Principal Financial Group Inc. Sells 13,638 Shares of BioMarin Pharmaceutical Inc. $BMRN

Principal Financial Group Inc. cut its stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 3.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 438,744 shares of the biotechnology company’s stock after selling 13,638 shares during the period. Principal Financial Group Inc. owned 0.23% of BioMarin Pharmaceutical worth $23,762,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Quent Capital LLC bought a new position in BioMarin Pharmaceutical during the third quarter worth about $28,000. Hantz Financial Services Inc. increased its position in shares of BioMarin Pharmaceutical by 480.2% during the 2nd quarter. Hantz Financial Services Inc. now owns 1,056 shares of the biotechnology company’s stock worth $58,000 after purchasing an additional 874 shares during the last quarter. Employees Retirement System of Texas acquired a new position in BioMarin Pharmaceutical during the second quarter worth $58,000. IFP Advisors Inc raised its holdings in shares of BioMarin Pharmaceutical by 1,382.2% in the 2nd quarter. IFP Advisors Inc now owns 1,749 shares of the biotechnology company’s stock valued at $96,000 after purchasing an additional 1,631 shares during the period. Finally, True Wealth Design LLC raised its stake in BioMarin Pharmaceutical by 427.9% in the third quarter. True Wealth Design LLC now owns 1,985 shares of the biotechnology company’s stock valued at $108,000 after buying an additional 1,609 shares during the period. Institutional investors and hedge funds own 98.71% of the company’s stock.

BioMarin Pharmaceutical Trading Up 1.7%

Shares of BioMarin Pharmaceutical stock opened at $58.13 on Friday. BioMarin Pharmaceutical Inc. has a 1 year low of $50.76 and a 1 year high of $73.51. The company has a 50 day simple moving average of $56.71 and a two-hundred day simple moving average of $55.95. The firm has a market cap of $11.17 billion, a PE ratio of 21.85, a PEG ratio of 0.64 and a beta of 0.26. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.83 and a quick ratio of 3.10.

Analysts Set New Price Targets

Several equities analysts have weighed in on BMRN shares. Tudor Pickering set a $88.00 price objective on BioMarin Pharmaceutical in a report on Monday, November 3rd. Wall Street Zen lowered shares of BioMarin Pharmaceutical from a “buy” rating to a “hold” rating in a research note on Saturday, November 1st. Stifel Nicolaus restated a “hold” rating and set a $61.00 price target (down previously from $73.00) on shares of BioMarin Pharmaceutical in a research note on Thursday, November 6th. Canaccord Genuity Group raised BioMarin Pharmaceutical from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $84.00 to $98.00 in a report on Tuesday, January 20th. Finally, Sanford C. Bernstein reduced their target price on shares of BioMarin Pharmaceutical from $95.00 to $88.00 and set an “outperform” rating for the company in a research note on Monday, November 3rd. Seventeen investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, BioMarin Pharmaceutical has a consensus rating of “Moderate Buy” and a consensus target price of $88.29.

BioMarin Pharmaceutical Profile

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.