Synovus Financial Corp Buys 6,191 Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Synovus Financial Corp grew its position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 25.7% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 30,253 shares of the biotechnology company’s stock after acquiring an additional 6,191 shares during the quarter. Synovus Financial Corp’s holdings in BioMarin Pharmaceutical were worth $2,127,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of BMRN. AGF Management Ltd. bought a new position in BioMarin Pharmaceutical in the second quarter valued at about $2,563,000. Susquehanna Fundamental Investments LLC bought a new position in shares of BioMarin Pharmaceutical in the 2nd quarter worth approximately $5,627,000. Teachers Retirement System of The State of Kentucky boosted its holdings 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 worth $15,990,000 after buying an additional 28,837 shares during the last quarter. E Fund Management Co. Ltd. grew its position in BioMarin Pharmaceutical by 167.4% during 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 during the period. Finally, EULAV Asset Management grew its position in BioMarin Pharmaceutical by 12.9% during the third quarter. EULAV Asset Management now owns 131,000 shares of the biotechnology company’s stock valued at $9,208,000 after buying an additional 15,000 shares during the period. 98.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $90.00 price target on shares of BioMarin Pharmaceutical in a research note on Thursday. Robert W. Baird lowered their target price on BioMarin Pharmaceutical from $72.00 to $65.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 30th. Evercore ISI reduced their price target on BioMarin Pharmaceutical from $115.00 to $105.00 and set an “outperform” rating for the company in a research report on Wednesday, October 30th. Raymond James reaffirmed an “outperform” rating and set a $79.00 price objective on shares of BioMarin Pharmaceutical in a research report on Thursday, October 10th. Finally, Wedbush raised shares of BioMarin Pharmaceutical to a “strong-buy” rating in a report on Monday, November 4th. Seven equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $94.20.

Insider Buying and Selling

In related news, EVP Charles Greg Guyer sold 5,278 shares of the company’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $66.37, for a total transaction of $350,300.86. Following the transaction, the executive vice president now directly owns 68,909 shares in the company, valued at approximately $4,573,490.33. This represents a 7.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.85% of the stock is owned by corporate insiders.

BioMarin Pharmaceutical Stock Performance

BioMarin Pharmaceutical stock opened at $66.01 on Monday. The company’s 50-day moving average price is $66.97 and its 200-day moving average price is $77.16. The company has a quick ratio of 2.62, a current ratio of 4.27 and a debt-to-equity ratio of 0.11. The company has a market cap of $12.58 billion, a PE ratio of 39.53, a price-to-earnings-growth ratio of 0.65 and a beta of 0.29. BioMarin Pharmaceutical Inc. has a twelve month low of $61.15 and a twelve month high of $99.56.

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

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.