Fred Alger Management LLC Sells 2,943 Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Fred Alger Management LLC cut its holdings in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 10.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 26,573 shares of the biotechnology company’s stock after selling 2,943 shares during the period. Fred Alger Management LLC’s holdings in BioMarin Pharmaceutical were worth $1,868,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. AGF Management Ltd. purchased a new position in shares of BioMarin Pharmaceutical in the second quarter worth $2,563,000. Susquehanna Fundamental Investments LLC purchased a new position in BioMarin Pharmaceutical during the 2nd quarter valued at $5,627,000. Teachers Retirement System of The State of Kentucky raised its stake in BioMarin Pharmaceutical by 17.4% in the second 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 in the last quarter. E Fund Management Co. Ltd. raised its position in shares of BioMarin Pharmaceutical by 167.4% in the 2nd quarter. E Fund Management Co. Ltd. now owns 13,480 shares of the biotechnology company’s stock worth $1,110,000 after acquiring an additional 8,438 shares in the last quarter. Finally, Tidal Investments LLC raised its holdings in BioMarin Pharmaceutical by 65.5% in the first quarter. Tidal Investments LLC now owns 17,447 shares of the biotechnology company’s stock worth $1,524,000 after purchasing an additional 6,906 shares in the last quarter. 98.71% of the stock is currently owned by hedge funds and other institutional investors.

BioMarin Pharmaceutical Price Performance

Shares of NASDAQ:BMRN opened at $66.03 on Monday. 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 firm has a market cap of $12.58 billion, a price-to-earnings ratio of 39.54, a P/E/G ratio of 0.65 and a beta of 0.31. The firm has a fifty day moving average price of $67.72 and a 200 day moving average price of $77.88. BioMarin Pharmaceutical Inc. has a fifty-two week low of $61.15 and a fifty-two week high of $99.56.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its earnings results on Tuesday, October 29th. The biotechnology company reported $0.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.23). The firm had revenue of $746.00 million during the quarter, compared to the consensus estimate of $703.37 million. BioMarin Pharmaceutical had a return on equity of 8.53% and a net margin of 11.71%. The company’s revenue for the quarter was up 28.4% compared to the same quarter last year. During the same period last year, the firm posted $0.26 earnings per share. As a group, sell-side analysts expect that BioMarin Pharmaceutical Inc. will post 2.49 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Sanford C. Bernstein decreased their target price on shares of BioMarin Pharmaceutical from $116.00 to $90.00 and set an “outperform” rating for the company in a research note on Tuesday, September 17th. Canaccord Genuity Group reduced their price objective on shares of BioMarin Pharmaceutical from $93.00 to $84.00 and set a “hold” rating for the company in a research note on Wednesday, October 30th. Cantor Fitzgerald dropped their target price on shares of BioMarin Pharmaceutical from $110.00 to $90.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 30th. TD Cowen decreased their price objective on shares of BioMarin Pharmaceutical from $125.00 to $120.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Finally, Wolfe Research started coverage on BioMarin Pharmaceutical in a research note on Friday, November 15th. They set an “outperform” rating and a $95.00 target price on the stock. Seven investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, BioMarin Pharmaceutical presently has a consensus rating of “Moderate Buy” and an average price target of $94.20.

Insiders Place Their Bets

In other BioMarin Pharmaceutical news, EVP Charles Greg Guyer sold 5,278 shares of the company’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $66.37, for a total value of $350,300.86. Following the transaction, the executive vice president now owns 68,909 shares of the company’s stock, valued at $4,573,490.33. This represents a 7.11 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.85% of the stock is owned by insiders.

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.