United Services Automobile Association Invests $1.22 Million in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

United Services Automobile Association acquired a new position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 14,811 shares of the biotechnology company’s stock, valued at approximately $1,219,000.

A number of other institutional investors and hedge funds have also modified their holdings of BMRN. Benjamin F. Edwards & Company Inc. lifted its stake in shares of BioMarin Pharmaceutical by 135.3% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 433 shares of the biotechnology company’s stock worth $42,000 after buying an additional 249 shares during the last quarter. Principal Securities Inc. acquired a new position in BioMarin Pharmaceutical during the 4th quarter valued at $164,000. Dimensional Fund Advisors LP raised its stake in BioMarin Pharmaceutical by 11.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 704,953 shares of the biotechnology company’s stock valued at $67,975,000 after purchasing an additional 71,853 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its stake in BioMarin Pharmaceutical by 9.5% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 10,538 shares of the biotechnology company’s stock valued at $1,016,000 after purchasing an additional 917 shares during the last quarter. Finally, Moran Wealth Management LLC acquired a new position in BioMarin Pharmaceutical during the 4th quarter valued at $227,000. 98.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BMRN has been the subject of several research analyst reports. Wells Fargo & Company upped their target price on shares of BioMarin Pharmaceutical from $110.00 to $115.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Scotiabank upped their target price on shares of BioMarin Pharmaceutical from $86.00 to $95.00 and gave the company a “sector perform” rating in a research note on Thursday, September 5th. Royal Bank of Canada reiterated a “sector perform” rating and set a $100.00 target price on shares of BioMarin Pharmaceutical in a research note on Thursday, September 5th. Truist Financial cut their target price on shares of BioMarin Pharmaceutical from $140.00 to $118.00 and set a “buy” rating for the company in a research note on Thursday, September 5th. Finally, Piper Sandler increased their price objective on shares of BioMarin Pharmaceutical from $107.00 to $122.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. Eight analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $106.10.

BioMarin Pharmaceutical Stock Up 0.3 %

BMRN opened at $84.33 on Tuesday. BioMarin Pharmaceutical Inc. has a twelve month low of $73.68 and a twelve month high of $99.56. The firm has a market cap of $16.01 billion, a price-to-earnings ratio of 78.81, a PEG ratio of 1.02 and a beta of 0.31. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.95 and a current ratio of 3.05. The firm’s 50-day simple moving average is $86.57 and its 200-day simple moving average is $84.97.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its earnings results on Monday, August 5th. The biotechnology company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.39. BioMarin Pharmaceutical had a net margin of 9.91% and a return on equity of 6.91%. The company had revenue of $712.03 million for the quarter, compared to analyst estimates of $660.51 million. Equities research analysts anticipate that BioMarin Pharmaceutical Inc. will post 2.4 EPS for the current fiscal year.

About BioMarin Pharmaceutical

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.