Vestal Point Capital LP Buys New Position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Vestal Point Capital LP purchased a new position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 400,000 shares of the biotechnology company’s stock, valued at approximately $28,116,000. BioMarin Pharmaceutical accounts for about 2.1% of Vestal Point Capital LP’s investment portfolio, making the stock its 17th largest holding. Vestal Point Capital LP owned about 0.21% of BioMarin Pharmaceutical as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Innealta Capital LLC purchased a new stake in BioMarin Pharmaceutical during the 2nd quarter worth approximately $25,000. nVerses Capital LLC acquired a new position in shares of BioMarin Pharmaceutical in the third quarter worth $28,000. BOKF NA purchased a new stake in shares of BioMarin Pharmaceutical during the second quarter worth $31,000. Quent Capital LLC raised its stake in shares of BioMarin Pharmaceutical by 58.9% in the second quarter. Quent Capital LLC now owns 391 shares of the biotechnology company’s stock valued at $32,000 after acquiring an additional 145 shares in the last quarter. Finally, Itau Unibanco Holding S.A. purchased a new position in BioMarin Pharmaceutical in the second quarter valued at $47,000. Institutional investors and hedge funds own 98.71% of the company’s stock.

Insider Transactions at BioMarin Pharmaceutical

In related news, EVP Charles Greg Guyer sold 5,278 shares of BioMarin Pharmaceutical stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $66.37, for a total value of $350,300.86. Following the sale, the executive vice president now directly owns 68,909 shares in the company, valued at $4,573,490.33. The trade was a 7.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.85% of the company’s stock.

BioMarin Pharmaceutical Stock Up 0.8 %

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

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings data on Tuesday, October 29th. The biotechnology company reported $0.55 earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $703.37 million. During the same period in the prior year, the firm posted $0.26 earnings per share. The business’s quarterly revenue was up 28.4% compared to the same quarter last year. As a group, research analysts expect that BioMarin Pharmaceutical Inc. will post 2.49 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Piper Sandler increased their price target on BioMarin Pharmaceutical from $107.00 to $122.00 and gave the company an “overweight” rating in a research report on Thursday, September 5th. Bank of America reduced their target price on shares of BioMarin Pharmaceutical from $130.00 to $115.00 and set a “buy” rating on the stock in a report on Tuesday, September 17th. Canaccord Genuity Group lowered their price target on shares of BioMarin Pharmaceutical from $93.00 to $84.00 and set a “hold” rating for the company in a report on Wednesday, October 30th. Barclays reduced their price objective on shares of BioMarin Pharmaceutical from $110.00 to $86.00 and set an “overweight” rating on the stock in a report on Friday, October 4th. Finally, Wedbush upgraded shares of BioMarin Pharmaceutical to a “strong-buy” rating in a research note on Monday, November 4th. Seven analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $94.20.

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.