Fred Alger Management LLC Sells 2,943 Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Fred Alger Management LLC decreased its stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 10.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 26,573 shares of the biotechnology company’s stock after selling 2,943 shares during the period. Fred Alger Management LLC’s holdings in BioMarin Pharmaceutical were worth $1,868,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Tidal Investments LLC lifted its position in shares of BioMarin Pharmaceutical by 65.5% during the 1st quarter. Tidal Investments LLC now owns 17,447 shares of the biotechnology company’s stock worth $1,524,000 after buying an additional 6,906 shares in the last quarter. Quent Capital LLC boosted its position in BioMarin Pharmaceutical by 58.9% in 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. CWM LLC grew its stake in BioMarin Pharmaceutical by 68.5% in the 2nd quarter. CWM LLC now owns 2,398 shares of the biotechnology company’s stock valued at $197,000 after purchasing an additional 975 shares during the period. Inspirion Wealth Advisors LLC increased its position in shares of BioMarin Pharmaceutical by 2.3% during the 2nd quarter. Inspirion Wealth Advisors LLC now owns 13,458 shares of the biotechnology company’s stock valued at $1,108,000 after purchasing an additional 304 shares during the last quarter. Finally, Securian Asset Management Inc. bought a new stake in shares of BioMarin Pharmaceutical during the 2nd quarter worth $1,247,000. Institutional investors own 98.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BMRN has been the subject of a number of research analyst reports. Wolfe Research initiated coverage on shares of BioMarin Pharmaceutical in a report on Friday, November 15th. They set an “outperform” rating and a $95.00 price objective for the company. Raymond James reaffirmed an “outperform” rating and issued a $79.00 price target on shares of BioMarin Pharmaceutical in a report on Thursday, October 10th. Cantor Fitzgerald reduced their price objective on BioMarin Pharmaceutical from $110.00 to $90.00 and set an “overweight” rating for the company in a report on Wednesday, October 30th. Bank of America lowered their target price on BioMarin Pharmaceutical from $130.00 to $115.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. Finally, TD Cowen cut their price target on BioMarin Pharmaceutical from $125.00 to $120.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. Seven analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $94.20.

BioMarin Pharmaceutical Price Performance

Shares of NASDAQ BMRN opened at $66.03 on Monday. The stock’s 50-day simple moving average is $67.72 and its two-hundred day simple moving average is $77.88. BioMarin Pharmaceutical Inc. has a twelve month low of $61.15 and a twelve month high of $99.56. The firm has a market capitalization of $12.58 billion, a P/E ratio of 39.54, a P/E/G ratio of 0.65 and a beta of 0.31. The company has a quick ratio of 2.62, a current ratio of 4.27 and a debt-to-equity ratio of 0.11.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its earnings results on Tuesday, October 29th. The biotechnology company reported $0.55 earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.23). BioMarin Pharmaceutical had a net margin of 11.71% and a return on equity of 8.53%. The company had revenue of $746.00 million during the quarter, compared to analysts’ expectations of $703.37 million. During the same period in the prior year, the business earned $0.26 earnings per share. The company’s revenue for the quarter was up 28.4% compared to the same quarter last year. As a group, equities analysts anticipate that BioMarin Pharmaceutical Inc. will post 2.49 EPS for the current fiscal year.

Insider Transactions at BioMarin Pharmaceutical

In other BioMarin Pharmaceutical news, EVP Charles Greg Guyer sold 5,278 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $66.37, for a total transaction of $350,300.86. Following the sale, the executive vice president now owns 68,909 shares in the company, valued at $4,573,490.33. This trade represents a 7.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.85% of the stock is currently owned by insiders.

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.