The Bank of Nova Scotia increased its stake in the shares of BioMarin Pharmaceutical Inc. (NASDAQ: BMRN – Get a rating) by 64.3% in the first quarter, according to its most recent SEC filing. The institutional investor owned 5,906 shares of the biotech company after purchasing an additional 2,311 shares during the period. The Bank of Nova Scotia’s holdings of BioMarin Pharmaceutical were worth $455,000 when it last filed with the SEC.
Other hedge funds and other institutional investors have also recently increased or reduced their stakes in the company. CWM LLC increased its stake in BioMarin Pharmaceutical by 435.2% in the 1st quarter. CWM LLC now owns 487 shares of the biotech company worth $38,000 after buying 396 additional shares in the last quarter. CKW Financial Group increased its stake in BioMarin Pharmaceutical by 23.1% during the 1st quarter. CKW Financial Group now owns 800 shares of the biotech company worth $63,000 after buying an additional 150 shares in the last quarter. Itau Unibanco Holding SA increased its stake in BioMarin Pharmaceutical by 37.3% during the 4th quarter. Itau Unibanco Holding SA now owns 869 shares of the biotech company worth $77,000 after buying 236 more shares last quarter. Capital Analysts LLC bought a new position in shares of BioMarin Pharmaceutical in the 4th quarter for a value of approximately $83,000. Finally, Laurel Wealth Planning LLC bought a new position in BioMarin Pharmaceutical stock in Q1 worth approximately $89,000. 95.45% of the shares are held by institutional investors.
Analyst upgrades and downgrades
BMRN has been the subject of a number of research analyst reports. Credit Suisse Group raised its price target on BioMarin Pharmaceutical to $111.00 in a Tuesday, August 9 research note. Jefferies Financial Group restated a “buy” rating and issued a target price of $100.00 on BioMarin Pharmaceutical shares in a research note on Wednesday, May 4. Robert W. Baird reworded an “outperform” rating and issued a target price of $112.00 on BioMarin Pharmaceutical shares in a research note on Tuesday, June 28. Piper Sandler raised her price target on BioMarin Pharmaceutical from $125.00 to $128.00 and gave the stock an “overweight” rating in a Tuesday, Aug. 9 research note. Finally, SVB Leerink raised its price target on BioMarin Pharmaceutical from $115.00 to $122.00 and gave the company an “outperform” rating in a Thursday, August 4 research note. Three research analysts gave the stock a hold rating and thirteen gave the company a buy rating. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $110.93.
BioMarin Pharmaceutical trades down 0.1%
NASDAQ: BMRN opened at $92.84 on Friday. The company has a market capitalization of $17.22 billion, a P/E ratio of 357.09, a P/E/G ratio of 2.02 and a beta of 0.33. The stock’s fifty-day moving average price is $86.47 and its two-hundred-day moving average price is $82.86. BioMarin Pharmaceutical Inc. has a 1-year low of $70.73 and a 1-year high of $97.76. The company has a debt ratio of 0.24, a current ratio of 5.42 and a quick ratio of 3.69.
BioMarin Pharmaceutical (NASDAQ: BMRN – Get a rating) last released its quarterly results on Wednesday, August 3. The biotech company reported earnings per share of $0.15 for the quarter, beating the consensus estimate of $0.11 by $0.04. BioMarin Pharmaceutical achieved a net margin of 2.83% and a return on equity of 1.78%. During the same period of the previous year, the company achieved EPS of $0.23. As a group, analysts expect BioMarin Pharmaceutical Inc. to post EPS of 0.92 for the current year.
Insider Trading at BioMarin Pharmaceutical
In other news, CEO Jean-Jacques Bienaime sold 3,000 shares of the company in a transaction on Monday, August 15. The shares were sold at an average price of $95.21, for a total value of $285,630.00. As a result of the transaction, the CEO now owns 328,324 shares of the company, valued at $31,259,728.04. The transaction was disclosed in a legal filing with the SEC, available at the SEC website. In related news, CEO Jean-Jacques Bienaime sold 3,000 shares in a trade on Monday, August 15. The stock was sold at an average price of $95.21, for a total value of $285,630.00. As a result of the transaction, the CEO now owns 328,324 shares of the company, valued at $31,259,728.04. The transaction was disclosed in a legal filing with the SEC, accessible via this hyperlink. Also, VPE Jeffrey Robert Ajer sold 1,308 shares in a trade on Thursday, May 26. The shares were sold at an average price of $78.94, for a total value of $103,253.52. Following completion of the transaction, the executive vice president now directly owns 54,109 shares of the company, valued at approximately $4,271,364.46. Disclosure of this sale can be found here. During the last quarter, insiders sold 32,248 shares of the company valued at $2,976,380. 1.75% of the shares are currently held by insiders of the company.
About BioMarin Pharmaceutical
BioMarin Pharmaceutical Inc develops and markets therapies for people with rare diseases and serious, life-threatening 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 used to treat patients with phenylketonuria (PKU), an inherited metabolic disease.
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