United Services Automobile Association Trims Stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

United Services Automobile Association cut its stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 16.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,343 shares of the biotechnology company’s stock after selling 2,468 shares during the period. United Services Automobile Association’s holdings in BioMarin Pharmaceutical were worth $868,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of BMRN. CWM LLC boosted its position in shares of BioMarin Pharmaceutical by 68.5% during the second quarter. CWM LLC now owns 2,398 shares of the biotechnology company’s stock valued at $197,000 after purchasing an additional 975 shares in the last quarter. Securian Asset Management Inc. bought a new stake in shares of BioMarin Pharmaceutical during the 2nd quarter valued at $1,247,000. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of BioMarin Pharmaceutical in the 2nd quarter worth about $294,000. Assenagon Asset Management S.A. grew its position in shares of BioMarin Pharmaceutical by 11,107.4% in the 2nd quarter. Assenagon Asset Management S.A. now owns 352,474 shares of the biotechnology company’s stock worth $29,019,000 after buying an additional 349,329 shares during the period. Finally, Neo Ivy Capital Management bought a new position in shares of BioMarin Pharmaceutical in the 2nd quarter worth about $74,000. 98.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

BMRN has been the topic of several research reports. Barclays dropped their price objective on shares of BioMarin Pharmaceutical from $110.00 to $86.00 and set an “overweight” rating on the stock in a research note on Friday, October 4th. Cantor Fitzgerald cut their price target on BioMarin Pharmaceutical from $110.00 to $90.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 30th. Citigroup lowered their price objective on BioMarin Pharmaceutical from $93.00 to $81.00 and set a “neutral” rating for the company in a research note on Wednesday, October 30th. Piper Sandler increased their target price on BioMarin Pharmaceutical from $107.00 to $122.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. Finally, Robert W. Baird lowered their price target on BioMarin Pharmaceutical from $72.00 to $65.00 and set a “neutral” rating for the company in a research report on Wednesday, October 30th. Seven investment 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. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $94.20.

BioMarin Pharmaceutical Stock Performance

BMRN stock opened at $66.74 on Monday. The company has a debt-to-equity ratio of 0.11, a current ratio of 4.27 and a quick ratio of 2.62. BioMarin Pharmaceutical Inc. has a 1 year low of $61.15 and a 1 year high of $99.56. The company has a market cap of $12.72 billion, a P/E ratio of 39.96, a price-to-earnings-growth ratio of 0.65 and a beta of 0.29. The stock’s fifty day moving average price is $67.30 and its 200-day moving average price is $77.47.

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

Insider Buying and Selling at BioMarin Pharmaceutical

In other BioMarin Pharmaceutical news, EVP Charles Greg Guyer sold 5,278 shares of the business’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 completion of the sale, the executive vice president now owns 68,909 shares of the company’s stock, valued at approximately $4,573,490.33. The trade was a 7.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.85% of the stock is owned by corporate insiders.

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.