Point72 Europe London LLP Makes New Investment in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Point72 Europe London LLP acquired a new position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 60,741 shares of the biotechnology company's stock, valued at approximately $3,993,000.

Several other large investors also recently made changes to their positions in BMRN. LRI Investments LLC raised its stake in shares of BioMarin Pharmaceutical by 856.9% in the fourth quarter. LRI Investments LLC now owns 488 shares of the biotechnology company's stock worth $32,000 after acquiring an additional 437 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of BioMarin Pharmaceutical during the 4th quarter worth approximately $36,000. CIBC Private Wealth Group LLC raised its stake in shares of BioMarin Pharmaceutical by 64.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 596 shares of the biotechnology company's stock worth $41,000 after buying an additional 233 shares during the last quarter. Smartleaf Asset Management LLC lifted its holdings in BioMarin Pharmaceutical by 111.2% in the fourth quarter. Smartleaf Asset Management LLC now owns 885 shares of the biotechnology company's stock valued at $58,000 after buying an additional 466 shares during the period. Finally, UMB Bank n.a. boosted its stake in BioMarin Pharmaceutical by 260.1% in the fourth quarter. UMB Bank n.a. now owns 1,019 shares of the biotechnology company's stock valued at $67,000 after acquiring an additional 736 shares during the last quarter. Institutional investors own 98.71% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on BMRN. UBS Group lifted their price objective on BioMarin Pharmaceutical from $109.00 to $113.00 and gave the stock a "buy" rating in a research note on Thursday, February 20th. Piper Sandler boosted their target price on BioMarin Pharmaceutical from $122.00 to $126.00 and gave the stock an "overweight" rating in a research report on Thursday, February 20th. Citigroup cut their price target on shares of BioMarin Pharmaceutical from $82.00 to $78.00 and set a "neutral" rating on the stock in a research report on Friday, May 2nd. Cantor Fitzgerald restated an "overweight" rating and set a $90.00 price objective on shares of BioMarin Pharmaceutical in a report on Thursday, February 20th. Finally, Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $70.00 target price on shares of BioMarin Pharmaceutical in a research note on Thursday, February 20th. Six analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $93.45.

BioMarin Pharmaceutical Price Performance

BioMarin Pharmaceutical stock traded up $0.64 during mid-day trading on Tuesday, reaching $60.05. 1,089,770 shares of the company were exchanged, compared to its average volume of 1,697,630. The firm has a market cap of $11.52 billion, a PE ratio of 27.30, a PEG ratio of 0.61 and a beta of 0.27. The company has a fifty day simple moving average of $63.41 and a 200-day simple moving average of $64.99. BioMarin Pharmaceutical Inc. has a 12 month low of $52.93 and a 12 month high of $94.85. The company has a debt-to-equity ratio of 0.11, a current ratio of 5.33 and a quick ratio of 2.62.

BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The biotechnology company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.18. The company had revenue of $747.31 million for the quarter, compared to analyst estimates of $711.05 million. BioMarin Pharmaceutical had a return on equity of 9.91% and a net margin of 14.96%. As a group, equities research analysts expect that BioMarin Pharmaceutical Inc. will post 3.15 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Erin Burkhart sold 1,295 shares of the firm's stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $71.52, for a total value of $92,618.40. Following the completion of the transaction, the chief accounting officer now owns 16,955 shares in the company, valued at $1,212,621.60. This trade represents a 7.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last quarter, insiders have sold 2,912 shares of company stock valued at $202,244. 0.85% of the stock is currently owned by insiders.

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.