Summit Global Investments Buys New Stake in BioMarin Pharmaceutical Inc. $BMRN

Key Points

• Summit Global Investments acquired 32,667 BioMarin Pharmaceutical shares in the second quarter, worth approximately $1.87 million. Institutional investors and hedge funds collectively own 98.71% of BMRN.
• Analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and an average price target of $88, compared with the stock’s reported price of $67.36.
• BioMarin exceeded quarterly expectations, reporting $1.20 in earnings per share versus the $0.95 consensus estimate and $989.71 million in revenue, up 20% year over year.

Summit Global Investments bought a new position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 32,667 shares of the biotechnology company's stock, valued at approximately $1,869,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Activest Wealth Management acquired a new stake in shares of BioMarin Pharmaceutical in the fourth quarter valued at about $26,000. CIBC Private Wealth Group LLC lifted its position in shares of BioMarin Pharmaceutical by 38.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 648 shares of the biotechnology company's stock worth $39,000 after purchasing an additional 179 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in shares of BioMarin Pharmaceutical during the 3rd quarter worth about $40,000. Parallel Advisors LLC lifted its position in shares of BioMarin Pharmaceutical by 62.2% during the 3rd quarter. Parallel Advisors LLC now owns 769 shares of the biotechnology company's stock worth $42,000 after purchasing an additional 295 shares during the last quarter. Finally, Wick Capital Partners LLC bought a new stake in BioMarin Pharmaceutical during the 4th quarter valued at approximately $73,000. Institutional investors and hedge funds own 98.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on BMRN. Sanford C. Bernstein lowered their target price on BioMarin Pharmaceutical from $94.00 to $82.00 and set an "outperform" rating on the stock in a report on Tuesday, May 5th. UBS Group reissued a "neutral" rating on shares of BioMarin Pharmaceutical in a research report on Tuesday, July 14th. Oppenheimer raised their price objective on shares of BioMarin Pharmaceutical from $95.00 to $97.00 and gave the stock an "outperform" rating in a research note on Friday, August 7th. Morgan Stanley boosted their target price on shares of BioMarin Pharmaceutical from $119.00 to $124.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Finally, Bank of America decreased their target price on BioMarin Pharmaceutical from $85.00 to $80.00 and set a "buy" rating on the stock in a research report on Tuesday, May 19th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, BioMarin Pharmaceutical currently has a consensus rating of "Moderate Buy" and an average target price of $88.00.

BioMarin Pharmaceutical Price Performance

NASDAQ:BMRN opened at $67.36 on Friday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.32 and a current ratio of 2.39. The company has a 50-day moving average of $59.56 and a 200-day moving average of $57.50. BioMarin Pharmaceutical Inc. has a 52 week low of $49.26 and a 52 week high of $70.98. The company has a market capitalization of $13.04 billion, a price-to-earnings ratio of 182.05, a PEG ratio of 0.48 and a beta of 0.24.

BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report) last posted its earnings results on Thursday, August 6th. The biotechnology company reported $1.20 earnings per share for the quarter, beating 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 business had revenue of $989.71 million for the quarter, compared to analysts' expectations of $932.03 million. During the same quarter in the previous year, the firm posted $1.44 earnings per share. The firm'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. As a group, equities research analysts anticipate that BioMarin Pharmaceutical Inc. will post 4.24 earnings per share for the current fiscal year.

About BioMarin Pharmaceutical

BioMarin Pharmaceutical Inc is a biopharmaceutical company specializing in the development and commercialization of therapies for rare genetic and metabolic diseases. The company focuses on addressing unmet medical needs by leveraging enzyme replacement therapy, small molecule pharmacological chaperones and gene therapy technologies. Headquartered in Novato, California, BioMarin operates research and development facilities in the United States and Europe.

The company's commercial portfolio includes several approved therapies targeting inherited disorders.

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