Bedell Frazier Investment Counseling LLC Acquires New Position in BioMarin Pharmaceutical (BMRN)

Bedell Frazier Investment Counseling LLC acquired a new position in shares of BioMarin Pharmaceutical (NASDAQ:BMRN) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 35,580 shares of the biotechnology company’s stock, valued at approximately $2,884,000.

A number of other institutional investors have also recently modified their holdings of the business. First Republic Investment Management Inc. grew its stake in BioMarin Pharmaceutical by 172.3% during the first quarter. First Republic Investment Management Inc. now owns 7,117 shares of the biotechnology company’s stock worth $577,000 after buying an additional 4,503 shares during the last quarter. Toronto Dominion Bank grew its stake in BioMarin Pharmaceutical by 16.4% during the first quarter. Toronto Dominion Bank now owns 12,022 shares of the biotechnology company’s stock worth $974,000 after buying an additional 1,693 shares during the last quarter. USS Investment Management Ltd grew its stake in BioMarin Pharmaceutical by 22.9% during the first quarter. USS Investment Management Ltd now owns 1,339,671 shares of the biotechnology company’s stock worth $111,869,000 after buying an additional 249,738 shares during the last quarter. Federated Investors Inc. PA grew its stake in BioMarin Pharmaceutical by 136.7% during the first quarter. Federated Investors Inc. PA now owns 14,200 shares of the biotechnology company’s stock worth $1,151,000 after buying an additional 8,200 shares during the last quarter. Finally, Eagle Asset Management Inc. grew its stake in BioMarin Pharmaceutical by 6.8% during the first quarter. Eagle Asset Management Inc. now owns 398,436 shares of the biotechnology company’s stock worth $32,301,000 after buying an additional 25,459 shares during the last quarter.

In related news, CEO Jean Jacques Bienaime sold 15,000 shares of the stock in a transaction that occurred on Thursday, March 15th. The shares were sold at an average price of $84.73, for a total value of $1,270,950.00. Following the transaction, the chief executive officer now directly owns 279,674 shares in the company, valued at $23,696,778.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Daniel K. Spiegelman sold 11,059 shares of the stock in a transaction that occurred on Monday, April 23rd. The shares were sold at an average price of $82.15, for a total transaction of $908,496.85. Following the completion of the transaction, the chief financial officer now owns 62,543 shares in the company, valued at $5,137,907.45. The disclosure for this sale can be found here. Insiders sold 167,837 shares of company stock worth $14,341,460 over the last 90 days. 1.90% of the stock is currently owned by company insiders.

BMRN has been the topic of several research analyst reports. BidaskClub cut shares of BioMarin Pharmaceutical from a “sell” rating to a “strong sell” rating in a research note on Tuesday, April 24th. Royal Bank of Canada reaffirmed a “hold” rating and set a $94.00 price objective on shares of BioMarin Pharmaceutical in a research note on Tuesday, February 27th. Credit Suisse Group reaffirmed a “buy” rating and set a $116.00 price objective on shares of BioMarin Pharmaceutical in a research note on Thursday, March 29th. Morgan Stanley upped their target price on shares of BioMarin Pharmaceutical from $112.00 to $113.00 and gave the stock an “overweight” rating in a research report on Monday, April 30th. Finally, Zacks Investment Research upgraded shares of BioMarin Pharmaceutical from a “sell” rating to a “hold” rating in a research report on Tuesday, March 20th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. BioMarin Pharmaceutical has a consensus rating of “Buy” and an average target price of $111.15.

Shares of NASDAQ BMRN opened at $88.28 on Friday. BioMarin Pharmaceutical has a fifty-two week low of $75.81 and a fifty-two week high of $100.03. The company has a market capitalization of $15.48 billion, a P/E ratio of -131.76 and a beta of 1.68. The company has a current ratio of 2.90, a quick ratio of 2.29 and a debt-to-equity ratio of 0.29.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings data on Thursday, February 22nd. The biotechnology company reported ($0.30) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.24) by ($0.06). BioMarin Pharmaceutical had a negative net margin of 10.48% and a negative return on equity of 3.01%. The business had revenue of $358.31 million during the quarter, compared to analyst estimates of $346.24 million. research analysts predict that BioMarin Pharmaceutical will post -0.12 EPS for the current fiscal year.

BioMarin Pharmaceutical Company Profile

BioMarin Pharmaceutical, Inc, a biotechnology company, develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. Its commercial products include Aldurazyme that is used for the treatment of patients with mucopolysaccharidosis I, a genetic disease; Brineura for the treatment of late infantile neuronal ceroid lipofuscinosis type 2, a form of Batten disease; and Firdapse for Lambert Eaton Myasthenic Syndrome.

Institutional Ownership by Quarter for BioMarin Pharmaceutical (NASDAQ:BMRN)

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