Bayesian Capital Management LP Sells 9,722 Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Bayesian Capital Management LP reduced its holdings in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 46.7% during the 4th quarter, Holdings Channel reports. The institutional investor owned 11,100 shares of the biotechnology company’s stock after selling 9,722 shares during the quarter. Bayesian Capital Management LP’s holdings in BioMarin Pharmaceutical were worth $730,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in BioMarin Pharmaceutical by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 19,372,185 shares of the biotechnology company’s stock worth $1,273,334,000 after acquiring an additional 93,531 shares in the last quarter. Dodge & Cox grew its stake in shares of BioMarin Pharmaceutical by 6.1% in the fourth quarter. Dodge & Cox now owns 14,746,235 shares of the biotechnology company’s stock valued at $969,270,000 after buying an additional 847,917 shares in the last quarter. Capital Research Global Investors increased its holdings in BioMarin Pharmaceutical by 23.8% during the fourth quarter. Capital Research Global Investors now owns 12,991,772 shares of the biotechnology company’s stock worth $853,944,000 after buying an additional 2,496,817 shares during the last quarter. Norges Bank bought a new stake in BioMarin Pharmaceutical during the fourth quarter worth $234,645,000. Finally, Geode Capital Management LLC raised its position in BioMarin Pharmaceutical by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 3,288,778 shares of the biotechnology company’s stock worth $215,784,000 after acquiring an additional 28,728 shares in the last quarter. 98.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on BMRN shares. StockNews.com upgraded shares of BioMarin Pharmaceutical from a “buy” rating to a “strong-buy” rating in a research note on Friday, April 25th. Piper Sandler boosted their price target on BioMarin Pharmaceutical from $122.00 to $126.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Citigroup cut their price objective on BioMarin Pharmaceutical from $82.00 to $78.00 and set a “neutral” rating for the company in a research report on Friday. Oppenheimer raised BioMarin Pharmaceutical from a “market perform” rating to an “outperform” rating and set a $98.00 target price on the stock in a report on Monday, February 24th. Finally, Bank of America raised their price target on BioMarin Pharmaceutical from $99.00 to $103.00 and gave the company a “buy” rating in a report on Thursday, February 20th. Seven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $93.45.

BioMarin Pharmaceutical Stock Performance

NASDAQ BMRN opened at $62.06 on Tuesday. The firm has a 50-day moving average price of $65.71 and a two-hundred day moving average price of $65.66. BioMarin Pharmaceutical Inc. has a 12-month low of $52.93 and a 12-month high of $94.85. The company has a market capitalization of $11.84 billion, a P/E ratio of 28.21, a P/E/G ratio of 0.61 and a beta of 0.27. The company has a quick ratio of 2.62, a current ratio of 5.33 and a debt-to-equity ratio of 0.11.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its quarterly earnings results on Wednesday, February 19th. The biotechnology company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.18. The business had revenue of $747.31 million during the quarter, compared to analysts’ expectations of $711.05 million. BioMarin Pharmaceutical had a return on equity of 9.91% and a net margin of 14.96%. Analysts anticipate that BioMarin Pharmaceutical Inc. will post 3.15 earnings per share for the current year.

Insider Activity

In other news, CAO Erin Burkhart sold 1,295 shares of the business’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $71.52, for a total value of $92,618.40. Following the completion of the transaction, the chief accounting officer now directly owns 16,955 shares in the company, valued at approximately $1,212,621.60. The trade was a 7.10 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.85% of the company’s stock.

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.