Earned Wealth Advisors LLC Takes Position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Earned Wealth Advisors LLC purchased a new stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) during the first quarter, HoldingsChannel.com reports. The institutional investor purchased 2,844 shares of the biotechnology company’s stock, valued at approximately $201,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BMRN. CIBC Private Wealth Group LLC lifted its holdings in shares of BioMarin Pharmaceutical by 64.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 596 shares of the biotechnology company’s stock valued at $41,000 after purchasing an additional 233 shares in the last quarter. Headlands Technologies LLC bought a new position in shares of BioMarin Pharmaceutical during the fourth quarter valued at $117,000. Resona Asset Management Co. Ltd. bought a new position in shares of BioMarin Pharmaceutical during the fourth quarter valued at $4,838,000. Quadrant Capital Group LLC lifted its holdings in shares of BioMarin Pharmaceutical by 58.9% during the fourth quarter. Quadrant Capital Group LLC now owns 1,776 shares of the biotechnology company’s stock valued at $117,000 after purchasing an additional 658 shares in the last quarter. Finally, Bank of Nova Scotia lifted its holdings in shares of BioMarin Pharmaceutical by 15.5% during the fourth quarter. Bank of Nova Scotia now owns 15,507 shares of the biotechnology company’s stock valued at $1,019,000 after purchasing an additional 2,083 shares in the last quarter. 98.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BMRN. Citigroup lowered their price target on BioMarin Pharmaceutical from $82.00 to $78.00 and set a “neutral” rating on the stock in a report on Friday, May 2nd. JPMorgan Chase & Co. increased their target price on BioMarin Pharmaceutical from $108.00 to $113.00 and gave the company an “overweight” rating in a report on Monday, July 14th. Wall Street Zen downgraded BioMarin Pharmaceutical from a “strong-buy” rating to a “buy” rating in a report on Friday, July 18th. Wolfe Research set a $95.00 target price on BioMarin Pharmaceutical and gave the company an “outperform” rating in a report on Tuesday, July 15th. Finally, Morgan Stanley lowered their target price on BioMarin Pharmaceutical from $97.00 to $96.00 and set an “overweight” rating on the stock in a report on Tuesday, July 22nd. Six analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. Based on data from MarketBeat, BioMarin Pharmaceutical currently has a consensus rating of “Moderate Buy” and a consensus target price of $93.74.

BioMarin Pharmaceutical Stock Performance

NASDAQ:BMRN opened at $60.31 on Tuesday. The company has a current ratio of 5.52, a quick ratio of 3.49 and a debt-to-equity ratio of 0.10. BioMarin Pharmaceutical Inc. has a 12-month low of $52.93 and a 12-month high of $94.85. The stock has a 50-day moving average price of $57.16 and a 200 day moving average price of $61.79. The stock has a market capitalization of $11.57 billion, a P/E ratio of 22.42, a P/E/G ratio of 0.80 and a beta of 0.18.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its earnings results on Monday, August 4th. The biotechnology company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.21. BioMarin Pharmaceutical had a return on equity of 11.34% and a net margin of 17.76%. The firm had revenue of $825.00 million during the quarter, compared to analysts’ expectations of $761.51 million. During the same quarter last year, the business posted $0.55 earnings per share. The firm’s revenue was up 15.9% on a year-over-year basis. Equities research analysts forecast that BioMarin Pharmaceutical Inc. will post 3.15 EPS for the current fiscal year.

Insiders Place Their Bets

In other BioMarin Pharmaceutical news, CAO Erin Burkhart sold 1,786 shares of the firm’s stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $59.31, for a total transaction of $105,927.66. Following the completion of the transaction, the chief accounting officer owned 14,173 shares in the company, valued at $840,600.63. This trade represents a 11.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.85% 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.