BioMarin Pharmaceutical Inc. $BMRN Stock: Assenagon Asset Management S.A. Lowers Position

Key Points

• Assenagon Asset Management cut its BioMarin position by 24% in the third quarter, selling 422,526 shares and retaining 1.34 million shares worth approximately $80.4 million. Institutional investors collectively own 98.71% of BMRN.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $88.87; recent firms raised targets as high as $124.
• BioMarin exceeded quarterly expectations, reporting $1.20 in EPS versus the $0.95 estimate and $989.7 million in revenue, up 20% year over year. Shares opened at $54.68, near the lower end of their 52-week range.

Assenagon Asset Management S.A. trimmed its position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 24.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,339,560 shares of the biotechnology company's stock after selling 422,526 shares during the quarter. Assenagon Asset Management S.A. owned 0.69% of BioMarin Pharmaceutical worth $80,374,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Primecap Management Co. CA acquired a new stake in shares of BioMarin Pharmaceutical during the 2nd quarter valued at approximately $811,962,000. Caisse de depot et placement du Quebec acquired a new stake in BioMarin Pharmaceutical in the second quarter valued at $70,749,000. Bank of New York Mellon Corp purchased a new position in shares of BioMarin Pharmaceutical in the second quarter valued at $66,107,000. River Road Asset Management LLC purchased a new position in shares of BioMarin Pharmaceutical in the fourth quarter valued at $53,865,000. Finally, Edmond DE Rothschild Holding S.A. purchased a new position in shares of BioMarin Pharmaceutical in the second quarter valued at $39,312,000. 98.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BMRN has been the topic of several recent research reports. Canaccord Genuity Group upped their price target on shares of BioMarin Pharmaceutical from $111.00 to $114.00 and gave the company a "buy" rating in a report on Monday, August 10th. Morgan Stanley raised their price objective on shares of BioMarin Pharmaceutical from $119.00 to $124.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. William Blair raised shares of BioMarin Pharmaceutical to a "hold" rating in a research note on Wednesday, September 23rd. UBS Group began coverage on BioMarin Pharmaceutical in a research report on Thursday. They set a "buy" rating and a $88.00 price objective for the company. Finally, Raymond James Financial raised BioMarin Pharmaceutical from an "outperform" rating to a "strong-buy" rating and set a $109.00 target price on the stock in a research note on Monday. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $88.87.

BioMarin Pharmaceutical Stock Performance

Shares of BMRN opened at $54.68 on Friday. The business's 50 day moving average is $63.01 and its two-hundred day moving average is $58.66. BioMarin Pharmaceutical Inc. has a 52-week low of $49.26 and a 52-week high of $70.98. The firm has a market cap of $10.58 billion, a price-to-earnings ratio of 33.36, a PEG ratio of 0.39 and a beta of 0.22. The company has a quick ratio of 1.32, a current ratio of 2.39 and a debt-to-equity ratio of 0.56.

BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The biotechnology company reported $1.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.95 by $0.25. BioMarin Pharmaceutical had a net margin of 2.14% and a return on equity of 5.32%. The company had revenue of $989.71 million for the quarter, compared to the consensus estimate of $932.03 million. During the same period last year, the firm posted $1.44 EPS. The company's revenue for the quarter was up 20.0% on a year-over-year basis. BioMarin Pharmaceutical has set its FY 2026 guidance at 4.900-5.100 EPS. Analysts forecast that BioMarin Pharmaceutical Inc. will post 4.10 EPS for the current fiscal year.

BioMarin Pharmaceutical Profile

BioMarin Pharmaceutical Inc is a biotechnology company that develops and commercializes therapies for rare and serious genetic diseases. The company focuses on conditions with limited treatment options, using approaches that include enzyme replacement therapy, small-molecule medicines, biologics and gene therapy.

Its products include Vimizim for mucopolysaccharidosis type IV A, Naglazyme for mucopolysaccharidosis type VI, Brineura for CLN2 disease, Palynziq and Kuvan for phenylketonuria, and Voxzogo for children with achondroplasia and open growth plates.

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