Praxis Investment Management Inc. Raises Stock Holdings in BioMarin Pharmaceutical Inc. $BMRN

Praxis Investment Management Inc. raised its position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 86.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,440 shares of the biotechnology company’s stock after acquiring an additional 4,370 shares during the period. Praxis Investment Management Inc.’s holdings in BioMarin Pharmaceutical were worth $519,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of BMRN. Farther Finance Advisors LLC raised its holdings in shares of BioMarin Pharmaceutical by 95.9% during the 1st quarter. Farther Finance Advisors LLC now owns 431 shares of the biotechnology company’s stock worth $29,000 after acquiring an additional 211 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of BioMarin Pharmaceutical by 154.0% during the 1st quarter. GAMMA Investing LLC now owns 3,129 shares of the biotechnology company’s stock worth $221,000 after acquiring an additional 1,897 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of BioMarin Pharmaceutical by 92.2% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 44,584 shares of the biotechnology company’s stock worth $3,152,000 after acquiring an additional 21,383 shares in the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of BioMarin Pharmaceutical by 56.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 12,016 shares of the biotechnology company’s stock worth $849,000 after acquiring an additional 4,345 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its holdings in shares of BioMarin Pharmaceutical by 2.8% during the 1st quarter. State of Alaska Department of Revenue now owns 22,335 shares of the biotechnology company’s stock worth $1,578,000 after acquiring an additional 605 shares in the last quarter. 98.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BMRN has been the topic of several recent research reports. Raymond James Financial assumed coverage on BioMarin Pharmaceutical in a report on Wednesday, September 3rd. They set an “outperform” rating and a $85.00 price objective on the stock. Wedbush reissued an “outperform” rating and set a $94.00 target price on shares of BioMarin Pharmaceutical in a research report on Tuesday, August 5th. Morgan Stanley cut their target price on BioMarin Pharmaceutical from $97.00 to $96.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 22nd. JPMorgan Chase & Co. boosted their target price on BioMarin Pharmaceutical from $116.00 to $119.00 and gave the company an “overweight” rating in a research report on Thursday, October 9th. Finally, Wolfe Research set a $95.00 target price on BioMarin Pharmaceutical and gave the company an “outperform” rating in a research report on Tuesday, July 15th. Thirteen equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $93.26.

BioMarin Pharmaceutical Stock Performance

Shares of BioMarin Pharmaceutical stock opened at $53.29 on Friday. The stock’s fifty day moving average is $55.66 and its two-hundred day moving average is $57.49. The company has a market capitalization of $10.23 billion, a PE ratio of 15.81, a price-to-earnings-growth ratio of 0.67 and a beta of 0.33. The company has a quick ratio of 3.60, a current ratio of 5.56 and a debt-to-equity ratio of 0.10. BioMarin Pharmaceutical Inc. has a 52 week low of $51.56 and a 52 week high of $73.51.

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.