Polar Asset Management Partners Inc. Acquires New Position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Polar Asset Management Partners Inc. purchased a new position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 14,900 shares of the biotechnology company's stock, valued at approximately $979,000.

Several other hedge funds also recently made changes to their positions in BMRN. Vanguard Group Inc. lifted its position in shares of BioMarin Pharmaceutical by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 19,372,185 shares of the biotechnology company's stock worth $1,273,334,000 after purchasing an additional 93,531 shares in the last quarter. Dodge & Cox increased its stake in BioMarin Pharmaceutical by 6.1% in the 4th quarter. Dodge & Cox now owns 14,746,235 shares of the biotechnology company's stock valued at $969,270,000 after buying an additional 847,917 shares during the last quarter. Capital Research Global Investors lifted its position in BioMarin Pharmaceutical by 23.8% during the 4th 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 in the last quarter. Norges Bank acquired a new position in shares of BioMarin Pharmaceutical during the 4th quarter worth about $234,645,000. Finally, Geode Capital Management LLC boosted its stake in shares of BioMarin Pharmaceutical by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 3,288,778 shares of the biotechnology company's stock worth $215,784,000 after buying an additional 28,728 shares during the last quarter. 98.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

BMRN has been the topic of several analyst reports. Oppenheimer upgraded BioMarin Pharmaceutical from a "market perform" rating to an "outperform" rating and set a $98.00 target price on the stock in a report on Monday, February 24th. The Goldman Sachs Group lowered their price target on BioMarin Pharmaceutical from $124.00 to $104.00 and set a "buy" rating on the stock in a research report on Monday, May 5th. Bank of America increased their price objective on BioMarin Pharmaceutical from $99.00 to $103.00 and gave the company a "buy" rating in a report on Thursday, February 20th. Cantor Fitzgerald reissued an "overweight" rating and issued a $90.00 target price on shares of BioMarin Pharmaceutical in a research note on Thursday, February 20th. Finally, Royal Bank of Canada reaffirmed a "sector perform" rating and set a $70.00 price target on shares of BioMarin Pharmaceutical in a research report on Thursday, February 20th. Six research 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 stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $93.45.

BioMarin Pharmaceutical Stock Performance

Shares of BioMarin Pharmaceutical stock traded down $0.48 on Friday, hitting $57.53. The stock had a trading volume of 267,552 shares, compared to its average volume of 1,865,562. The stock has a market cap of $11.03 billion, a price-to-earnings ratio of 26.18, a price-to-earnings-growth ratio of 0.61 and a beta of 0.27. The company has a quick ratio of 2.62, a current ratio of 5.33 and a debt-to-equity ratio of 0.11. BioMarin Pharmaceutical Inc. has a twelve month low of $52.93 and a twelve month high of $94.85. The business's 50 day moving average is $62.70 and its two-hundred day moving average is $64.85.

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

Insiders Place Their Bets

In other news, CAO Erin Burkhart sold 1,786 shares of the stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $59.31, for a total transaction of $105,927.66. Following the sale, the chief accounting officer now directly owns 14,173 shares of the company's stock, valued at approximately $840,600.63. This represents a 11.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 4,698 shares of company stock worth $308,172 in the last quarter. Corporate insiders own 0.85% of the company's stock.

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.