Gateway Investment Advisers LLC Reduces Stock Holdings in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Gateway Investment Advisers LLC reduced its stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 64.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 4,449 shares of the biotechnology company’s stock after selling 8,222 shares during the quarter. Gateway Investment Advisers LLC’s holdings in BioMarin Pharmaceutical were worth $313,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Primecap Management Co. CA grew its holdings in BioMarin Pharmaceutical by 0.4% in the second 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 during the period. Vanguard Group Inc. boosted 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 purchasing an additional 67,046 shares during the last quarter. Avoro Capital Advisors LLC raised its holdings in BioMarin Pharmaceutical by 4.4% in the second quarter. Avoro Capital Advisors LLC now owns 4,557,416 shares of the biotechnology company’s stock valued at $375,212,000 after acquiring an additional 192,416 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in BioMarin Pharmaceutical by 38.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,034,457 shares of the biotechnology company’s stock worth $85,178,000 after buying an additional 289,953 shares during the last quarter. Finally, DNB Asset Management AS boosted its holdings in BioMarin Pharmaceutical by 17.7% in the second quarter. DNB Asset Management AS now owns 1,021,054 shares of the biotechnology company’s stock worth $84,063,000 after purchasing an additional 153,867 shares during the period. Institutional investors and hedge funds own 98.71% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on BMRN shares. Stifel Nicolaus reduced their price objective on BioMarin Pharmaceutical from $115.00 to $87.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. Barclays reduced their target price on shares of BioMarin Pharmaceutical from $110.00 to $86.00 and set an “overweight” rating for the company in a report on Friday, October 4th. Scotiabank decreased their target price on shares of BioMarin Pharmaceutical from $95.00 to $78.00 and set a “sector perform” rating for the company in a report on Tuesday, September 17th. TD Cowen lowered their price target on BioMarin Pharmaceutical from $125.00 to $120.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Finally, Wells Fargo & Company decreased their target price on shares of BioMarin Pharmaceutical from $115.00 to $90.00 and set an “overweight” rating for the company in a research note on Tuesday, September 17th. Seven analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, BioMarin Pharmaceutical has a consensus rating of “Moderate Buy” and a consensus price target of $96.40.

BioMarin Pharmaceutical Stock Performance

Shares of BMRN stock opened at $70.35 on Monday. 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 12-month low of $67.75 and a 12-month high of $99.56. The company has a market capitalization of $13.36 billion, a P/E ratio of 65.75, a P/E/G ratio of 0.81 and a beta of 0.31. The business’s 50 day moving average is $81.07 and its two-hundred day moving average is $82.58.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its quarterly earnings results on Monday, August 5th. The biotechnology company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.39. The business 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%. Analysts expect that BioMarin Pharmaceutical Inc. will post 2.39 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.