Cannon Global Investment Management LLC Makes New Investment in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Cannon Global Investment Management LLC bought a new stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) in the fourth quarter, Holdings Channel reports. The institutional investor bought 7,000 shares of the biotechnology company’s stock, valued at approximately $675,000. BioMarin Pharmaceutical comprises about 5.1% of Cannon Global Investment Management LLC’s holdings, making the stock its 5th biggest holding.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Stratos Wealth Partners LTD. boosted its position in shares of BioMarin Pharmaceutical by 2.1% during the 4th quarter. Stratos Wealth Partners LTD. now owns 5,709 shares of the biotechnology company’s stock valued at $550,000 after acquiring an additional 115 shares during the last quarter. CWM LLC increased its stake in BioMarin Pharmaceutical by 10.0% in the third quarter. CWM LLC now owns 1,301 shares of the biotechnology company’s stock worth $115,000 after purchasing an additional 118 shares during the period. KB Financial Partners LLC increased its stake in BioMarin Pharmaceutical by 51.3% in the third quarter. KB Financial Partners LLC now owns 348 shares of the biotechnology company’s stock worth $31,000 after purchasing an additional 118 shares during the period. Howe & Rusling Inc. increased its stake in BioMarin Pharmaceutical by 0.4% in the fourth quarter. Howe & Rusling Inc. now owns 36,279 shares of the biotechnology company’s stock worth $3,755,000 after purchasing an additional 128 shares during the period. Finally, CIBC Asset Management Inc grew its position in shares of BioMarin Pharmaceutical by 2.5% during the 3rd quarter. CIBC Asset Management Inc now owns 6,479 shares of the biotechnology company’s stock worth $573,000 after buying an additional 155 shares in the last quarter. 98.71% of the stock is currently owned by institutional investors.

BioMarin Pharmaceutical Trading Down 1.1 %

Shares of NASDAQ BMRN traded down $1.00 during mid-day trading on Friday, reaching $89.07. 420,599 shares of the company’s stock were exchanged, compared to its average volume of 1,334,897. The firm has a market capitalization of $16.81 billion, a price-to-earnings ratio of 102.35, a PEG ratio of 1.67 and a beta of 0.31. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.57 and a current ratio of 2.51. BioMarin Pharmaceutical Inc. has a 52-week low of $76.02 and a 52-week high of $99.56. The company’s 50-day moving average is $87.61 and its 200-day moving average is $89.11.

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

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Cantor Fitzgerald reissued an “overweight” rating and set a $100.00 price target 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 target on shares of BioMarin Pharmaceutical in a report on Thursday, February 29th. Piper Sandler lowered their price target on BioMarin Pharmaceutical from $115.00 to $107.00 and set an “overweight” rating for the company in a report on Friday, February 23rd. Royal Bank of Canada restated a “sector perform” rating and issued a $100.00 price objective on shares of BioMarin Pharmaceutical in a research note on Friday, February 23rd. Finally, Robert W. Baird reduced their price target on BioMarin Pharmaceutical from $127.00 to $104.00 and set an “outperform” rating for the company in a research report on Tuesday, January 30th. Seven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, BioMarin Pharmaceutical currently has a consensus rating of “Moderate Buy” and a consensus price target of $107.61.

Insider Buying and Selling at BioMarin Pharmaceutical

In other news, EVP Jeffrey Robert Ajer sold 4,000 shares of the stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $87.07, for a total value of $348,280.00. Following the transaction, the executive vice president now owns 94,047 shares in the company, valued at approximately $8,188,672.29. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, EVP Jeffrey Robert Ajer sold 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $87.07, for a total transaction of $348,280.00. Following the transaction, the executive vice president now owns 94,047 shares in the company, valued at approximately $8,188,672.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jean Jacques Bienaime sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, April 12th. The stock was sold at an average price of $91.26, for a total value of $1,825,200.00. Following the transaction, the director now owns 474,994 shares in the company, valued at approximately $43,347,952.44. The disclosure for this sale can be found here. Insiders have sold 103,229 shares of company stock valued at $9,062,967 in the last quarter. Corporate insiders own 1.84% of the company’s stock.

About BioMarin Pharmaceutical

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.