Mirae Asset Global Investments Co. Ltd. Purchases 11,758 Shares of BioMarin Pharmaceutical Inc. $BMRN

Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) during the third quarter, according to its most recent filing with the SEC. The fund acquired 11,758 shares of the biotechnology company’s stock, valued at approximately $705,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Primecap Management Co. CA bought a new position in BioMarin Pharmaceutical in the 2nd quarter worth about $811,962,000. Dimensional Fund Advisors LP grew its holdings in BioMarin Pharmaceutical by 14.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,802,930 shares of the biotechnology company’s stock valued at $214,804,000 after buying an additional 481,176 shares in the last quarter. First Trust Advisors LP grew its holdings in BioMarin Pharmaceutical by 43.3% during the 1st quarter. First Trust Advisors LP now owns 1,672,491 shares of the biotechnology company’s stock valued at $94,479,000 after buying an additional 505,692 shares in the last quarter. Caisse de depot et placement du Quebec bought a new stake in shares of BioMarin Pharmaceutical during the second quarter valued at about $70,749,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of BioMarin Pharmaceutical during the second quarter valued at about $66,107,000. 98.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Barclays increased their price target on shares of BioMarin Pharmaceutical from $111.00 to $114.00 and gave the stock an “overweight” rating in a report on Wednesday, October 14th. Piper Sandler boosted their price objective on shares of BioMarin Pharmaceutical from $88.00 to $90.00 and gave the company an “overweight” rating in a research note on Tuesday, September 1st. Raymond James Financial raised shares of BioMarin Pharmaceutical from an “outperform” rating to a “strong-buy” rating and set a $109.00 price objective for the company in a research note on Monday, October 12th. William Blair raised shares of BioMarin Pharmaceutical to a “hold” rating in a report on Wednesday, September 23rd. Finally, UBS Group started coverage on shares of BioMarin Pharmaceutical in a research note on Thursday, October 15th. They issued a “buy” rating and a $88.00 target price on the stock. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $87.91.

BioMarin Pharmaceutical Price Performance

BioMarin Pharmaceutical stock opened at $56.03 on Monday. BioMarin Pharmaceutical Inc. has a 52 week low of $49.26 and a 52 week high of $70.98. The business has a 50-day simple moving average of $59.69 and a 200 day simple moving average of $58.47. The company has a quick ratio of 1.32, a current ratio of 2.44 and a debt-to-equity ratio of 0.56. The stock has a market cap of $10.85 billion, a price-to-earnings ratio of -560.30, a PEG ratio of 0.75 and a beta of 0.21.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings results on Monday, November 2nd. The biotechnology company reported $0.23 earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.28. The firm had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $1.02 billion. BioMarin Pharmaceutical had a positive return on equity of 5.58% and a negative net margin of 0.52%. The company’s revenue was up 32.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.12 EPS. On average, research analysts forecast that BioMarin Pharmaceutical Inc. will post 2.20 earnings per share for the current fiscal year.

About BioMarin Pharmaceutical

BioMarin Pharmaceutical is a biotechnology company focused on developing and commercializing medicines for people with rare genetic diseases. Its work includes research, clinical development, manufacturing and distribution of therapies for conditions that often have limited treatment options.

The company’s marketed treatments address disorders including phenylketonuria, mucopolysaccharidosis, late-infantile neuronal ceroid lipofuscinosis, achondroplasia and hemophilia A. Its products include Kuvan and Palynziq for phenylketonuria, Vimizim for Morquio A syndrome, Brineura for CLN2 disease, Voxzogo for achondroplasia and Roctavian for hemophilia A.

Founded in 1997 and headquartered in San Rafael, California, BioMarin serves patients and healthcare providers in the United States and international markets, including Europe.