Hsbc Holdings PLC Has $7.41 Million Stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Hsbc Holdings PLC lowered its stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 61.4% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 89,795 shares of the biotechnology company’s stock after selling 142,903 shares during the period. Hsbc Holdings PLC’s holdings in BioMarin Pharmaceutical were worth $7,406,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. Innealta Capital LLC acquired a new stake in BioMarin Pharmaceutical during the second quarter worth $25,000. BOKF NA acquired a new stake in shares of BioMarin Pharmaceutical during the 2nd quarter valued at about $31,000. Quent Capital LLC increased its stake in BioMarin Pharmaceutical by 58.9% in the second quarter. Quent Capital LLC now owns 391 shares of the biotechnology company’s stock valued at $32,000 after acquiring an additional 145 shares during the period. Jones Financial Companies Lllp acquired a new position in BioMarin Pharmaceutical in the fourth quarter worth about $43,000. Finally, AM Squared Ltd bought a new position in BioMarin Pharmaceutical during the second quarter worth about $66,000. Institutional investors own 98.71% of the company’s stock.

BioMarin Pharmaceutical Price Performance

Shares of NASDAQ BMRN opened at $69.13 on Tuesday. The company has a fifty day moving average price of $85.26 and a 200 day moving average price of $84.14. The firm has a market cap of $13.13 billion, a PE ratio of 64.61, a PEG ratio of 1.03 and a beta of 0.32. The company has a current ratio of 3.05, a quick ratio of 1.95 and a debt-to-equity ratio of 0.11. BioMarin Pharmaceutical Inc. has a 1-year low of $68.83 and a 1-year high of $99.56.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings data on Monday, August 5th. The biotechnology company reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.39. The business had revenue of $712.03 million for the quarter, compared to analyst estimates of $660.51 million. BioMarin Pharmaceutical had a net margin of 9.91% and a return on equity of 6.91%. Research analysts predict that BioMarin Pharmaceutical Inc. will post 2.4 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on BMRN. TD Cowen cut their price objective on BioMarin Pharmaceutical from $125.00 to $120.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Bank of America reduced their price target on shares of BioMarin Pharmaceutical from $130.00 to $115.00 and set a “buy” rating on the stock in a research report on Tuesday, September 17th. Barclays dropped their price objective on shares of BioMarin Pharmaceutical from $111.00 to $110.00 and set an “overweight” rating for the company in a report on Tuesday, August 6th. Canaccord Genuity Group reissued a “hold” rating and issued a $93.00 target price on shares of BioMarin Pharmaceutical in a report on Friday, September 13th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $110.00 target price on shares of BioMarin Pharmaceutical in a research note on Monday, September 9th. Eight research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, BioMarin Pharmaceutical presently has a consensus rating of “Moderate Buy” and a consensus price target of $98.84.

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.