Belpointe Asset Management LLC trimmed its stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 73.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,568 shares of the biotechnology company’s stock after selling 4,243 shares during the period. Belpointe Asset Management LLC’s holdings in BioMarin Pharmaceutical were worth $193,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vident Investment Advisory LLC purchased a new stake in shares of BioMarin Pharmaceutical in the second quarter worth about $736,000. Redpoint Investment Management Pty Ltd raised its stake in BioMarin Pharmaceutical by 31.3% during the second quarter. Redpoint Investment Management Pty Ltd now owns 4,957 shares of the biotechnology company’s stock valued at $611,000 after purchasing an additional 1,182 shares in the last quarter. Raymond James Financial Services Advisors Inc. bought a new position in BioMarin Pharmaceutical during the second quarter valued at $528,000. Telemus Capital LLC bought a new position in shares of BioMarin Pharmaceutical in the 2nd quarter valued at about $294,000. Finally, Rhenman & Partners Asset Management AB grew its position in BioMarin Pharmaceutical by 2.8% in the second quarter. Rhenman & Partners Asset Management AB now owns 190,000 shares of the biotechnology company’s stock worth $23,435,000 after acquiring an additional 5,155 shares in the last quarter. Institutional investors own 96.68% of the company’s stock.
Shares of BMRN stock opened at $122.95 on Friday. The firm has a market cap of $22.51 billion, a price-to-earnings ratio of 204.08 and a beta of 1.09. BioMarin Pharmaceutical Inc. has a 52-week low of $62.88 and a 52-week high of $131.95. The company has a quick ratio of 1.72, a current ratio of 2.58 and a debt-to-equity ratio of 0.15. The company’s 50 day moving average is $120.09 and its 200 day moving average is $96.86.
BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its earnings results on Wednesday, April 29th. The biotechnology company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.32. BioMarin Pharmaceutical had a return on equity of 3.62% and a net margin of 6.31%. The business had revenue of $502.07 million for the quarter, compared to analysts’ expectations of $468.77 million. During the same quarter last year, the firm earned ($0.32) EPS. The business’s revenue for the quarter was up 25.3% on a year-over-year basis. Analysts anticipate that BioMarin Pharmaceutical Inc. will post 0.43 EPS for the current fiscal year.
BMRN has been the subject of several recent analyst reports. Barclays lifted their price objective on shares of BioMarin Pharmaceutical from $105.00 to $125.00 in a research note on Friday, June 5th. Credit Suisse Group reiterated a “buy” rating and issued a $128.00 price target on shares of BioMarin Pharmaceutical in a report on Monday, June 1st. Nomura restated a “hold” rating and set a $77.00 price objective on shares of BioMarin Pharmaceutical in a report on Thursday, April 30th. Canaccord Genuity upped their price objective on BioMarin Pharmaceutical from $108.00 to $119.00 in a research report on Friday, May 8th. Finally, BidaskClub downgraded BioMarin Pharmaceutical from a “buy” rating to a “hold” rating in a research report on Friday. One research analyst has rated the stock with a sell rating, six have given a hold rating and sixteen have issued a buy rating to the company’s stock. BioMarin Pharmaceutical has an average rating of “Buy” and a consensus target price of $119.62.
In related news, CEO Jean Jacques Bienaime sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $89.38, for a total transaction of $357,520.00. Following the completion of the transaction, the chief executive officer now owns 298,552 shares in the company, valued at approximately $26,684,577.76. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Henry J. Fuchs sold 126,389 shares of the stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $130.00, for a total transaction of $16,430,570.00. Following the sale, the insider now directly owns 104,245 shares of the company’s stock, valued at approximately $13,551,850. The disclosure for this sale can be found here. Insiders have sold a total of 234,764 shares of company stock valued at $28,006,768 over the last 90 days. 2.15% of the stock is currently owned by company insiders.
BioMarin Pharmaceutical Company Profile
BioMarin Pharmaceutical Inc, a biotechnology company, develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. Its commercial products include Aldurazyme to treat mucopolysaccharidosis I, a genetic disease; Brineura for the treatment of late infantile neuronal ceroid lipofuscinosis type 2, a form of Batten disease; and Kuvan, a proprietary synthetic oral form of 6R-BH4 that is used to treat patients with phenylketonuria (PKU), an inherited metabolic disease.
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