Pallas Capital Advisors LLC Purchases New Position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Pallas Capital Advisors LLC purchased a new stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 7,144 shares of the biotechnology company’s stock, valued at approximately $503,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Primecap Management Co. CA grew its position in shares of BioMarin Pharmaceutical by 0.4% during the 2nd quarter. Primecap Management Co. CA now owns 18,790,085 shares of the biotechnology company’s stock worth $1,546,988,000 after purchasing an additional 76,190 shares in the last quarter. Vanguard Group Inc. grew its position in shares of BioMarin Pharmaceutical by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 18,117,108 shares of the biotechnology company’s stock worth $1,582,348,000 after purchasing an additional 67,046 shares in the last quarter. Avoro Capital Advisors LLC grew its position in shares of BioMarin Pharmaceutical by 4.4% during the 2nd quarter. Avoro Capital Advisors LLC now owns 4,557,416 shares of the biotechnology company’s stock worth $375,212,000 after purchasing an additional 192,416 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of BioMarin Pharmaceutical by 38.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,034,457 shares of the biotechnology company’s stock worth $85,178,000 after purchasing an additional 289,953 shares in the last quarter. Finally, DNB Asset Management AS grew its position in shares of BioMarin Pharmaceutical by 17.7% during the 2nd quarter. DNB Asset Management AS now owns 1,021,054 shares of the biotechnology company’s stock worth $84,063,000 after purchasing an additional 153,867 shares in the last quarter. Institutional investors and hedge funds own 98.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Canaccord Genuity Group decreased their target price on shares of BioMarin Pharmaceutical from $93.00 to $84.00 and set a “hold” rating on the stock in a research report on Wednesday. Bank of America decreased their target price on shares of BioMarin Pharmaceutical from $130.00 to $115.00 and set a “buy” rating on the stock in a research report on Tuesday, September 17th. Raymond James reaffirmed an “outperform” rating and set a $79.00 price target on shares of BioMarin Pharmaceutical in a report on Thursday, October 10th. Truist Financial cut their price target on shares of BioMarin Pharmaceutical from $118.00 to $90.00 and set a “buy” rating for the company in a report on Tuesday, September 17th. Finally, Cantor Fitzgerald cut their price target on shares of BioMarin Pharmaceutical from $110.00 to $90.00 and set an “overweight” rating for the company in a report on Wednesday. Eight investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $93.67.

BioMarin Pharmaceutical Price Performance

BMRN stock opened at $66.68 on Thursday. The company has a fifty day moving average price of $76.08 and a 200-day moving average price of $80.94. The company has a market capitalization of $12.66 billion, a P/E ratio of 62.32, a PEG ratio of 0.81 and a beta of 0.31. BioMarin Pharmaceutical Inc. has a 52-week low of $65.78 and a 52-week high of $99.56. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.95 and a current ratio of 3.05.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly 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 business had revenue of $746.00 million for the quarter, compared to the consensus estimate of $703.37 million. BioMarin Pharmaceutical had a net margin of 9.91% and a return on equity of 6.91%. BioMarin Pharmaceutical’s revenue was up 28.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.26 EPS. As a group, equities analysts expect that BioMarin Pharmaceutical Inc. will post 2.39 EPS for the current year.

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.