Avoro Capital Advisors LLC Cuts Holdings in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Avoro Capital Advisors LLC reduced its position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 28.2% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 1,462,500 shares of the biotechnology company's stock after selling 575,515 shares during the quarter. BioMarin Pharmaceutical comprises approximately 1.4% of Avoro Capital Advisors LLC's holdings, making the stock its 19th largest holding. Avoro Capital Advisors LLC owned 0.77% of BioMarin Pharmaceutical worth $96,130,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. SBI Securities Co. Ltd. purchased a new position in BioMarin Pharmaceutical during the fourth quarter worth $36,000. CIBC Private Wealth Group LLC boosted its stake in shares of BioMarin Pharmaceutical by 64.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 596 shares of the biotechnology company's stock worth $41,000 after purchasing an additional 233 shares during the period. Smartleaf Asset Management LLC grew its holdings in BioMarin Pharmaceutical by 111.2% during the 4th quarter. Smartleaf Asset Management LLC now owns 885 shares of the biotechnology company's stock valued at $58,000 after purchasing an additional 466 shares during the last quarter. UMB Bank n.a. grew its holdings in BioMarin Pharmaceutical by 260.1% during the 4th quarter. UMB Bank n.a. now owns 1,019 shares of the biotechnology company's stock valued at $67,000 after purchasing an additional 736 shares during the last quarter. Finally, Blue Trust Inc. raised its position in BioMarin Pharmaceutical by 27.5% in the 4th quarter. Blue Trust Inc. now owns 1,095 shares of the biotechnology company's stock worth $77,000 after purchasing an additional 236 shares during the period. 98.71% of the stock is owned by hedge funds and other institutional investors.

BioMarin Pharmaceutical Stock Performance

Shares of BMRN stock traded up $0.56 during mid-day trading on Friday, reaching $63.30. The stock had a trading volume of 750,685 shares, compared to its average volume of 1,868,520. BioMarin Pharmaceutical Inc. has a 1-year low of $52.93 and a 1-year high of $94.85. The firm has a market cap of $12.08 billion, a price-to-earnings ratio of 28.77, a PEG ratio of 0.61 and a beta of 0.30. The company has a current ratio of 5.33, a quick ratio of 2.62 and a debt-to-equity ratio of 0.11. The business's fifty day moving average is $66.40 and its 200-day moving average is $66.02.

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

Insiders Place Their Bets

In other news, CAO Erin Burkhart sold 1,295 shares of the company's stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $71.52, for a total value of $92,618.40. Following the sale, the chief accounting officer now owns 16,955 shares in the company, valued at $1,212,621.60. This represents a 7.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.85% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Oppenheimer upgraded BioMarin Pharmaceutical from a "market perform" rating to an "outperform" rating and set a $98.00 price target on the stock in a report on Monday, February 24th. Citigroup lifted their target price on BioMarin Pharmaceutical from $81.00 to $82.00 and gave the stock a "neutral" rating in a research report on Thursday, February 20th. Royal Bank of Canada restated a "sector perform" rating and issued a $70.00 price target on shares of BioMarin Pharmaceutical in a report on Thursday, February 20th. Bank of America raised their price target on shares of BioMarin Pharmaceutical from $99.00 to $103.00 and gave the stock a "buy" rating in a research note on Thursday, February 20th. Finally, UBS Group boosted their price objective on shares of BioMarin Pharmaceutical from $109.00 to $113.00 and gave the company a "buy" rating in a research report on Thursday, February 20th. Seven investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, BioMarin Pharmaceutical presently has an average rating of "Moderate Buy" and an average price target of $94.00.

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.