Simplify Asset Management Inc. Boosts Holdings in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Simplify Asset Management Inc. increased its stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 67.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,489 shares of the biotechnology company’s stock after buying an additional 3,422 shares during the period. Simplify Asset Management Inc.’s holdings in BioMarin Pharmaceutical were worth $597,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Primecap Management Co. CA increased its stake in shares of BioMarin Pharmaceutical by 0.4% in the second quarter. Primecap Management Co. CA now owns 18,790,085 shares of the biotechnology company’s stock worth $1,546,988,000 after buying an additional 76,190 shares during the last quarter. Vanguard Group Inc. boosted its holdings in 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 purchasing an additional 67,046 shares during the period. Avoro Capital Advisors LLC boosted its holdings in BioMarin Pharmaceutical by 4.4% in the second quarter. Avoro Capital Advisors LLC now owns 4,557,416 shares of the biotechnology company’s stock worth $375,212,000 after purchasing an additional 192,416 shares during the period. Dimensional Fund Advisors LP boosted its holdings in BioMarin Pharmaceutical by 38.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,034,457 shares of the biotechnology company’s stock worth $85,178,000 after purchasing an additional 289,953 shares during the period. Finally, DNB Asset Management AS boosted its holdings in BioMarin Pharmaceutical by 17.7% in the second quarter. DNB Asset Management AS now owns 1,021,054 shares of the biotechnology company’s stock worth $84,063,000 after purchasing an additional 153,867 shares during the period. Institutional investors own 98.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Wells Fargo & Company decreased their price objective on shares of BioMarin Pharmaceutical from $115.00 to $90.00 and set an “overweight” rating for the company in a report on Tuesday, September 17th. Piper Sandler upped their price objective on shares of BioMarin Pharmaceutical from $107.00 to $122.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. Wedbush upgraded shares of BioMarin Pharmaceutical to a “strong-buy” rating in a research report on Monday, November 4th. TD Cowen dropped their price target on shares of BioMarin Pharmaceutical from $125.00 to $120.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $80.00 price objective on shares of BioMarin Pharmaceutical in a report on Wednesday, October 30th. Seven research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $94.20.

Insider Activity

In other BioMarin Pharmaceutical news, EVP Charles Greg Guyer sold 5,278 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $66.37, for a total transaction of $350,300.86. Following the sale, the executive vice president now directly owns 68,909 shares of the company’s stock, valued at $4,573,490.33. This trade represents a 7.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.85% of the company’s stock.

BioMarin Pharmaceutical Price Performance

BioMarin Pharmaceutical stock traded down $1.39 during midday trading on Friday, hitting $64.21. 206,322 shares of the company’s stock were exchanged, compared to its average volume of 1,823,819. BioMarin Pharmaceutical Inc. has a 52-week low of $63.93 and a 52-week high of $99.56. The stock has a 50-day moving average price of $70.85 and a two-hundred day moving average price of $79.28. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.62 and a current ratio of 4.27. The company has a market cap of $12.24 billion, a P/E ratio of 38.85, a PEG ratio of 0.66 and a beta of 0.31.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings results on Tuesday, October 29th. The biotechnology company reported $0.55 earnings per share for the quarter, missing the consensus estimate of $0.78 by ($0.23). The company had revenue of $746.00 million during the quarter, compared to analysts’ expectations of $703.37 million. BioMarin Pharmaceutical had a return on equity of 8.53% and a net margin of 11.71%. The business’s quarterly revenue was up 28.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.26 EPS. On average, equities research analysts forecast that BioMarin Pharmaceutical Inc. will post 2.47 earnings per share for the current year.

BioMarin Pharmaceutical 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.