Covea Finance Raises Position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Covea Finance raised its stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 328.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 77,100 shares of the biotechnology company’s stock after purchasing an additional 59,100 shares during the period. Covea Finance’s holdings in BioMarin Pharmaceutical were worth $5,419,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Livforsakringsbolaget Skandia Omsesidigt raised its position in BioMarin Pharmaceutical by 437.5% during the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,720 shares of the biotechnology company’s stock valued at $121,000 after purchasing an additional 1,400 shares during the period. CWM LLC raised its holdings in shares of BioMarin Pharmaceutical by 363.1% in the third quarter. CWM LLC now owns 11,106 shares of the biotechnology company’s stock worth $781,000 after buying an additional 8,708 shares during the period. Atomi Financial Group Inc. purchased a new stake in shares of BioMarin Pharmaceutical in the third quarter worth approximately $393,000. Tealwood Asset Management Inc. raised its holdings in shares of BioMarin Pharmaceutical by 28.8% in the third quarter. Tealwood Asset Management Inc. now owns 15,650 shares of the biotechnology company’s stock worth $1,100,000 after buying an additional 3,503 shares during the period. Finally, New England Research & Management Inc. raised its holdings in shares of BioMarin Pharmaceutical by 50.1% in the third quarter. New England Research & Management Inc. now owns 13,625 shares of the biotechnology company’s stock worth $958,000 after buying an additional 4,550 shares during the period. 98.71% of the stock is currently owned by hedge funds and other institutional investors.

BioMarin Pharmaceutical Stock Up 0.7 %

Shares of BioMarin Pharmaceutical stock traded up $0.50 during 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 company has a quick ratio of 1.95, a current ratio of 3.05 and a debt-to-equity ratio of 0.11. The company has a market cap of $13.36 billion, a price-to-earnings ratio of 52.89, a P/E/G ratio of 0.81 and a beta of 0.31. BioMarin Pharmaceutical Inc. has a 1-year low of $67.75 and a 1-year high of $99.56. The company has a 50-day simple moving average of $81.07 and a two-hundred day simple moving average of $82.66.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted 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 analysts’ expectations of $660.51 million. BioMarin Pharmaceutical had a return on equity of 6.91% and a net margin of 9.91%. As a group, equities analysts forecast that BioMarin Pharmaceutical Inc. will post 2.39 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on BMRN shares. StockNews.com upgraded BioMarin Pharmaceutical from a “hold” rating to a “buy” rating in a report on Thursday, August 8th. William Blair upgraded BioMarin Pharmaceutical to a “strong-buy” rating in a report on Friday, August 30th. JPMorgan Chase & Co. increased their price target on BioMarin Pharmaceutical from $111.00 to $120.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. Cantor Fitzgerald restated an “overweight” rating and set a $110.00 price objective on shares of BioMarin Pharmaceutical in a report on Monday, September 9th. Finally, Piper Sandler raised their price objective on BioMarin Pharmaceutical from $107.00 to $122.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. Seven analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $96.40.

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.