Synovus Financial Corp Grows Stock Position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Synovus Financial Corp increased its stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 25.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 30,253 shares of the biotechnology company’s stock after acquiring an additional 6,191 shares during the period. Synovus Financial Corp’s holdings in BioMarin Pharmaceutical were worth $2,127,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of BioMarin Pharmaceutical during the second quarter valued at approximately $294,000. Neo Ivy Capital Management purchased a new stake in BioMarin Pharmaceutical during the 2nd quarter valued at $74,000. Fifth Third Bancorp grew its holdings in BioMarin Pharmaceutical by 734.8% in the 2nd quarter. Fifth Third Bancorp now owns 1,536 shares of the biotechnology company’s stock worth $126,000 after acquiring an additional 1,352 shares during the last quarter. 1620 Investment Advisors Inc. purchased a new position in shares of BioMarin Pharmaceutical in the second quarter valued at about $109,000. Finally, Louisiana State Employees Retirement System bought a new position in shares of BioMarin Pharmaceutical during the second quarter valued at about $4,421,000. 98.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at BioMarin Pharmaceutical

In other news, EVP Charles Greg Guyer sold 5,278 shares of the company’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $66.37, for a total transaction of $350,300.86. Following the transaction, the executive vice president now directly owns 68,909 shares of the company’s stock, valued at $4,573,490.33. This represents a 7.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.85% of the stock is owned by insiders.

BioMarin Pharmaceutical Price Performance

Shares of NASDAQ:BMRN opened at $66.01 on Monday. The business has a fifty day moving average price of $66.97 and a 200-day moving average price of $77.16. The company has a debt-to-equity ratio of 0.11, a current ratio of 4.27 and a quick ratio of 2.62. The company has a market capitalization of $12.58 billion, a PE ratio of 39.53, a PEG ratio of 0.65 and a beta of 0.29. BioMarin Pharmaceutical Inc. has a 1-year low of $61.15 and a 1-year high of $99.56.

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

Wall Street Analyst Weigh In

Several research firms recently issued reports on BMRN. Wells Fargo & Company cut their target price on BioMarin Pharmaceutical from $115.00 to $90.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 17th. Bank of America cut their price objective on BioMarin Pharmaceutical from $130.00 to $115.00 and set a “buy” rating on the stock in a research report on Tuesday, September 17th. Wolfe Research started coverage on BioMarin Pharmaceutical in a report on Friday, November 15th. They set an “outperform” rating and a $95.00 target price for the company. Citigroup cut their price target on shares of BioMarin Pharmaceutical from $93.00 to $81.00 and set a “neutral” rating on the stock in a report on Wednesday, October 30th. Finally, Raymond James restated an “outperform” rating and issued a $79.00 price objective on shares of BioMarin Pharmaceutical in a report on Thursday, October 10th. 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. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price 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.