Polar Asset Management Partners Inc. Purchases New Shares in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Polar Asset Management Partners Inc. purchased a new position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 14,900 shares of the biotechnology company's stock, valued at approximately $979,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in BMRN. Norges Bank purchased a new stake in BioMarin Pharmaceutical during the fourth quarter valued at approximately $234,645,000. Capital Research Global Investors raised its holdings in shares of BioMarin Pharmaceutical by 23.8% in the fourth quarter. Capital Research Global Investors now owns 12,991,772 shares of the biotechnology company's stock worth $853,944,000 after buying an additional 2,496,817 shares during the last quarter. Dodge & Cox boosted its stake in shares of BioMarin Pharmaceutical by 6.1% in the fourth quarter. Dodge & Cox now owns 14,746,235 shares of the biotechnology company's stock worth $969,270,000 after buying an additional 847,917 shares during the last quarter. AQR Capital Management LLC lifted its holdings in BioMarin Pharmaceutical by 114.5% during the fourth quarter. AQR Capital Management LLC now owns 1,283,599 shares of the biotechnology company's stock valued at $84,371,000 after purchasing an additional 685,099 shares in the last quarter. Finally, Marshall Wace LLP acquired a new stake in shares of BioMarin Pharmaceutical in the fourth quarter valued at approximately $44,735,000. Institutional investors own 98.71% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Royal Bank of Canada restated a "sector perform" rating and issued a $70.00 target price on shares of BioMarin Pharmaceutical in a report on Thursday, February 20th. Scotiabank lifted their target price on BioMarin Pharmaceutical from $78.00 to $80.00 and gave the stock a "sector perform" rating in a report on Thursday, February 20th. Oppenheimer raised shares of BioMarin Pharmaceutical from a "market perform" rating to an "outperform" rating and set a $98.00 price objective for the company in a research report on Monday, February 24th. 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, Wedbush reaffirmed an "outperform" rating and issued a $94.00 target price on shares of BioMarin Pharmaceutical in a research report on Thursday, February 20th. Six investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, BioMarin Pharmaceutical currently has a consensus rating of "Moderate Buy" and a consensus price target of $93.45.

BioMarin Pharmaceutical Trading Up 0.9%

Shares of BMRN traded up $0.52 during midday trading on Tuesday, hitting $59.93. The stock had a trading volume of 2,964,184 shares, compared to its average volume of 1,871,220. The firm has a market cap of $11.49 billion, a P/E ratio of 27.24, a price-to-earnings-growth ratio of 0.61 and a beta of 0.27. The business has a 50-day simple moving average of $63.41 and a two-hundred day simple moving average of $64.99. The company has a current ratio of 5.33, a quick ratio of 2.62 and a debt-to-equity ratio of 0.11. BioMarin Pharmaceutical Inc. has a fifty-two week low of $52.93 and a fifty-two week high of $94.85.

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

Insider Activity

In related news, CAO Erin Burkhart sold 1,295 shares of the stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $71.52, for a total transaction of $92,618.40. Following the completion of the transaction, the chief accounting officer now directly owns 16,955 shares of the company's stock, valued at approximately $1,212,621.60. This represents a 7.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 4,698 shares of company stock valued at $308,172 in the last ninety days. 0.85% of the stock is owned by insiders.

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.