Clearline Capital LP Takes Position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Clearline Capital LP bought a new position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 319,772 shares of the biotechnology company’s stock, valued at approximately $22,477,000. BioMarin Pharmaceutical accounts for about 1.0% of Clearline Capital LP’s investment portfolio, making the stock its 12th largest position. Clearline Capital LP owned approximately 0.17% of BioMarin Pharmaceutical at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Primecap Management Co. CA raised its holdings in BioMarin Pharmaceutical by 0.4% during the third quarter. Primecap Management Co. CA now owns 18,867,435 shares of the biotechnology company’s stock worth $1,326,192,000 after buying an additional 77,350 shares during the last quarter. Avoro Capital Advisors LLC raised its holdings in shares of BioMarin Pharmaceutical by 4.4% in the 2nd quarter. Avoro Capital Advisors LLC now owns 4,557,416 shares of the biotechnology company’s stock worth $375,212,000 after acquiring an additional 192,416 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in BioMarin Pharmaceutical by 4.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,401,628 shares of the biotechnology company’s stock valued at $98,520,000 after acquiring an additional 55,699 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in 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 valued at $85,178,000 after purchasing an additional 289,953 shares during the last quarter. Finally, Erste Asset Management GmbH bought a new stake in BioMarin Pharmaceutical during the 3rd quarter worth approximately $48,527,000. 98.71% of the stock is currently owned by institutional investors.

BioMarin Pharmaceutical Stock Performance

Shares of NASDAQ BMRN opened at $66.03 on Monday. The stock’s 50-day moving average is $67.72 and its 200 day moving average is $77.88. The stock 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. BioMarin Pharmaceutical Inc. has a 1-year low of $61.15 and a 1-year high of $99.56. The company has a current ratio of 4.27, a quick ratio of 2.62 and a debt-to-equity ratio of 0.11.

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

Insiders Place Their Bets

In related news, EVP Charles Greg Guyer sold 5,278 shares of the 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 completion of the sale, the executive vice president now directly owns 68,909 shares in the company, 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 link. 1.85% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. TD Cowen lowered their price target on BioMarin Pharmaceutical from $125.00 to $120.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Raymond James reiterated an “outperform” rating and issued a $79.00 target price on shares of BioMarin Pharmaceutical in a report on Thursday, October 10th. Robert W. Baird cut their price target on shares of BioMarin Pharmaceutical from $72.00 to $65.00 and set a “neutral” rating on the stock in a report on Wednesday, October 30th. JPMorgan Chase & Co. decreased their price objective on shares of BioMarin Pharmaceutical from $110.00 to $109.00 and set an “overweight” rating for the company in a research note on Wednesday, October 30th. Finally, Evercore ISI dropped their target price on shares of BioMarin Pharmaceutical from $115.00 to $105.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. 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 company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $94.20.

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.