Bridgewater Associates LP Increases Stock Position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Bridgewater Associates LP increased its stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 306.8% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 142,314 shares of the biotechnology company’s stock after purchasing an additional 107,330 shares during the period. Bridgewater Associates LP owned approximately 0.07% of BioMarin Pharmaceutical worth $10,003,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Quent Capital LLC raised its stake in BioMarin Pharmaceutical by 58.9% during the 2nd quarter. Quent Capital LLC now owns 391 shares of the biotechnology company’s stock valued at $32,000 after buying an additional 145 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. grew its holdings in shares of BioMarin Pharmaceutical by 0.8% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 21,105 shares of the biotechnology company’s stock worth $1,483,000 after acquiring an additional 173 shares during the period. Advisors Asset Management Inc. increased its position in BioMarin Pharmaceutical by 1.6% during the third quarter. Advisors Asset Management Inc. now owns 11,451 shares of the biotechnology company’s stock valued at $805,000 after acquiring an additional 180 shares during the last quarter. Voisard Asset Management Group Inc. lifted its holdings in BioMarin Pharmaceutical by 17.8% in the third quarter. Voisard Asset Management Group Inc. now owns 1,355 shares of the biotechnology company’s stock valued at $95,000 after acquiring an additional 205 shares during the period. Finally, GAMMA Investing LLC boosted its position in 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 purchasing an additional 281 shares during the last quarter. Institutional investors own 98.71% of the company’s stock.

BioMarin Pharmaceutical Stock Up 0.8 %

BMRN opened at $65.42 on Friday. The company has a market capitalization of $12.47 billion, a PE ratio of 39.17, a price-to-earnings-growth ratio of 0.64 and a beta of 0.31. The firm has a 50-day simple moving average of $67.81 and a two-hundred day simple moving average of $78.01. The company has a quick ratio of 2.62, a current ratio of 4.27 and a debt-to-equity ratio of 0.11. BioMarin Pharmaceutical Inc. has a 52 week low of $61.15 and a 52 week high of $99.56.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings results on Tuesday, October 29th. The biotechnology company reported $0.55 EPS for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.23). BioMarin Pharmaceutical had a net margin of 11.71% and a return on equity of 8.53%. The firm had revenue of $746.00 million for the quarter, compared to the consensus estimate of $703.37 million. During the same period in the previous year, the company posted $0.26 earnings per share. BioMarin Pharmaceutical’s quarterly revenue was up 28.4% on a year-over-year basis. Analysts forecast that BioMarin Pharmaceutical Inc. will post 2.49 earnings per share for the current fiscal year.

Insider Activity at BioMarin Pharmaceutical

In other news, EVP Charles Greg Guyer sold 5,278 shares of the company’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $66.37, for a total transaction of $350,300.86. Following the sale, the executive vice president now directly owns 68,909 shares in the company, valued at approximately $4,573,490.33. This represents a 7.11 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.85% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms have recently commented on BMRN. Stifel Nicolaus reduced their price target on shares of BioMarin Pharmaceutical from $115.00 to $87.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. Piper Sandler upped their target price on shares of BioMarin Pharmaceutical from $107.00 to $122.00 and gave the company an “overweight” rating in a report on Thursday, September 5th. StockNews.com upgraded shares of BioMarin Pharmaceutical from a “hold” rating to a “buy” rating in a research note on Thursday, August 8th. Raymond James reissued an “outperform” rating and set a $79.00 price objective on shares of BioMarin Pharmaceutical in a research report on Thursday, October 10th. Finally, Wolfe Research began coverage on BioMarin Pharmaceutical in a report on Friday, November 15th. They issued an “outperform” rating and a $95.00 target price on the stock. Seven investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $94.20.

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.