Stifel Financial Corp Sells 13,487 Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Stifel Financial Corp cut its position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 30.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 30,537 shares of the biotechnology company’s stock after selling 13,487 shares during the quarter. Stifel Financial Corp’s holdings in BioMarin Pharmaceutical were worth $2,146,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Quarry LP boosted its position in shares of BioMarin Pharmaceutical by 1,853.1% in the third quarter. Quarry LP now owns 2,500 shares of the biotechnology company’s stock valued at $176,000 after acquiring an additional 2,372 shares during the period. Royal London Asset Management Ltd. raised its stake in BioMarin Pharmaceutical by 5.5% in the 3rd quarter. Royal London Asset Management Ltd. now owns 77,345 shares of the biotechnology company’s stock worth $5,437,000 after purchasing an additional 4,058 shares in the last quarter. Point72 DIFC Ltd bought a new stake in BioMarin Pharmaceutical in the 3rd quarter valued at about $3,127,000. Investment Management Corp of Ontario grew its position in shares of BioMarin Pharmaceutical by 50.0% during the 3rd quarter. Investment Management Corp of Ontario now owns 6,300 shares of the biotechnology company’s stock worth $443,000 after purchasing an additional 2,100 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. bought a new position in shares of BioMarin Pharmaceutical during the third quarter worth approximately $3,660,000. 98.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Charles Greg Guyer sold 5,278 shares of the stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $66.37, for a total value of $350,300.86. Following the completion of the sale, the executive vice president now owns 68,909 shares of the company’s stock, valued at approximately $4,573,490.33. This represents a 7.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.85% of the company’s stock.

Analyst Upgrades and Downgrades

BMRN has been the subject of several recent research reports. JPMorgan Chase & Co. cut their price target on BioMarin Pharmaceutical from $110.00 to $109.00 and set an “overweight” rating for the company in a research note on Wednesday, October 30th. William Blair lowered BioMarin Pharmaceutical from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 30th. Canaccord Genuity Group decreased their price target on BioMarin Pharmaceutical from $93.00 to $84.00 and set a “hold” rating on the stock in a research report on Wednesday, October 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $90.00 price objective on shares of BioMarin Pharmaceutical in a research report on Thursday, December 12th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $80.00 target price on shares of BioMarin Pharmaceutical in a report on Wednesday, October 30th. Seven research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $94.20.

BioMarin Pharmaceutical Price Performance

BioMarin Pharmaceutical stock opened at $65.00 on Friday. The stock has a 50-day moving average price of $66.68 and a two-hundred day moving average price of $76.87. BioMarin Pharmaceutical Inc. has a 12 month low of $61.15 and a 12 month high of $99.25. The company has a market capitalization of $12.39 billion, a PE ratio of 38.92, a P/E/G ratio of 0.65 and a beta of 0.29. The company has a current ratio of 4.27, a quick ratio of 2.62 and a debt-to-equity ratio of 0.11.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings data on Tuesday, October 29th. The biotechnology company reported $0.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.23). BioMarin Pharmaceutical had a net margin of 11.71% and a return on equity of 8.53%. The firm had revenue of $746.00 million during the quarter, compared to analyst estimates of $703.37 million. During the same period in the prior year, the company earned $0.26 EPS. The business’s quarterly revenue was up 28.4% compared to the same quarter last year. Analysts expect that BioMarin Pharmaceutical Inc. will post 2.49 EPS for the current 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.