Allspring Global Investments Holdings LLC Boosts Stock Holdings in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Allspring Global Investments Holdings LLC lifted its stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 7,368.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 60,571 shares of the biotechnology company’s stock after acquiring an additional 59,760 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in BioMarin Pharmaceutical were worth $5,840,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. EFG Asset Management North America Corp. increased its position in shares of BioMarin Pharmaceutical by 44.9% during the third quarter. EFG Asset Management North America Corp. now owns 67,322 shares of the biotechnology company’s stock worth $5,957,000 after acquiring an additional 20,874 shares during the period. FMR LLC increased its position in shares of BioMarin Pharmaceutical by 30.4% during the third quarter. FMR LLC now owns 713,797 shares of the biotechnology company’s stock worth $63,157,000 after acquiring an additional 166,219 shares during the period. Nordea Investment Management AB increased its position in shares of BioMarin Pharmaceutical by 4.9% during the fourth quarter. Nordea Investment Management AB now owns 11,594 shares of the biotechnology company’s stock worth $1,121,000 after acquiring an additional 544 shares during the period. EULAV Asset Management increased its position in shares of BioMarin Pharmaceutical by 38.9% during the third quarter. EULAV Asset Management now owns 132,036 shares of the biotechnology company’s stock worth $11,683,000 after acquiring an additional 37,000 shares during the period. Finally, C WorldWide Group Holding A S increased its position in shares of BioMarin Pharmaceutical by 18.7% during the third quarter. C WorldWide Group Holding A S now owns 253,851 shares of the biotechnology company’s stock worth $22,461,000 after acquiring an additional 40,000 shares during the period. Hedge funds and other institutional investors own 98.71% of the company’s stock.

Insider Buying and Selling

In related news, Director Jean Jacques Bienaime sold 20,000 shares of the stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $91.26, for a total transaction of $1,825,200.00. Following the completion of the transaction, the director now directly owns 474,994 shares of the company’s stock, valued at $43,347,952.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Jeffrey Robert Ajer sold 4,000 shares of the stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $87.07, for a total transaction of $348,280.00. Following the completion of the transaction, the executive vice president now directly owns 94,047 shares of the company’s stock, valued at $8,188,672.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jean Jacques Bienaime sold 20,000 shares of the stock in a transaction dated Friday, April 12th. The stock was sold at an average price of $91.26, for a total transaction of $1,825,200.00. Following the transaction, the director now directly owns 474,994 shares of the company’s stock, valued at $43,347,952.44. The disclosure for this sale can be found here. Insiders sold 103,229 shares of company stock valued at $9,062,967 over the last ninety days. Corporate insiders own 1.84% of the company’s stock.

BioMarin Pharmaceutical Price Performance

Shares of BMRN opened at $90.07 on Friday. BioMarin Pharmaceutical Inc. has a fifty-two week low of $76.02 and a fifty-two week high of $99.56. The company has a market capitalization of $17.00 billion, a price-to-earnings ratio of 102.35, a price-to-earnings-growth ratio of 1.68 and a beta of 0.31. The firm has a 50-day simple moving average of $87.61 and a 200-day simple moving average of $89.11. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.57 and a current ratio of 2.51.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its earnings results on Thursday, February 22nd. The biotechnology company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.05. BioMarin Pharmaceutical had a net margin of 6.93% and a return on equity of 5.01%. The business had revenue of $646.21 million during the quarter, compared to the consensus estimate of $639.53 million. During the same quarter in the prior year, the firm earned $0.11 earnings per share. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. On average, equities research analysts anticipate that BioMarin Pharmaceutical Inc. will post 1.85 earnings per share for the current year.

Analyst Upgrades and Downgrades

BMRN has been the subject of a number of analyst reports. Canaccord Genuity Group reiterated a “hold” rating and set a $91.00 target price on shares of BioMarin Pharmaceutical in a research note on Thursday, February 29th. Stifel Nicolaus reiterated a “buy” rating and set a $101.00 target price on shares of BioMarin Pharmaceutical in a research note on Thursday, December 21st. Piper Sandler lowered their target price on shares of BioMarin Pharmaceutical from $115.00 to $107.00 and set an “overweight” rating for the company in a research note on Friday, February 23rd. Robert W. Baird lowered their target price on shares of BioMarin Pharmaceutical from $127.00 to $104.00 and set an “outperform” rating for the company in a research note on Tuesday, January 30th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $100.00 target price on shares of BioMarin Pharmaceutical in a research note on Friday, February 23rd. Seven equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $107.61.

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.