Mirae Asset Global Investments Co. Ltd. Makes New $705,000 Investment in BioMarin Pharmaceutical Inc. $BMRN

Mirae Asset Global Investments Co. Ltd. bought a new position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) in the 3rd quarter, Holdings Channel.com reports. The firm bought 11,758 shares of the biotechnology company’s stock, valued at approximately $705,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Parkside Financial Bank & Trust increased its stake in BioMarin Pharmaceutical by 70.3% in the second quarter. Parkside Financial Bank & Trust now owns 453 shares of the biotechnology company’s stock valued at $26,000 after acquiring an additional 187 shares during the last quarter. North Dakota State Investment Board lifted its stake in BioMarin Pharmaceutical by 3.9% during the third quarter. North Dakota State Investment Board now owns 5,872 shares of the biotechnology company’s stock worth $352,000 after purchasing an additional 218 shares during the last quarter. Chicago Partners Investment Group LLC boosted its holdings in shares of BioMarin Pharmaceutical by 2.4% in the 1st quarter. Chicago Partners Investment Group LLC now owns 12,183 shares of the biotechnology company’s stock worth $660,000 after purchasing an additional 290 shares in the last quarter. Signaturefd LLC boosted its holdings in shares of BioMarin Pharmaceutical by 16.7% in the 3rd quarter. Signaturefd LLC now owns 2,316 shares of the biotechnology company’s stock worth $139,000 after purchasing an additional 331 shares in the last quarter. Finally, Parallel Advisors LLC increased its position in shares of BioMarin Pharmaceutical by 33.9% during the 1st quarter. Parallel Advisors LLC now owns 1,768 shares of the biotechnology company’s stock valued at $100,000 after purchasing an additional 448 shares during the last quarter. 98.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on BMRN shares. Citigroup boosted their target price on BioMarin Pharmaceutical from $75.00 to $76.00 and gave the stock a “buy” rating in a research report on Thursday, July 16th. JPMorgan Chase & Co. lowered their price objective on shares of BioMarin Pharmaceutical from $87.00 to $86.00 and set an “overweight” rating for the company in a report on Wednesday, November 4th. Stifel Nicolaus cut their price objective on shares of BioMarin Pharmaceutical from $70.00 to $66.00 and set a “hold” rating for the company in a research note on Tuesday, November 3rd. Piper Sandler raised their price target on BioMarin Pharmaceutical from $88.00 to $90.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 1st. Finally, Morgan Stanley decreased their price target on BioMarin Pharmaceutical from $122.00 to $119.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 3rd. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $87.91.

BioMarin Pharmaceutical Price Performance

BMRN stock opened at $56.03 on Monday. The firm’s 50-day moving average price is $59.69 and its two-hundred day moving average price is $58.47. BioMarin Pharmaceutical Inc. has a 12-month low of $49.26 and a 12-month high of $70.98. The stock has a market capitalization of $10.85 billion, a price-to-earnings ratio of -560.30, a PEG ratio of 0.75 and a beta of 0.21. The company has a current ratio of 2.44, a quick ratio of 1.32 and a debt-to-equity ratio of 0.56.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its earnings results on Monday, November 2nd. The biotechnology company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.28. The company had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.02 billion. BioMarin Pharmaceutical had a negative net margin of 0.52% and a positive return on equity of 5.58%. BioMarin Pharmaceutical’s revenue for the quarter was up 32.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.12 earnings per share. As a group, equities analysts predict that BioMarin Pharmaceutical Inc. will post 2.20 earnings per share for the current year.

About BioMarin Pharmaceutical

BioMarin Pharmaceutical is a biotechnology company focused on developing and commercializing medicines for people with rare genetic diseases. Its work includes research, clinical development, manufacturing and distribution of therapies for conditions that often have limited treatment options.

The company’s marketed treatments address disorders including phenylketonuria, mucopolysaccharidosis, late-infantile neuronal ceroid lipofuscinosis, achondroplasia and hemophilia A. Its products include Kuvan and Palynziq for phenylketonuria, Vimizim for Morquio A syndrome, Brineura for CLN2 disease, Voxzogo for achondroplasia and Roctavian for hemophilia A.

Founded in 1997 and headquartered in San Rafael, California, BioMarin serves patients and healthcare providers in the United States and international markets, including Europe.