Covea Finance Purchases 59,100 Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Covea Finance lifted its position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 328.3% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 77,100 shares of the biotechnology company’s stock after purchasing an additional 59,100 shares during the quarter. Covea Finance’s holdings in BioMarin Pharmaceutical were worth $5,419,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in BMRN. Principal Financial Group Inc. boosted its position in shares of BioMarin Pharmaceutical by 1,858.6% during the second quarter. Principal Financial Group Inc. now owns 649,460 shares of the biotechnology company’s stock valued at $53,470,000 after purchasing an additional 616,301 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in BioMarin Pharmaceutical by 33.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,605,983 shares of the biotechnology company’s stock worth $154,850,000 after acquiring an additional 401,152 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in BioMarin Pharmaceutical by 11,107.4% in the second quarter. Assenagon Asset Management S.A. now owns 352,474 shares of the biotechnology company’s stock worth $29,019,000 after acquiring an additional 349,329 shares in the last quarter. Vanguard Group Inc. boosted its holdings in BioMarin Pharmaceutical by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 18,050,062 shares of the biotechnology company’s stock worth $1,740,387,000 after acquiring an additional 348,852 shares in the last quarter. Finally, Rhumbline Advisers boosted its holdings in BioMarin Pharmaceutical by 122.1% in the second quarter. Rhumbline Advisers now owns 551,553 shares of the biotechnology company’s stock worth $45,409,000 after acquiring an additional 303,207 shares in the last quarter. 98.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have commented on BMRN. Bank of America dropped their target price on BioMarin Pharmaceutical from $130.00 to $115.00 and set a “buy” rating on the stock in a report on Tuesday, September 17th. JPMorgan Chase & Co. boosted their price target on BioMarin Pharmaceutical from $111.00 to $120.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. StockNews.com upgraded BioMarin Pharmaceutical from a “hold” rating to a “buy” rating in a research note on Thursday, August 8th. Sanford C. Bernstein decreased their price target on BioMarin Pharmaceutical from $116.00 to $90.00 and set an “outperform” rating for the company in a research note on Tuesday, September 17th. Finally, William Blair upgraded BioMarin Pharmaceutical to a “strong-buy” rating in a research report on Friday, August 30th. Seven investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $96.40.

BioMarin Pharmaceutical Price Performance

Shares of NASDAQ BMRN traded up $0.50 during mid-day trading on Friday, reaching $70.35. The company’s stock had a trading volume of 807,249 shares, compared to its average volume of 1,876,074. The firm has a market capitalization of $13.36 billion, a PE ratio of 52.89, a P/E/G ratio of 0.81 and a beta of 0.31. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.05 and a quick ratio of 1.95. The stock has a fifty day moving average of $81.07 and a two-hundred day moving average of $82.66. BioMarin Pharmaceutical Inc. has a 52 week low of $67.75 and a 52 week high of $99.56.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings data on Monday, August 5th. The biotechnology company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.39. The firm had revenue of $712.03 million during the quarter, compared to analyst estimates of $660.51 million. BioMarin Pharmaceutical had a return on equity of 6.91% and a net margin of 9.91%. As a group, sell-side analysts anticipate that BioMarin Pharmaceutical Inc. will post 2.39 EPS for the current fiscal year.

BioMarin Pharmaceutical Company 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.