Point72 Europe London LLP Makes New $3.99 Million Investment in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Point72 Europe London LLP bought a new stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) during the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 60,741 shares of the biotechnology company’s stock, valued at approximately $3,993,000.

Several other large investors have also modified their holdings of the stock. Merit Financial Group LLC acquired a new position in BioMarin Pharmaceutical in the 4th quarter valued at $317,000. Assenagon Asset Management S.A. increased its stake in shares of 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 acquiring 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 lifted its position in BioMarin Pharmaceutical by 11.2% in the fourth quarter. Swedbank AB now owns 432,122 shares of the biotechnology company’s stock valued at $28,403,000 after purchasing an additional 43,593 shares during the period. Finally, Rhumbline Advisers boosted its holdings in BioMarin Pharmaceutical by 2.0% in the 4th quarter. Rhumbline Advisers now owns 556,255 shares of the biotechnology company’s stock valued at $36,563,000 after purchasing an additional 11,025 shares in the last quarter. Hedge funds and other institutional investors own 98.71% of the company’s stock.

Analysts Set New Price Targets

BMRN has been the subject of a number of analyst reports. Scotiabank increased their target price on BioMarin Pharmaceutical from $78.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Thursday, February 20th. UBS Group lifted their price objective on BioMarin Pharmaceutical from $109.00 to $113.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. Oppenheimer raised BioMarin Pharmaceutical from a “market perform” rating to an “outperform” rating and set a $98.00 target price on the stock in a report on Monday, February 24th. Piper Sandler raised their price target on BioMarin Pharmaceutical from $122.00 to $126.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $90.00 price target on shares of BioMarin Pharmaceutical in a research report on Thursday, February 20th. Seven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $93.45.

Insider Activity at BioMarin Pharmaceutical

In other news, CAO Erin Burkhart sold 1,295 shares of the business’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $71.52, for a total value of $92,618.40. Following the completion of the sale, the chief accounting officer now owns 16,955 shares of the company’s stock, valued at approximately $1,212,621.60. The trade was a 7.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 2,912 shares of company stock valued at $202,244 over the last ninety days. Corporate insiders own 0.85% of the company’s stock.

BioMarin Pharmaceutical Trading Down 1.8%

BMRN opened at $58.70 on Thursday. BioMarin Pharmaceutical Inc. has a 52-week low of $52.93 and a 52-week high of $94.85. The firm has a market capitalization of $11.26 billion, a P/E ratio of 26.68, a P/E/G ratio of 0.61 and a beta of 0.27. The company has a quick ratio of 2.62, a current ratio of 5.33 and a debt-to-equity ratio of 0.11. The firm’s 50 day moving average is $64.13 and its 200-day moving average is $65.21.

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

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.