Gabelli Funds LLC Increases Position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Gabelli Funds LLC boosted its holdings in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 16.1% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 8,039 shares of the biotechnology company’s stock after purchasing an additional 1,114 shares during the period. Gabelli Funds LLC’s holdings in BioMarin Pharmaceutical were worth $662,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Primecap Management Co. CA raised its position in shares of BioMarin Pharmaceutical by 0.4% in the 2nd quarter. Primecap Management Co. CA now owns 18,790,085 shares of the biotechnology company’s stock valued at $1,546,988,000 after purchasing an additional 76,190 shares in the last quarter. Vanguard Group Inc. raised its holdings in BioMarin Pharmaceutical by 0.4% in the first quarter. Vanguard Group Inc. now owns 18,117,108 shares of the biotechnology company’s stock valued at $1,582,348,000 after acquiring an additional 67,046 shares in the last quarter. Capital Research Global Investors raised its holdings in BioMarin Pharmaceutical by 79.0% in the fourth quarter. Capital Research Global Investors now owns 10,774,641 shares of the biotechnology company’s stock valued at $1,038,907,000 after acquiring an additional 4,756,671 shares in the last quarter. Avoro Capital Advisors LLC boosted its stake in BioMarin Pharmaceutical by 1.5% during the 1st quarter. Avoro Capital Advisors LLC now owns 4,365,000 shares of the biotechnology company’s stock valued at $381,239,000 after acquiring an additional 65,000 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in BioMarin Pharmaceutical by 33.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,605,983 shares of the biotechnology company’s stock worth $154,850,000 after acquiring an additional 401,152 shares in the last quarter. Institutional investors and hedge funds own 98.71% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Canaccord Genuity Group restated a “hold” rating and issued a $93.00 target price on shares of BioMarin Pharmaceutical in a research note on Friday, September 13th. Barclays reduced their target price on BioMarin Pharmaceutical from $111.00 to $110.00 and set an “overweight” rating on the stock in a report on Tuesday, August 6th. Evercore ISI boosted their price target on BioMarin Pharmaceutical from $113.00 to $115.00 and gave the company an “outperform” rating in a report on Tuesday, August 6th. Stifel Nicolaus dropped their price target on BioMarin Pharmaceutical from $115.00 to $87.00 and set a “buy” rating on the stock in a research report on Tuesday, September 17th. Finally, Royal Bank of Canada decreased their price objective on shares of BioMarin Pharmaceutical from $100.00 to $85.00 and set a “sector perform” rating for the company in a report on Tuesday, September 17th. Eight research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $98.84.

BioMarin Pharmaceutical Trading Up 1.8 %

NASDAQ:BMRN opened at $70.24 on Friday. BioMarin Pharmaceutical Inc. has a 1 year low of $67.75 and a 1 year high of $99.56. The business has a fifty day moving average of $84.62 and a 200-day moving average of $83.92. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.95 and a current ratio of 3.05. The stock has a market cap of $13.34 billion, a price-to-earnings ratio of 65.65, a PEG ratio of 0.80 and a beta of 0.32.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its earnings results on Monday, August 5th. The biotechnology company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.38 by $0.39. The firm had revenue of $712.03 million for the quarter, compared to analysts’ expectations of $660.51 million. BioMarin Pharmaceutical had a net margin of 9.91% and a return on equity of 6.91%. Equities analysts predict that BioMarin Pharmaceutical Inc. will post 2.39 earnings per share for the current year.

BioMarin Pharmaceutical Company 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.