New England Research & Management Inc. Makes New Investment in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

New England Research & Management Inc. bought a new position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 15,350 shares of the biotechnology company’s stock, valued at approximately $1,341,000.

A number of other hedge funds have also added to or reduced their stakes in BMRN. KB Financial Partners LLC increased its holdings in shares of BioMarin Pharmaceutical by 51.3% during the third quarter. KB Financial Partners LLC now owns 348 shares of the biotechnology company’s stock valued at $31,000 after acquiring an additional 118 shares in the last quarter. Lindbrook Capital LLC increased its holdings in shares of BioMarin Pharmaceutical by 259.8% during the fourth quarter. Lindbrook Capital LLC now owns 385 shares of the biotechnology company’s stock valued at $37,000 after acquiring an additional 278 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its holdings in shares of BioMarin Pharmaceutical by 135.3% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 433 shares of the biotechnology company’s stock valued at $42,000 after acquiring an additional 249 shares in the last quarter. Jones Financial Companies Lllp bought a new stake in shares of BioMarin Pharmaceutical during the fourth quarter valued at approximately $43,000. Finally, First Horizon Advisors Inc. increased its holdings in shares of BioMarin Pharmaceutical by 33.3% during the fourth quarter. First Horizon Advisors Inc. now owns 576 shares of the biotechnology company’s stock valued at $56,000 after acquiring an additional 144 shares in the last quarter. 98.71% of the stock is currently owned by institutional investors.

BioMarin Pharmaceutical Price Performance

Shares of NASDAQ BMRN opened at $82.33 on Friday. BioMarin Pharmaceutical Inc. has a twelve month low of $73.68 and a twelve month high of $99.56. The stock’s 50-day simple moving average is $81.37 and its two-hundred day simple moving average is $87.37. The company has a quick ratio of 1.70, a current ratio of 2.74 and a debt-to-equity ratio of 0.12. The firm has a market capitalization of $15.63 billion, a P/E ratio of 76.94, a P/E/G ratio of 1.19 and a beta of 0.31.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its earnings results on Wednesday, April 24th. The biotechnology company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.12. BioMarin Pharmaceutical had a return on equity of 5.34% and a net margin of 8.31%. The company had revenue of $648.83 million for the quarter, compared to the consensus estimate of $649.75 million. As a group, equities analysts anticipate that BioMarin Pharmaceutical Inc. will post 1.99 EPS for the current fiscal year.

Insiders Place Their Bets

In other BioMarin Pharmaceutical news, CFO Brian Mueller sold 5,000 shares of the company’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $75.19, for a total value of $375,950.00. Following the completion of the sale, the chief financial officer now owns 72,159 shares in the company, valued at $5,425,635.21. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director Jean Jacques Bienaime sold 20,000 shares of the stock in a transaction dated Friday, April 12th. The stock was sold at an average price of $91.26, for a total transaction of $1,825,200.00. Following the completion of the sale, the director now owns 474,994 shares in the company, valued at $43,347,952.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brian Mueller sold 5,000 shares of the stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $75.19, for a total value of $375,950.00. Following the sale, the chief financial officer now owns 72,159 shares of the company’s stock, valued at approximately $5,425,635.21. The disclosure for this sale can be found here. Insiders sold a total of 89,986 shares of company stock worth $7,240,292 over the last quarter. 1.85% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Citigroup decreased their price objective on BioMarin Pharmaceutical from $94.00 to $91.00 and set a “neutral” rating for the company in a report on Thursday, April 25th. Wells Fargo & Company upped their price target on BioMarin Pharmaceutical from $110.00 to $115.00 and gave the stock an “overweight” rating in a report on Thursday. Robert W. Baird downgraded BioMarin Pharmaceutical from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $104.00 to $72.00 in a report on Friday, May 17th. Baird R W downgraded BioMarin Pharmaceutical from a “strong-buy” rating to a “hold” rating in a report on Friday, May 17th. Finally, Morgan Stanley decreased their price target on BioMarin Pharmaceutical from $115.00 to $112.00 and set an “overweight” rating for the company in a report on Friday, April 26th. Nine analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, BioMarin Pharmaceutical presently has an average rating of “Moderate Buy” and a consensus price target of $106.37.

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.