Covington Capital Management Increases Stock Position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Covington Capital Management raised its holdings in BioMarin Pharmaceutical Inc. (NASDAQ:BMRNGet Rating) by 40.8% during the second quarter, Holdings Channel.com reports. The firm owned 704 shares of the biotechnology company’s stock after purchasing an additional 204 shares during the quarter. Covington Capital Management’s holdings in BioMarin Pharmaceutical were worth $58,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. CKW Financial Group boosted its holdings in BioMarin Pharmaceutical by 23.1% in the 1st quarter. CKW Financial Group now owns 800 shares of the biotechnology company’s stock valued at $63,000 after purchasing an additional 150 shares in the last quarter. Commerce Bank lifted its position in shares of BioMarin Pharmaceutical by 3.8% during the 1st quarter. Commerce Bank now owns 5,419 shares of the biotechnology company’s stock valued at $418,000 after acquiring an additional 198 shares during the period. Itau Unibanco Holding S.A. lifted its position in shares of BioMarin Pharmaceutical by 37.3% during the 4th quarter. Itau Unibanco Holding S.A. now owns 869 shares of the biotechnology company’s stock valued at $77,000 after acquiring an additional 236 shares during the period. MUFG Americas Holdings Corp lifted its position in shares of BioMarin Pharmaceutical by 2.6% during the 1st quarter. MUFG Americas Holdings Corp now owns 10,168 shares of the biotechnology company’s stock valued at $783,000 after acquiring an additional 258 shares during the period. Finally, DAVENPORT & Co LLC lifted its position in shares of BioMarin Pharmaceutical by 4.6% during the 1st quarter. DAVENPORT & Co LLC now owns 6,146 shares of the biotechnology company’s stock valued at $474,000 after acquiring an additional 271 shares during the period. Hedge funds and other institutional investors own 94.84% of the company’s stock.

Insider Activity

In other news, EVP Jeffrey Robert Ajer sold 3,000 shares of the business’s stock in a transaction on Thursday, August 11th. The shares were sold at an average price of $95.62, for a total transaction of $286,860.00. Following the completion of the sale, the executive vice president now directly owns 44,088 shares of the company’s stock, valued at approximately $4,215,694.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Brian Mueller sold 7,337 shares of the business’s stock in a transaction on Friday, July 8th. The shares were sold at an average price of $89.50, for a total transaction of $656,661.50. Following the completion of the sale, the chief financial officer now directly owns 30,726 shares of the company’s stock, valued at approximately $2,749,977. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jeffrey Robert Ajer sold 3,000 shares of the business’s stock in a transaction on Thursday, August 11th. The shares were sold at an average price of $95.62, for a total transaction of $286,860.00. Following the sale, the executive vice president now directly owns 44,088 shares of the company’s stock, valued at $4,215,694.56. The disclosure for this sale can be found here. Insiders sold 30,940 shares of company stock valued at $2,873,126 in the last ninety days. Company insiders own 1.75% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. TheStreet upgraded shares of BioMarin Pharmaceutical from a “c+” rating to a “b-” rating in a research report on Friday, September 9th. Barclays lifted their price target on shares of BioMarin Pharmaceutical from $112.00 to $125.00 and gave the company an “overweight” rating in a research report on Thursday, August 4th. Credit Suisse Group lifted their price target on shares of BioMarin Pharmaceutical to $111.00 in a research report on Tuesday, August 9th. Morgan Stanley lifted their price target on shares of BioMarin Pharmaceutical from $113.00 to $117.00 and gave the company an “overweight” rating in a research report on Thursday, August 4th. Finally, Robert W. Baird restated an “outperform” rating and set a $112.00 price objective on shares of BioMarin Pharmaceutical in a research report on Friday, August 26th. Two equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, BioMarin Pharmaceutical currently has an average rating of “Moderate Buy” and an average price target of $112.86.

BioMarin Pharmaceutical Trading Down 0.6 %

Shares of BMRN opened at $87.70 on Tuesday. The stock has a fifty day moving average of $90.05 and a two-hundred day moving average of $83.48. The company has a debt-to-equity ratio of 0.24, a quick ratio of 3.69 and a current ratio of 5.42. The company has a market capitalization of $16.27 billion, a PE ratio of 337.32, a price-to-earnings-growth ratio of 1.93 and a beta of 0.32. BioMarin Pharmaceutical Inc. has a fifty-two week low of $70.73 and a fifty-two week high of $97.76.

BioMarin Pharmaceutical (NASDAQ:BMRNGet Rating) last issued its quarterly earnings results on Wednesday, August 3rd. The biotechnology company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.04. BioMarin Pharmaceutical had a return on equity of 1.78% and a net margin of 2.83%. During the same period in the prior year, the firm posted $0.23 earnings per share. As a group, analysts forecast that BioMarin Pharmaceutical Inc. will post 0.91 EPS for the current year.

BioMarin Pharmaceutical Company Profile

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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.

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Institutional Ownership by Quarter for BioMarin Pharmaceutical (NASDAQ:BMRN)

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