Allspring Global Investments Holdings LLC Boosts Holdings in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Allspring Global Investments Holdings LLC grew its position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 7,368.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 60,571 shares of the biotechnology company's stock after purchasing an additional 59,760 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in BioMarin Pharmaceutical were worth $5,840,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank acquired a new stake in shares of BioMarin Pharmaceutical in the fourth quarter valued at $285,013,000. Barclays PLC lifted its stake in shares of BioMarin Pharmaceutical by 31.6% during the third quarter. Barclays PLC now owns 5,573,157 shares of the biotechnology company's stock valued at $493,111,000 after acquiring an additional 1,336,886 shares during the period. Toronto Dominion Bank increased its position in BioMarin Pharmaceutical by 1,832.5% in the third quarter. Toronto Dominion Bank now owns 907,754 shares of the biotechnology company's stock worth $80,318,000 after purchasing an additional 860,782 shares during the period. Hsbc Holdings PLC raised its holdings in BioMarin Pharmaceutical by 251.1% during the 3rd quarter. Hsbc Holdings PLC now owns 607,098 shares of the biotechnology company's stock worth $53,941,000 after purchasing an additional 434,199 shares during the last quarter. Finally, Jennison Associates LLC boosted its stake in shares of BioMarin Pharmaceutical by 231.5% in the 3rd quarter. Jennison Associates LLC now owns 589,344 shares of the biotechnology company's stock valued at $52,145,000 after purchasing an additional 411,543 shares during the last quarter. 98.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at BioMarin Pharmaceutical

In other BioMarin Pharmaceutical news, Director Jean Jacques Bienaime sold 15,000 shares of the company's stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $88.28, for a total value of $1,324,200.00. Following the sale, the director now owns 419,602 shares in the company, valued at $37,042,464.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, EVP Jeffrey Robert Ajer sold 4,000 shares of BioMarin Pharmaceutical stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $87.07, for a total transaction of $348,280.00. Following the completion of the sale, the executive vice president now owns 94,047 shares of the company's stock, valued at approximately $8,188,672.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jean Jacques Bienaime sold 15,000 shares of the company's stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $88.28, for a total transaction of $1,324,200.00. Following the completion of the transaction, the director now owns 419,602 shares in the company, valued at approximately $37,042,464.56. The disclosure for this sale can be found here. In the last ninety days, insiders sold 103,229 shares of company stock worth $9,062,967. Insiders own 1.84% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on BMRN. Stifel Nicolaus restated a "buy" rating and issued a $101.00 price objective on shares of BioMarin Pharmaceutical in a report on Thursday, December 21st. Piper Sandler reduced their price target on BioMarin Pharmaceutical from $115.00 to $107.00 and set an "overweight" rating on the stock in a research report on Friday, February 23rd. Canaccord Genuity Group reiterated a "hold" rating and issued a $91.00 price objective on shares of BioMarin Pharmaceutical in a report on Thursday, February 29th. Royal Bank of Canada restated a "sector perform" rating and set a $100.00 price objective on shares of BioMarin Pharmaceutical in a report on Friday, February 23rd. Finally, Robert W. Baird lowered their price objective on shares of BioMarin Pharmaceutical from $127.00 to $104.00 and set an "outperform" rating for the company in a research report on Tuesday, January 30th. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $107.61.

BioMarin Pharmaceutical Stock Down 1.6 %

NASDAQ BMRN traded down $1.44 during trading hours on Friday, hitting $88.63. 1,778,607 shares of the company traded hands, compared to its average volume of 1,354,274. BioMarin Pharmaceutical Inc. has a twelve month low of $76.02 and a twelve month high of $99.56. The stock has a market capitalization of $16.73 billion, a price-to-earnings ratio of 100.72, a P/E/G ratio of 1.67 and a beta of 0.31. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.57 and a current ratio of 2.51. The business's 50-day moving average is $87.61 and its 200-day moving average is $89.12.

BioMarin Pharmaceutical (NASDAQ:BMRN - Get Free Report) last issued its earnings results on Thursday, February 22nd. The biotechnology company reported $0.49 earnings per share for the quarter, topping analysts' consensus estimates of $0.44 by $0.05. The business had revenue of $646.21 million for the quarter, compared to the consensus estimate of $639.53 million. BioMarin Pharmaceutical had a net margin of 6.93% and a return on equity of 5.01%. The firm's revenue for the quarter was up 20.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.11 earnings per share. Sell-side analysts anticipate that BioMarin Pharmaceutical Inc. will post 1.85 earnings per share for the current year.

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.