abrdn plc Increases Stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

abrdn plc increased its holdings in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 1,053.3% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 376,238 shares of the biotechnology company’s stock after purchasing an additional 343,615 shares during the period. abrdn plc owned approximately 0.20% of BioMarin Pharmaceutical worth $36,277,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC raised its holdings in BioMarin Pharmaceutical by 7,368.7% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 60,571 shares of the biotechnology company’s stock valued at $5,840,000 after buying an additional 59,760 shares during the last quarter. EFG Asset Management North America Corp. raised its holdings in BioMarin Pharmaceutical by 44.9% during the 3rd quarter. EFG Asset Management North America Corp. now owns 67,322 shares of the biotechnology company’s stock valued at $5,957,000 after buying an additional 20,874 shares during the last quarter. International Assets Investment Management LLC bought a new stake in BioMarin Pharmaceutical during the 4th quarter valued at $3,598,000. FMR LLC raised its holdings in BioMarin Pharmaceutical by 30.4% during the 3rd quarter. FMR LLC now owns 713,797 shares of the biotechnology company’s stock valued at $63,157,000 after buying an additional 166,219 shares during the last quarter. Finally, Nordea Investment Management AB raised its holdings in BioMarin Pharmaceutical by 4.9% during the 4th quarter. Nordea Investment Management AB now owns 11,594 shares of the biotechnology company’s stock valued at $1,121,000 after buying an additional 544 shares during the last quarter. Hedge funds and other institutional investors own 98.71% of the company’s stock.

BioMarin Pharmaceutical Price Performance

Shares of BMRN opened at $89.49 on Tuesday. The company has a market capitalization of $16.89 billion, a P/E ratio of 101.69, a price-to-earnings-growth ratio of 1.64 and a beta of 0.31. The company has a quick ratio of 1.57, a current ratio of 2.51 and a debt-to-equity ratio of 0.12. The firm has a 50 day moving average of $87.64 and a 200 day moving average of $89.18. BioMarin Pharmaceutical Inc. has a twelve month low of $76.02 and a twelve month high of $99.56.

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

Insider Activity at BioMarin Pharmaceutical

In other BioMarin Pharmaceutical news, CAO Erin Burkhart sold 2,286 shares of BioMarin Pharmaceutical stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $90.00, for a total value of $205,740.00. Following the completion of the sale, the chief accounting officer now owns 16,156 shares of the company’s stock, valued at approximately $1,454,040. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other BioMarin Pharmaceutical news, Director Jean Jacques Bienaime sold 1,000 shares of BioMarin Pharmaceutical stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $90.35, for a total value of $90,350.00. Following the completion of the sale, the director now owns 562,203 shares of the company’s stock, valued at approximately $50,795,041.05. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Erin Burkhart sold 2,286 shares of BioMarin Pharmaceutical stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $90.00, for a total transaction of $205,740.00. Following the completion of the sale, the chief accounting officer now directly owns 16,156 shares of the company’s stock, valued at approximately $1,454,040. 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 90 days. Corporate insiders own 1.84% of the company’s stock.

Analyst Upgrades and Downgrades

BMRN has been the subject of several research reports. Royal Bank of Canada restated a “sector perform” rating and issued a $100.00 price objective on shares of BioMarin Pharmaceutical in a report on Friday, February 23rd. Piper Sandler decreased their price objective on shares of BioMarin Pharmaceutical from $115.00 to $107.00 and set an “overweight” rating for the company in a report on Friday, February 23rd. Cantor Fitzgerald restated an “overweight” rating and issued a $100.00 price objective on shares of BioMarin Pharmaceutical in a report on Friday, February 23rd. Robert W. Baird decreased their price objective on shares of BioMarin Pharmaceutical from $127.00 to $104.00 and set an “outperform” rating for the company in a report on Tuesday, January 30th. Finally, Canaccord Genuity Group restated a “hold” rating and issued a $91.00 price objective on shares of BioMarin Pharmaceutical in a report on Thursday, February 29th. Seven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $107.61.

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.