400,000 Shares in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) Purchased by Vestal Point Capital LP

Vestal Point Capital LP bought a new position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 400,000 shares of the biotechnology company’s stock, valued at approximately $28,116,000. BioMarin Pharmaceutical accounts for 2.1% of Vestal Point Capital LP’s holdings, making the stock its 17th biggest holding.

A number of other hedge funds also recently added to or reduced their stakes in BMRN. AGF Management Ltd. acquired a new stake in shares of BioMarin Pharmaceutical in the 2nd quarter worth approximately $2,563,000. Susquehanna Fundamental Investments LLC acquired a new stake in BioMarin Pharmaceutical in the second quarter valued at $5,627,000. Teachers Retirement System of The State of Kentucky increased its position in shares of BioMarin Pharmaceutical by 17.4% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 194,207 shares of the biotechnology company’s stock valued at $15,990,000 after buying an additional 28,837 shares in the last quarter. E Fund Management Co. Ltd. increased its position in shares of BioMarin Pharmaceutical by 167.4% in the second quarter. E Fund Management Co. Ltd. now owns 13,480 shares of the biotechnology company’s stock valued at $1,110,000 after buying an additional 8,438 shares in the last quarter. Finally, Tidal Investments LLC raised its stake in shares of BioMarin Pharmaceutical by 65.5% during the 1st quarter. Tidal Investments LLC now owns 17,447 shares of the biotechnology company’s stock worth $1,524,000 after buying an additional 6,906 shares during the last quarter. 98.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Evercore ISI dropped their price objective on shares of BioMarin Pharmaceutical from $115.00 to $105.00 and set an “outperform” rating for the company in a research note on Wednesday, October 30th. Sanford C. Bernstein lowered their target price on BioMarin Pharmaceutical from $116.00 to $90.00 and set an “outperform” rating on the stock in a report on Tuesday, September 17th. Wells Fargo & Company cut their price target on BioMarin Pharmaceutical from $115.00 to $90.00 and set an “overweight” rating for the company in a report on Tuesday, September 17th. JPMorgan Chase & Co. decreased their price objective on BioMarin Pharmaceutical from $110.00 to $109.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 30th. Finally, Wolfe Research assumed coverage on shares of BioMarin Pharmaceutical in a research note on Friday, November 15th. They issued an “outperform” rating and a $95.00 target price for the company. Seven equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $94.20.

Insider Activity

In other news, EVP Charles Greg Guyer sold 5,278 shares of BioMarin Pharmaceutical stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $66.37, for a total transaction of $350,300.86. Following the sale, the executive vice president now owns 68,909 shares in the company, valued at $4,573,490.33. This trade represents a 7.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.85% of the company’s stock.

BioMarin Pharmaceutical Price Performance

BMRN opened at $65.42 on Friday. BioMarin Pharmaceutical Inc. has a 52-week low of $61.15 and a 52-week high of $99.56. The company has a 50 day moving average of $67.81 and a two-hundred day moving average of $78.01. The company has a market cap of $12.47 billion, a P/E ratio of 39.17, a P/E/G ratio of 0.64 and a beta of 0.31. The company has a quick ratio of 2.62, a current ratio of 4.27 and a debt-to-equity ratio of 0.11.

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

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.