Palo Alto Investors LP Purchases Shares of 682,777 BioMarin Pharmaceutical Inc. $BMRN

Palo Alto Investors LP purchased a new position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 682,777 shares of the biotechnology company’s stock, valued at approximately $39,068,500,000. BioMarin Pharmaceutical makes up 5.4% of Palo Alto Investors LP’s holdings, making the stock its 6th largest holding.

Several other large investors also recently modified their holdings of the stock. Empowered Funds LLC acquired a new position in shares of BioMarin Pharmaceutical during the 2nd quarter valued at $2,247,000. Public Employees Retirement System of Ohio acquired a new stake in BioMarin Pharmaceutical in the second quarter worth $3,461,000. Corient Private Wealth LP acquired a new stake in BioMarin Pharmaceutical in the second quarter worth $235,000. Boone Capital Management LLC bought a new stake in BioMarin Pharmaceutical in the second quarter valued at $33,372,000. Finally, Freestone Grove Partners LP bought a new stake in BioMarin Pharmaceutical in the second quarter valued at $20,839,000. Institutional investors and hedge funds own 98.71% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on BMRN. Citigroup increased their price objective on shares of BioMarin Pharmaceutical from $75.00 to $76.00 and gave the stock a “buy” rating in a research report on Thursday, July 16th. BMO Capital Markets began coverage on BioMarin Pharmaceutical in a research report on Wednesday, August 19th. They issued an “outperform” rating and a $98.00 target price for the company. Oppenheimer upped their price target on BioMarin Pharmaceutical from $95.00 to $97.00 and gave the stock an “outperform” rating in a research note on Friday, August 7th. UBS Group set a $88.00 price target on BioMarin Pharmaceutical in a report on Wednesday. Finally, Royal Bank Of Canada reduced their price objective on BioMarin Pharmaceutical from $66.00 to $62.00 and set a “sector perform” rating for the company in a research note on Tuesday, July 7th. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, BioMarin Pharmaceutical currently has an average rating of “Moderate Buy” and a consensus target price of $88.79.

BioMarin Pharmaceutical Stock Down 0.5%

BioMarin Pharmaceutical stock opened at $65.29 on Friday. BioMarin Pharmaceutical Inc. has a 1-year low of $49.26 and a 1-year high of $70.98. The firm has a market capitalization of $12.64 billion, a price-to-earnings ratio of 176.46, a price-to-earnings-growth ratio of 0.47 and a beta of 0.24. The firm’s fifty day moving average price is $61.50 and its two-hundred day moving average price is $58.10. The company has a current ratio of 2.39, a quick ratio of 1.32 and a debt-to-equity ratio of 0.56.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its quarterly earnings data on Thursday, August 6th. The biotechnology company reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.25. The firm had revenue of $989.71 million during the quarter, compared to analysts’ expectations of $932.03 million. BioMarin Pharmaceutical had a net margin of 2.14% and a return on equity of 5.32%. The business’s revenue was up 20.0% on a year-over-year basis. During the same period last year, the company earned $1.44 earnings per share. BioMarin Pharmaceutical has set its FY 2026 guidance at 4.900-5.100 EPS. On average, equities research analysts predict that BioMarin Pharmaceutical Inc. will post 4.1 earnings per share for the current fiscal year.

About BioMarin Pharmaceutical

BioMarin Pharmaceutical Inc is a biopharmaceutical company specializing in the development and commercialization of therapies for rare genetic and metabolic diseases. The company focuses on addressing unmet medical needs by leveraging enzyme replacement therapy, small molecule pharmacological chaperones and gene therapy technologies. Headquartered in Novato, California, BioMarin operates research and development facilities in the United States and Europe.

The company’s commercial portfolio includes several approved therapies targeting inherited disorders.