Xponance Inc. Boosts Stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Xponance Inc. lifted its holdings in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 7.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,675 shares of the biotechnology company’s stock after buying an additional 2,247 shares during the period. Xponance Inc.’s holdings in BioMarin Pharmaceutical were worth $2,082,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Merit Financial Group LLC purchased a new position in shares of BioMarin Pharmaceutical in the fourth quarter worth about $317,000. Assenagon Asset Management S.A. raised its stake in BioMarin Pharmaceutical by 461.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 611,667 shares of the biotechnology company’s stock worth $40,205,000 after purchasing an additional 502,695 shares during the period. Wedmont Private Capital purchased a new position in BioMarin Pharmaceutical during the fourth quarter worth about $430,000. Swedbank AB raised its stake in BioMarin Pharmaceutical by 11.2% during the fourth quarter. Swedbank AB now owns 432,122 shares of the biotechnology company’s stock worth $28,403,000 after purchasing an additional 43,593 shares during the period. Finally, King Luther Capital Management Corp purchased a new position in BioMarin Pharmaceutical during the third quarter worth about $2,027,000. 98.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on BMRN. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $90.00 target price on shares of BioMarin Pharmaceutical in a research note on Thursday, February 20th. Piper Sandler lifted their target price on shares of BioMarin Pharmaceutical from $122.00 to $126.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. Scotiabank lifted their target price on shares of BioMarin Pharmaceutical from $78.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Thursday, February 20th. Citigroup lifted their target price on shares of BioMarin Pharmaceutical from $81.00 to $82.00 and gave the stock a “neutral” rating in a research note on Thursday, February 20th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $70.00 price target on shares of BioMarin Pharmaceutical in a research report on Thursday, February 20th. Seven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $94.00.

BioMarin Pharmaceutical Trading Down 0.5 %

NASDAQ BMRN opened at $71.24 on Friday. The company has a quick ratio of 2.62, a current ratio of 5.33 and a debt-to-equity ratio of 0.11. BioMarin Pharmaceutical Inc. has a 52 week low of $60.63 and a 52 week high of $94.85. The stock has a market capitalization of $13.59 billion, a PE ratio of 32.38, a price-to-earnings-growth ratio of 0.61 and a beta of 0.33. The firm has a 50 day moving average of $66.58 and a two-hundred day moving average of $68.28.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings results on Wednesday, February 19th. The biotechnology company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.54 by $0.18. BioMarin Pharmaceutical had a net margin of 14.96% and a return on equity of 9.91%. The company had revenue of $747.31 million during the quarter, compared to analysts’ expectations of $711.05 million. As a group, research analysts expect that BioMarin Pharmaceutical Inc. will post 3.15 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Erin Burkhart sold 1,295 shares of the business’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $71.52, for a total transaction of $92,618.40. Following the completion of the sale, the chief accounting officer now owns 16,955 shares in the company, valued at approximately $1,212,621.60. The trade was a 7.10 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.85% of the stock is currently owned by company insiders.

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.