Jennison Associates LLC Sells 257,326 Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Jennison Associates LLC lowered its stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 43.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 332,018 shares of the biotechnology company's stock after selling 257,326 shares during the quarter. Jennison Associates LLC owned about 0.18% of BioMarin Pharmaceutical worth $32,013,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in BMRN. Stratos Wealth Partners LTD. boosted its holdings in BioMarin Pharmaceutical by 2.1% in the 4th quarter. Stratos Wealth Partners LTD. now owns 5,709 shares of the biotechnology company's stock valued at $550,000 after purchasing an additional 115 shares in the last quarter. CWM LLC boosted its holdings in BioMarin Pharmaceutical by 10.0% in the 3rd quarter. CWM LLC now owns 1,301 shares of the biotechnology company's stock valued at $115,000 after purchasing an additional 118 shares in the last quarter. KB Financial Partners LLC boosted its holdings in BioMarin Pharmaceutical by 51.3% in the 3rd quarter. KB Financial Partners LLC now owns 348 shares of the biotechnology company's stock valued at $31,000 after purchasing an additional 118 shares in the last quarter. CIBC Asset Management Inc boosted its holdings in BioMarin Pharmaceutical by 2.5% in the 3rd quarter. CIBC Asset Management Inc now owns 6,479 shares of the biotechnology company's stock valued at $573,000 after purchasing an additional 155 shares in the last quarter. Finally, E Fund Management Co. Ltd. boosted its holdings in BioMarin Pharmaceutical by 3.7% in the 3rd quarter. E Fund Management Co. Ltd. now owns 5,070 shares of the biotechnology company's stock valued at $449,000 after purchasing an additional 181 shares in the last quarter. Hedge funds and other institutional investors own 98.71% of the company's stock.

BioMarin Pharmaceutical Trading Down 9.9 %

BMRN traded down $9.03 during trading on Thursday, hitting $82.17. The company's stock had a trading volume of 7,884,446 shares, compared to its average volume of 1,437,064. The firm's 50 day moving average price is $87.74 and its 200-day moving average price is $89.18. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.51 and a quick ratio of 1.57. The stock has a market cap of $15.51 billion, a PE ratio of 93.38, a PEG ratio of 1.70 and a beta of 0.31. BioMarin Pharmaceutical Inc. has a twelve month low of $76.02 and a twelve month high of $99.56.

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

Insider Activity

In other news, Director Jean Jacques Bienaime sold 1,000 shares of the business's stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $90.35, for a total transaction of $90,350.00. Following the completion of the sale, the director now directly owns 562,203 shares of the company's stock, valued at approximately $50,795,041.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CAO Erin Burkhart sold 2,286 shares of the company's stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $90.00, for a total transaction of $205,740.00. Following the completion of the sale, the chief accounting officer now directly owns 16,156 shares of the company's stock, valued at approximately $1,454,040. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jean Jacques Bienaime sold 1,000 shares of the company's stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $90.35, for a total transaction of $90,350.00. Following the sale, the director now directly owns 562,203 shares of the company's stock, valued at $50,795,041.05. The disclosure for this sale can be found here. Insiders sold 103,229 shares of company stock valued at $9,062,967 in the last ninety days. Company insiders own 1.84% of the company's stock.

Analyst Ratings Changes

BMRN has been the topic of a number of analyst reports. Citigroup lowered their price objective on BioMarin Pharmaceutical from $94.00 to $91.00 and set a "neutral" rating on the stock in a report on Thursday. Cantor Fitzgerald reiterated an "overweight" rating and set a $110.00 price target on shares of BioMarin Pharmaceutical in a research report on Thursday. Canaccord Genuity Group reiterated a "hold" rating and set a $91.00 price target on shares of BioMarin Pharmaceutical in a research report on Thursday, February 29th. Royal Bank of Canada reiterated a "sector perform" rating and set a $100.00 price target on shares of BioMarin Pharmaceutical in a research report on Friday, February 23rd. Finally, Robert W. Baird reduced their price target 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 investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $107.89.

BioMarin Pharmaceutical 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.