Thornburg Investment Management Inc. Trims Stock Position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Thornburg Investment Management Inc. cut its holdings in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 2.1% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 161,446 shares of the biotechnology company’s stock after selling 3,546 shares during the period. Thornburg Investment Management Inc. owned 0.09% of BioMarin Pharmaceutical worth $13,293,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of BioMarin Pharmaceutical by 0.4% in the first quarter. Vanguard Group Inc. now owns 18,117,108 shares of the biotechnology company’s stock worth $1,582,348,000 after buying an additional 67,046 shares during the last quarter. Capital Research Global Investors raised its holdings in shares of BioMarin Pharmaceutical by 79.0% in the fourth quarter. Capital Research Global Investors now owns 10,774,641 shares of the biotechnology company’s stock worth $1,038,907,000 after buying an additional 4,756,671 shares during the last quarter. Avoro Capital Advisors LLC raised its holdings in shares of BioMarin Pharmaceutical by 1.5% in the first quarter. Avoro Capital Advisors LLC now owns 4,365,000 shares of the biotechnology company’s stock worth $381,239,000 after buying an additional 65,000 shares during the last quarter. Norges Bank purchased a new position in shares of BioMarin Pharmaceutical in the fourth quarter worth $324,098,000. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of BioMarin Pharmaceutical by 33.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,605,983 shares of the biotechnology company’s stock worth $154,850,000 after buying an additional 401,152 shares during the last quarter. 98.71% of the stock is currently owned by institutional investors.

BioMarin Pharmaceutical Price Performance

Shares of NASDAQ:BMRN opened at $84.78 on Thursday. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.05 and a quick ratio of 1.95. BioMarin Pharmaceutical Inc. has a 12 month low of $73.68 and a 12 month high of $99.56. The firm has a market capitalization of $16.10 billion, a price-to-earnings ratio of 79.23, a price-to-earnings-growth ratio of 1.02 and a beta of 0.31. The business’s 50 day simple moving average is $86.70 and its 200-day simple moving average is $84.93.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings data on Monday, August 5th. The biotechnology company reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.39. BioMarin Pharmaceutical had a return on equity of 6.91% and a net margin of 9.91%. The business had revenue of $712.03 million during the quarter, compared to the consensus estimate of $660.51 million. As a group, equities analysts forecast that BioMarin Pharmaceutical Inc. will post 2.4 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Truist Financial reduced their target price on shares of BioMarin Pharmaceutical from $140.00 to $118.00 and set a “buy” rating for the company in a report on Thursday, September 5th. William Blair raised shares of BioMarin Pharmaceutical to a “strong-buy” rating in a report on Friday, August 30th. Wells Fargo & Company raised their target price on shares of BioMarin Pharmaceutical from $110.00 to $115.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Piper Sandler lifted their price objective on shares of BioMarin Pharmaceutical from $107.00 to $122.00 and gave the company an “overweight” rating in a report on Thursday, September 5th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of BioMarin Pharmaceutical from $111.00 to $120.00 and gave the company an “overweight” rating in a report on Thursday, September 5th. Eight research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $106.10.

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.