Freedom Investment Management Inc. Reduces Stock Position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Freedom Investment Management Inc. trimmed its holdings in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 6.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,838 shares of the biotechnology company’s stock after selling 350 shares during the period. Freedom Investment Management Inc.’s holdings in BioMarin Pharmaceutical were worth $340,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in the business. Quent Capital LLC lifted its stake in BioMarin Pharmaceutical by 58.9% during the second quarter. Quent Capital LLC now owns 391 shares of the biotechnology company’s stock worth $32,000 after purchasing an additional 145 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. lifted its position in shares of BioMarin Pharmaceutical by 0.8% during the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 21,105 shares of the biotechnology company’s stock worth $1,483,000 after buying an additional 173 shares during the last quarter. Advisors Asset Management Inc. boosted its holdings in shares of BioMarin Pharmaceutical by 1.6% in the 3rd quarter. Advisors Asset Management Inc. now owns 11,451 shares of the biotechnology company’s stock valued at $805,000 after buying an additional 180 shares in the last quarter. Voisard Asset Management Group Inc. grew its position in shares of BioMarin Pharmaceutical by 17.8% in the 3rd quarter. Voisard Asset Management Group Inc. now owns 1,355 shares of the biotechnology company’s stock valued at $95,000 after buying an additional 205 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in BioMarin Pharmaceutical by 56.1% during the 3rd quarter. GAMMA Investing LLC now owns 782 shares of the biotechnology company’s stock worth $55,000 after acquiring an additional 281 shares in the last quarter. 98.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Charles Greg Guyer sold 5,278 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $66.37, for a total value of $350,300.86. Following the sale, the executive vice president now owns 68,909 shares of the company’s stock, valued at approximately $4,573,490.33. This trade represents a 7.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.85% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Citigroup dropped their price target on BioMarin Pharmaceutical from $93.00 to $81.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 30th. Royal Bank of Canada restated a “sector perform” rating and issued a $80.00 price objective on shares of BioMarin Pharmaceutical in a research note on Wednesday, October 30th. UBS Group increased their price target on BioMarin Pharmaceutical from $104.00 to $106.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Evercore ISI dropped their target price on BioMarin Pharmaceutical from $115.00 to $105.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Finally, Wolfe Research assumed coverage on shares of BioMarin Pharmaceutical in a report on Friday, November 15th. They issued an “outperform” rating and a $95.00 price target for the company. Seven analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $94.20.

BioMarin Pharmaceutical Stock Performance

NASDAQ:BMRN opened at $66.03 on Friday. BioMarin Pharmaceutical Inc. has a 1-year low of $61.15 and a 1-year high of $99.56. The stock has a market cap of $12.58 billion, a P/E ratio of 39.54, a PEG ratio of 0.64 and a beta of 0.31. The company has a debt-to-equity ratio of 0.11, a current ratio of 4.27 and a quick ratio of 2.62. The firm has a 50-day moving average of $67.72 and a two-hundred day moving average of $77.90.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings data on Tuesday, October 29th. The biotechnology company reported $0.55 EPS for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.23). The company had revenue of $746.00 million for the quarter, compared to the consensus estimate of $703.37 million. BioMarin Pharmaceutical had a net margin of 11.71% and a return on equity of 8.53%. The company’s revenue was up 28.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.26 earnings per share. On average, research analysts expect that BioMarin Pharmaceutical Inc. will post 2.49 earnings per share for the current fiscal year.

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.