the sale, the chief accounting officer now owns 16,156 shares in the company, valued at approximately $1,454,040. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Henry J. Fuchs sold 35,341 shares of the firm’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $85.18, for a total value of $3,010,346.38. Following the completion of the sale, the insider now owns 212,117 shares in the company, valued at approximately $18,068,126.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Erin Burkhart sold 2,286 shares of the firm’s stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $90.00, for a total transaction of $205,740.00. Following the completion of the sale, the chief accounting officer now owns 16,156 shares of the company’s stock, valued at approximately $1,454,040. The disclosure for this sale can be found here. Insiders sold a total of 103,229 shares of company stock worth $9,062,967 in the last 90 days. Company insiders own 1.84% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on BMRN. Royal Bank of Canada reissued a “sector perform” rating and issued a $100.00 price objective on shares of BioMarin Pharmaceutical in a research report on Friday, February 23rd. Canaccord Genuity Group reissued a “hold” rating and issued a $91.00 price objective on shares of BioMarin Pharmaceutical in a research report on Thursday, February 29th. Cantor Fitzgerald reissued an “overweight” rating and issued a $100.00 price objective on shares of BioMarin Pharmaceutical in a research report on Friday, February 23rd. Piper Sandler dropped their price objective on shares of BioMarin Pharmaceutical from $115.00 to $107.00 and set an “overweight” rating on the stock in a research report on Friday, February 23rd. Finally, Robert W. Baird dropped their price objective on shares of BioMarin Pharmaceutical from $127.00 to $104.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 30th. Seven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, BioMarin Pharmaceutical presently has a consensus rating of “Moderate Buy” and an average target price of $107.61.

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.