Jennison Associates LLC Sells 257,326 Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Jennison Associates LLC lessened its holdings in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 43.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 332,018 shares of the biotechnology company’s stock after selling 257,326 shares during the quarter. Jennison Associates LLC’s holdings in BioMarin Pharmaceutical were worth $32,013,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Barclays PLC grew its holdings in BioMarin Pharmaceutical by 31.6% during the third quarter. Barclays PLC now owns 5,573,157 shares of the biotechnology company’s stock valued at $493,111,000 after purchasing an additional 1,336,886 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in BioMarin Pharmaceutical by 5.6% during the third quarter. Ameriprise Financial Inc. now owns 5,163,949 shares of the biotechnology company’s stock valued at $456,906,000 after purchasing an additional 275,436 shares during the last quarter. Fort Washington Investment Advisors Inc. OH grew its holdings in BioMarin Pharmaceutical by 10.7% during the third quarter. Fort Washington Investment Advisors Inc. OH now owns 1,308,245 shares of the biotechnology company’s stock valued at $115,754,000 after purchasing an additional 126,680 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in BioMarin Pharmaceutical by 2.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,304,797 shares of the biotechnology company’s stock valued at $115,448,000 after purchasing an additional 33,592 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in BioMarin Pharmaceutical by 3.7% during the third quarter. Northern Trust Corp now owns 1,219,814 shares of the biotechnology company’s stock valued at $107,929,000 after purchasing an additional 43,695 shares during the last quarter. Institutional investors own 98.71% of the company’s stock.

BioMarin Pharmaceutical Stock Performance

Shares of NASDAQ:BMRN opened at $91.20 on Thursday. The stock has a market capitalization of $17.21 billion, a P/E ratio of 103.64, a P/E/G ratio of 1.70 and a beta of 0.31. BioMarin Pharmaceutical Inc. has a 1-year low of $76.02 and a 1-year high of $99.56. The company has a current ratio of 2.51, a quick ratio of 1.57 and a debt-to-equity ratio of 0.12. The business has a 50-day moving average price of $87.86 and a two-hundred day moving average price of $89.23.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings data on Thursday, February 22nd. The biotechnology company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.05. The firm had revenue of $646.21 million during the quarter, compared to analysts’ expectations of $639.53 million. BioMarin Pharmaceutical had a return on equity of 5.01% and a net margin of 6.93%. The company’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.11 EPS. Equities analysts predict that BioMarin Pharmaceutical Inc. will post 1.85 earnings per share for the current year.

Insider Transactions at BioMarin Pharmaceutical

In other news, Director Jean Jacques Bienaime sold 20,000 shares of the business’s stock in a transaction dated Friday, April 12th. The stock was sold at an average price of $91.26, for a total transaction of $1,825,200.00. Following the completion of the transaction, the director now directly owns 474,994 shares in the company, valued at approximately $43,347,952.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CAO Erin Burkhart sold 2,286 shares of the business’s stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $90.00, for a total transaction of $205,740.00. Following the completion of the transaction, the chief accounting officer now directly owns 16,156 shares in the company, valued at approximately $1,454,040. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jean Jacques Bienaime sold 20,000 shares of the business’s stock in a transaction dated Friday, April 12th. The stock was sold at an average price of $91.26, for a total value of $1,825,200.00. Following the transaction, the director now owns 474,994 shares of the company’s stock, valued at $43,347,952.44. The disclosure for this sale can be found here. In the last ninety days, insiders sold 103,229 shares of company stock worth $9,062,967. 1.84% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

BMRN has been the topic of several analyst reports. Canaccord Genuity Group reiterated a “hold” rating and set a $91.00 price target on shares of BioMarin Pharmaceutical in a report on Thursday, February 29th. Piper Sandler lowered their price objective on shares of BioMarin Pharmaceutical from $115.00 to $107.00 and set an “overweight” rating on the stock in a research note on Friday, February 23rd. Cantor Fitzgerald restated an “overweight” rating and issued a $100.00 price objective on shares of BioMarin Pharmaceutical in a research note on Friday, February 23rd. Robert W. Baird lowered their price objective on shares of BioMarin Pharmaceutical from $127.00 to $104.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 30th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $100.00 price objective on shares of BioMarin Pharmaceutical in a research note on Friday, February 23rd. Seven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $107.61.

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.