AlphaCentric Advisors LLC Increases Holdings in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

AlphaCentric Advisors LLC raised its holdings in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 97.0% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 32,500 shares of the biotechnology company’s stock after purchasing an additional 16,000 shares during the quarter. BioMarin Pharmaceutical accounts for 1.7% of AlphaCentric Advisors LLC’s holdings, making the stock its 11th largest holding. AlphaCentric Advisors LLC’s holdings in BioMarin Pharmaceutical were worth $2,284,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Innealta Capital LLC purchased a new stake in BioMarin Pharmaceutical in the second quarter valued at $25,000. BOKF NA purchased a new stake in BioMarin Pharmaceutical in the second quarter valued at $31,000. Quent Capital LLC raised its position in BioMarin Pharmaceutical by 58.9% in the second quarter. Quent Capital LLC now owns 391 shares of the biotechnology company’s stock valued at $32,000 after purchasing an additional 145 shares during the period. nVerses Capital LLC purchased a new stake in BioMarin Pharmaceutical in the third quarter valued at $28,000. Finally, Itau Unibanco Holding S.A. purchased a new stake in BioMarin Pharmaceutical in the second quarter valued at $47,000. Hedge funds and other institutional investors own 98.71% of the company’s stock.

BioMarin Pharmaceutical Stock Down 0.9 %

BioMarin Pharmaceutical stock opened at $66.01 on Tuesday. BioMarin Pharmaceutical Inc. has a fifty-two week low of $65.35 and a fifty-two week high of $99.56. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.62 and a current ratio of 4.27. The company has a market capitalization of $12.58 billion, a P/E ratio of 39.53, a PEG ratio of 0.66 and a beta of 0.31. The stock has a 50-day simple moving average of $74.65 and a 200-day simple moving average of $80.36.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its earnings results on Tuesday, October 29th. The biotechnology company reported $0.55 earnings per share for the quarter, missing the consensus estimate of $0.78 by ($0.23). BioMarin Pharmaceutical had a net margin of 11.71% and a return on equity of 8.53%. The firm had revenue of $746.00 million during the quarter, compared to analysts’ expectations of $703.37 million. During the same period in the previous year, the firm posted $0.26 earnings per share. The firm’s revenue for the quarter was up 28.4% on a year-over-year basis. Equities research analysts expect that BioMarin Pharmaceutical Inc. will post 2.47 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on BMRN shares. Sanford C. Bernstein cut their price objective on BioMarin Pharmaceutical from $116.00 to $90.00 and set an “outperform” rating on the stock in a report on Tuesday, September 17th. Canaccord Genuity Group cut their price objective on BioMarin Pharmaceutical from $93.00 to $84.00 and set a “hold” rating on the stock in a report on Wednesday, October 30th. Wells Fargo & Company cut their price objective on BioMarin Pharmaceutical from $115.00 to $90.00 and set an “overweight” rating on the stock in a report on Tuesday, September 17th. Piper Sandler boosted their target price on BioMarin Pharmaceutical from $107.00 to $122.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. Finally, Raymond James reissued an “outperform” rating and set a $79.00 target price on shares of BioMarin Pharmaceutical in a research note on Thursday, October 10th. Seven equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, BioMarin Pharmaceutical presently has an average rating of “Moderate Buy” and a consensus target price of $94.16.

About BioMarin Pharmaceutical

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.