Readystate Asset Management LP Sells 3,674 Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Readystate Asset Management LP lessened its holdings in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 22.4% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 12,726 shares of the biotechnology company’s stock after selling 3,674 shares during the quarter. Readystate Asset Management LP’s holdings in BioMarin Pharmaceutical were worth $1,227,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Raymond James Financial Services Advisors Inc. raised its position in BioMarin Pharmaceutical by 225.9% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 16,838 shares of the biotechnology company’s stock valued at $1,298,000 after purchasing an additional 11,672 shares in the last quarter. American Century Companies Inc. raised its position in BioMarin Pharmaceutical by 64.6% during the first quarter. American Century Companies Inc. now owns 11,312 shares of the biotechnology company’s stock valued at $872,000 after purchasing an additional 4,440 shares in the last quarter. Cetera Advisor Networks LLC raised its position in BioMarin Pharmaceutical by 38.3% during the first quarter. Cetera Advisor Networks LLC now owns 5,525 shares of the biotechnology company’s stock valued at $426,000 after purchasing an additional 1,530 shares in the last quarter. PNC Financial Services Group Inc. raised its position in BioMarin Pharmaceutical by 14.4% during the first quarter. PNC Financial Services Group Inc. now owns 8,362 shares of the biotechnology company’s stock valued at $644,000 after purchasing an additional 1,055 shares in the last quarter. Finally, Acadian Asset Management LLC raised its position in BioMarin Pharmaceutical by 395.4% during the first quarter. Acadian Asset Management LLC now owns 431 shares of the biotechnology company’s stock valued at $32,000 after purchasing an additional 344 shares in the last quarter. Hedge funds and other institutional investors own 98.71% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on BMRN. Cantor Fitzgerald reiterated an “overweight” rating and issued a $100.00 price objective on shares of BioMarin Pharmaceutical in a report on Friday, February 23rd. Stifel Nicolaus reiterated a “buy” rating and issued a $101.00 price objective on shares of BioMarin Pharmaceutical in a report on Thursday, December 21st. Canaccord Genuity Group reiterated a “hold” rating and issued a $91.00 price objective on shares of BioMarin Pharmaceutical in a report on Thursday, February 29th. Piper Sandler decreased their price objective on BioMarin Pharmaceutical from $115.00 to $107.00 and set an “overweight” rating on the stock in a report on Friday, February 23rd. Finally, Robert W. Baird decreased their price objective on BioMarin Pharmaceutical from $127.00 to $104.00 and set an “outperform” rating on the stock in a report on Tuesday, January 30th. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, BioMarin Pharmaceutical currently has a consensus rating of “Moderate Buy” and a consensus price target of $107.61.

BioMarin Pharmaceutical Stock Down 0.4 %

BioMarin Pharmaceutical stock traded down $0.40 during trading hours on Thursday, hitting $90.07. 944,850 shares of the stock traded hands, compared to its average volume of 1,348,617. The firm’s 50-day moving average price is $87.61 and its two-hundred day moving average price is $89.11. BioMarin Pharmaceutical Inc. has a one year low of $76.02 and a one year high of $99.56. The company has a market cap of $17.00 billion, a PE ratio of 102.35, a PEG ratio of 1.68 and a beta of 0.31. The company has a current ratio of 2.51, a quick ratio of 1.57 and a debt-to-equity ratio of 0.12.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its earnings results on Thursday, February 22nd. The biotechnology company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.05. BioMarin Pharmaceutical had a net margin of 6.93% and a return on equity of 5.01%. The firm had revenue of $646.21 million during the quarter, compared to analyst estimates of $639.53 million. During the same period last year, the business earned $0.11 earnings per share. The business’s revenue was up 20.2% on a year-over-year basis. On average, research analysts forecast that BioMarin Pharmaceutical Inc. will post 1.85 EPS for the current year.

Insider Activity

In other news, Director Jean Jacques Bienaime sold 20,000 shares of BioMarin Pharmaceutical stock in a transaction that occurred on Friday, April 12th. The shares were 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 $43,347,952.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Erin Burkhart sold 2,286 shares of the business’s stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $90.00, for a total value 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jean Jacques Bienaime sold 20,000 shares of the business’s stock in a transaction that occurred on 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 owns 474,994 shares of the company’s stock, valued at $43,347,952.44. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 103,229 shares of company stock worth $9,062,967. Insiders own 1.84% of the company’s stock.

About BioMarin Pharmaceutical

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.