Westpac Banking Corp Acquires 1,414 Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Westpac Banking Corp boosted its holdings in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 67.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,501 shares of the biotechnology company’s stock after purchasing an additional 1,414 shares during the period. Westpac Banking Corp’s holdings in BioMarin Pharmaceutical were worth $230,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in shares of BioMarin Pharmaceutical by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 19,372,185 shares of the biotechnology company’s stock valued at $1,273,334,000 after acquiring an additional 93,531 shares during the last quarter. Norges Bank bought a new position in BioMarin Pharmaceutical in the fourth quarter valued at approximately $234,645,000. Geode Capital Management LLC increased its position in shares of BioMarin Pharmaceutical by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 3,288,778 shares of the biotechnology company’s stock worth $215,784,000 after purchasing an additional 28,728 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of BioMarin Pharmaceutical by 1.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,423,508 shares of the biotechnology company’s stock worth $93,567,000 after purchasing an additional 21,880 shares in the last quarter. Finally, abrdn plc boosted its holdings in shares of BioMarin Pharmaceutical by 31.9% in the 4th quarter. abrdn plc now owns 695,802 shares of the biotechnology company’s stock valued at $45,735,000 after buying an additional 168,121 shares during the last quarter. 98.71% of the stock is currently owned by institutional investors and hedge funds.

BioMarin Pharmaceutical Stock Performance

BMRN opened at $60.26 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.62 and a current ratio of 5.33. BioMarin Pharmaceutical Inc. has a 52-week low of $59.99 and a 52-week high of $94.85. The firm has a market cap of $11.50 billion, a P/E ratio of 27.39, a price-to-earnings-growth ratio of 0.61 and a beta of 0.30. The business’s fifty day moving average is $67.95 and its 200-day moving average is $67.24.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings data on Wednesday, February 19th. The biotechnology company reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.18. BioMarin Pharmaceutical had a net margin of 14.96% and a return on equity of 9.91%. The firm had revenue of $747.31 million for the quarter, compared to the consensus estimate of $711.05 million. Sell-side analysts expect that BioMarin Pharmaceutical Inc. will post 3.15 EPS for the current fiscal year.

Insider Buying and Selling

In other BioMarin Pharmaceutical news, CAO Erin Burkhart sold 1,295 shares of the company’s stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $71.52, for a total transaction of $92,618.40. Following the completion of the sale, the chief accounting officer now directly owns 16,955 shares in the company, valued at $1,212,621.60. This represents a 7.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.85% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Piper Sandler boosted their target price on shares of BioMarin Pharmaceutical from $122.00 to $126.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. Bank of America boosted their price objective on shares of BioMarin Pharmaceutical from $99.00 to $103.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th. Citigroup raised their target price on shares of BioMarin Pharmaceutical from $81.00 to $82.00 and gave the company a “neutral” rating in a research note on Thursday, February 20th. Royal Bank of Canada reissued a “sector perform” rating and set a $70.00 price target on shares of BioMarin Pharmaceutical in a research report on Thursday, February 20th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $94.00 price objective on shares of BioMarin Pharmaceutical in a research report on Thursday, February 20th. Seven investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat.com, BioMarin Pharmaceutical has a consensus rating of “Moderate Buy” and an average target price of $94.00.

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.