First Light Asset Management LLC Purchases 637 Shares of BioMarin Pharmaceutical Inc. (BMRN)
First Light Asset Management LLC raised its position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 2.0% in the first quarter, HoldingsChannel reports. The firm owned 31,850 shares of the biotechnology company’s stock after buying an additional 637 shares during the period. First Light Asset Management LLC’s holdings in BioMarin Pharmaceutical were worth $2,582,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently bought and sold shares of BMRN. Financial Gravity Companies Inc. purchased a new stake in shares of BioMarin Pharmaceutical during the 4th quarter worth about $112,000. Financial Gravity Wealth Inc. purchased a new stake in shares of BioMarin Pharmaceutical during the 1st quarter worth about $195,000. Redmile Group LLC purchased a new stake in shares of BioMarin Pharmaceutical during the 4th quarter worth about $223,000. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of BioMarin Pharmaceutical during the 4th quarter worth about $224,000. Finally, Gamco Investors INC. ET AL purchased a new stake in shares of BioMarin Pharmaceutical during the 4th quarter worth about $232,000.
BMRN has been the subject of a number of recent research reports. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of BioMarin Pharmaceutical in a research note on Sunday, February 25th. Credit Suisse Group reaffirmed a “buy” rating and set a $116.00 price target on shares of BioMarin Pharmaceutical in a research note on Thursday, March 29th. Morgan Stanley cut their price target on BioMarin Pharmaceutical from $115.00 to $112.00 and set an “overweight” rating for the company in a research note on Friday, February 23rd. Royal Bank of Canada reaffirmed a “hold” rating and set a $94.00 price target on shares of BioMarin Pharmaceutical in a research note on Tuesday, February 27th. Finally, Zacks Investment Research raised BioMarin Pharmaceutical from a “sell” rating to a “hold” rating in a research note on Tuesday, March 20th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. BioMarin Pharmaceutical currently has a consensus rating of “Buy” and a consensus target price of $112.50.
BioMarin Pharmaceutical (NASDAQ:BMRN) last released its earnings results on Wednesday, April 25th. The biotechnology company reported ($0.25) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.17) by ($0.08). The business had revenue of $373.45 million during the quarter, compared to analyst estimates of $348.73 million. BioMarin Pharmaceutical had a negative net margin of 10.48% and a negative return on equity of 3.01%. The business’s quarterly revenue was up 22.9% compared to the same quarter last year. During the same period last year, the business earned $0.20 EPS. research analysts expect that BioMarin Pharmaceutical Inc. will post -0.12 earnings per share for the current year.
In other BioMarin Pharmaceutical news, CEO Jean Jacques Bienaime sold 18,750 shares of the firm’s stock in a transaction that occurred on Thursday, May 17th. The stock was sold at an average price of $88.66, for a total value of $1,662,375.00. Following the sale, the chief executive officer now owns 309,350 shares of the company’s stock, valued at approximately $27,426,971. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Jeffrey Robert Ajer sold 1,436 shares of the firm’s stock in a transaction that occurred on Monday, June 11th. The shares were sold at an average price of $90.31, for a total value of $129,685.16. Following the completion of the sale, the executive vice president now directly owns 50,135 shares in the company, valued at approximately $4,527,691.85. The disclosure for this sale can be found here. Insiders sold a total of 149,196 shares of company stock worth $12,788,953 in the last ninety days. Insiders own 1.90% of the company’s stock.
BioMarin Pharmaceutical Company Profile
BioMarin Pharmaceutical, Inc, a biotechnology company, develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. Its commercial products include Aldurazyme that is used for the treatment of patients with mucopolysaccharidosis I, a genetic disease; Brineura for the treatment of late infantile neuronal ceroid lipofuscinosis type 2, a form of Batten disease; and Firdapse for Lambert Eaton Myasthenic Syndrome.
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