Clearline Capital LP Takes $22.48 Million Position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Clearline Capital LP bought a new position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) during the 3rd quarter, Holdings Channel reports. The fund 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 holdings, making the stock its 12th largest position.

A number of other hedge funds also recently bought and sold shares of the business. Innealta Capital LLC purchased a new position in shares of BioMarin Pharmaceutical during the 2nd quarter worth approximately $25,000. BOKF NA purchased a new stake in BioMarin Pharmaceutical in the second quarter worth $31,000. Quent Capital LLC raised its holdings in BioMarin Pharmaceutical by 58.9% in the second quarter. Quent Capital LLC now owns 391 shares of the biotechnology company’s stock worth $32,000 after purchasing an additional 145 shares in the last quarter. nVerses Capital LLC purchased a new position in BioMarin Pharmaceutical during the third quarter valued at $28,000. Finally, Itau Unibanco Holding S.A. purchased a new position in BioMarin Pharmaceutical during the second quarter valued at $47,000. Hedge funds and other institutional investors own 98.71% of the company’s stock.

BioMarin Pharmaceutical Trading Up 0.9 %

Shares of BMRN stock opened at $66.03 on Monday. 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 Inc. has a 12-month low of $61.15 and a 12-month high of $99.56. The stock has a market capitalization of $12.58 billion, a P/E ratio of 39.54, a P/E/G ratio of 0.65 and a beta of 0.31. The firm’s 50 day moving average is $67.72 and its 200 day moving average is $77.88.

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 analysts’ consensus estimates of $0.78 by ($0.23). The firm had revenue of $746.00 million during the quarter, compared to analysts’ expectations of $703.37 million. BioMarin Pharmaceutical had a return on equity of 8.53% and a net margin of 11.71%. The business’s quarterly revenue was up 28.4% on a year-over-year basis. During the same quarter last year, the business earned $0.26 earnings per share. Research analysts expect that BioMarin Pharmaceutical Inc. will post 2.49 earnings per share for the current year.

Analyst Upgrades and Downgrades

BMRN has been the subject of several research reports. Royal Bank of Canada reiterated a “sector perform” rating and issued a $80.00 price target on shares of BioMarin Pharmaceutical in a research note on Wednesday, October 30th. Sanford C. Bernstein dropped their price target on BioMarin Pharmaceutical from $116.00 to $90.00 and set an “outperform” rating on the stock in a research report on Tuesday, September 17th. JPMorgan Chase & Co. cut their price target on BioMarin Pharmaceutical from $110.00 to $109.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 30th. Evercore ISI lowered their price objective on BioMarin Pharmaceutical from $115.00 to $105.00 and set an “outperform” rating for the company in a research note on Wednesday, October 30th. Finally, Scotiabank cut their target price on BioMarin Pharmaceutical from $95.00 to $78.00 and set a “sector perform” rating on the stock in a research note on Tuesday, September 17th. Seven research 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. Based on data from MarketBeat, BioMarin Pharmaceutical currently has an average rating of “Moderate Buy” and a consensus price target of $94.20.

Insiders Place Their Bets

In other BioMarin Pharmaceutical news, EVP Charles Greg Guyer sold 5,278 shares of the stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $66.37, for a total value of $350,300.86. Following the transaction, the executive vice president now directly owns 68,909 shares in the company, valued at approximately $4,573,490.33. This trade represents a 7.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.85% of the company’s stock.

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.