King Luther Capital Management Corp Makes New Investment in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

King Luther Capital Management Corp acquired a new stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 28,840 shares of the biotechnology company’s stock, valued at approximately $2,027,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. AGF Management Ltd. acquired a new stake in BioMarin Pharmaceutical during the 2nd quarter valued at $2,563,000. Susquehanna Fundamental Investments LLC bought a new position in shares of BioMarin Pharmaceutical in the second quarter valued at about $5,627,000. Teachers Retirement System of The State of Kentucky lifted its stake in shares of BioMarin Pharmaceutical by 17.4% during the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 194,207 shares of the biotechnology company’s stock worth $15,990,000 after buying an additional 28,837 shares during the last quarter. E Fund Management Co. Ltd. boosted its holdings in shares of BioMarin Pharmaceutical by 167.4% during the 2nd quarter. E Fund Management Co. Ltd. now owns 13,480 shares of the biotechnology company’s stock worth $1,110,000 after buying an additional 8,438 shares during the period. Finally, Tidal Investments LLC grew its stake in BioMarin Pharmaceutical by 65.5% in the 1st quarter. Tidal Investments LLC now owns 17,447 shares of the biotechnology company’s stock valued at $1,524,000 after buying an additional 6,906 shares during the last quarter. 98.71% of the stock is currently owned by institutional investors.

BioMarin Pharmaceutical Stock Performance

NASDAQ:BMRN opened at $64.26 on Friday. BioMarin Pharmaceutical Inc. has a twelve month low of $61.15 and a twelve month high of $99.56. The company has a quick ratio of 2.62, a current ratio of 4.27 and a debt-to-equity ratio of 0.11. The stock’s 50-day simple moving average is $68.25 and its 200 day simple moving average is $78.47. The firm has a market capitalization of $12.25 billion, a PE ratio of 38.48, a price-to-earnings-growth ratio of 0.61 and a beta of 0.31.

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

Insiders Place Their Bets

In other news, EVP Charles Greg Guyer sold 5,278 shares of BioMarin Pharmaceutical stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $66.37, for a total transaction of $350,300.86. Following the sale, the executive vice president now directly owns 68,909 shares of the company’s stock, valued at approximately $4,573,490.33. This trade represents a 7.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 1.85% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on BMRN. Stifel Nicolaus cut their price objective on shares of BioMarin Pharmaceutical from $115.00 to $87.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. Barclays reduced their price target on BioMarin Pharmaceutical from $110.00 to $86.00 and set an “overweight” rating for the company in a research note on Friday, October 4th. Canaccord Genuity Group lowered their price objective on BioMarin Pharmaceutical from $93.00 to $84.00 and set a “hold” rating on the stock in a research report on Wednesday, October 30th. UBS Group upped their price target on shares of BioMarin Pharmaceutical from $104.00 to $106.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, Scotiabank dropped their price objective on shares of BioMarin Pharmaceutical from $95.00 to $78.00 and set a “sector perform” rating for the company in a research note on Tuesday, September 17th. Seven investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $94.20.

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.