Summit Financial LLC Sells 5,169 Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Summit Financial LLC lowered its stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 8.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 58,559 shares of the biotechnology company’s stock after selling 5,169 shares during the period. Summit Financial LLC’s holdings in BioMarin Pharmaceutical were worth $5,646,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Sivik Global Healthcare LLC raised its holdings in shares of BioMarin Pharmaceutical by 10.0% in the fourth quarter. Sivik Global Healthcare LLC now owns 55,000 shares of the biotechnology company’s stock valued at $5,303,000 after acquiring an additional 5,000 shares in the last quarter. C WorldWide Group Holding A S lifted its holdings in BioMarin Pharmaceutical by 19.7% in the fourth quarter. C WorldWide Group Holding A S now owns 303,851 shares of the biotechnology company’s stock valued at $29,297,000 after acquiring an additional 50,000 shares during the period. Headlands Technologies LLC grew its position in BioMarin Pharmaceutical by 950.0% during the fourth quarter. Headlands Technologies LLC now owns 1,281 shares of the biotechnology company’s stock valued at $124,000 after buying an additional 1,159 shares during the period. Atria Wealth Solutions Inc. raised its holdings in BioMarin Pharmaceutical by 1.6% in the 4th quarter. Atria Wealth Solutions Inc. now owns 9,729 shares of the biotechnology company’s stock worth $938,000 after purchasing an additional 153 shares during the period. Finally, Yousif Capital Management LLC acquired a new stake in BioMarin Pharmaceutical in the 4th quarter valued at $214,000. 98.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at BioMarin Pharmaceutical

In related news, Director Jean Jacques Bienaime sold 1,000 shares of the company’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $90.35, for a total value of $90,350.00. Following the completion of the sale, the director now owns 562,203 shares of the company’s stock, valued at $50,795,041.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Erin Burkhart sold 2,286 shares of BioMarin Pharmaceutical stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $90.00, for a total value of $205,740.00. Following the transaction, the chief accounting officer now owns 16,156 shares of the company’s stock, valued at approximately $1,454,040. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jean Jacques Bienaime sold 1,000 shares of the company’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $90.35, for a total transaction of $90,350.00. Following the sale, the director now directly owns 562,203 shares of the company’s stock, valued at $50,795,041.05. The disclosure for this sale can be found here. Insiders have sold a total of 103,229 shares of company stock worth $9,062,967 in the last ninety days. 1.85% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have commented on BMRN. Royal Bank of Canada reissued a “sector perform” rating and set a $100.00 target price on shares of BioMarin Pharmaceutical in a report on Friday, February 23rd. Morgan Stanley lowered their target price on shares of BioMarin Pharmaceutical from $115.00 to $112.00 and set an “overweight” rating on the stock in a research note on Friday, April 26th. Scotiabank increased their target price on shares of BioMarin Pharmaceutical from $83.00 to $85.00 and gave the company a “sector perform” rating in a research report on Thursday, April 25th. Citigroup decreased their price target on shares of BioMarin Pharmaceutical from $94.00 to $91.00 and set a “neutral” rating on the stock in a research note on Thursday, April 25th. Finally, Wells Fargo & Company upped their price objective on shares of BioMarin Pharmaceutical from $100.00 to $110.00 and gave the company an “overweight” rating in a research note on Thursday, April 25th. Seven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $107.50.

BioMarin Pharmaceutical Stock Up 3.2 %

BioMarin Pharmaceutical stock traded up $2.57 during trading on Wednesday, reaching $83.33. 1,881,844 shares of the company’s stock were exchanged, compared to its average volume of 1,465,845. The firm has a market cap of $15.82 billion, a price-to-earnings ratio of 75.48, a PEG ratio of 1.30 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 2.74. 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 $87.29 and its two-hundred day moving average is $89.07.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings results on Thursday, February 22nd. The biotechnology company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.05. The business had revenue of $646.21 million during the quarter, compared to analyst estimates of $639.53 million. BioMarin Pharmaceutical had a net margin of 8.31% and a return on equity of 5.34%. The business’s revenue was up 20.2% on a year-over-year basis. During the same period last year, the business earned $0.11 EPS. On average, analysts predict that BioMarin Pharmaceutical Inc. will post 1.97 earnings per share for the current year.

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.