Palo Alto Investors buys $166,392,426 stake in BioMarin Pharmaceutical (BMRN)

BioMarin Pharmaceutical (BMRN) : Palo Alto Investors scooped up 53,500 additional shares in BioMarin Pharmaceutical during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Nov 14, 2016. The investment management firm now holds a total of 1,790,899 shares of BioMarin Pharmaceutical which is valued at $166,392,426.BioMarin Pharmaceutical makes up approximately 9.69% of Palo Alto Investors’s portfolio.

Other Hedge Funds, Including , Balyasny Asset Management boosted its stake in BMRN in the latest quarter, The investment management firm added 179,987 additional shares and now holds a total of 546,788 shares of BioMarin Pharmaceutical which is valued at $50,802,073. BioMarin Pharmaceutical makes up approx 0.31% of Balyasny Asset Management’s portfolio.Mirae Asset Global Investments Ltd. reduced its stake in BMRN by selling 1,618 shares or 25.5% in the most recent quarter. The Hedge Fund company now holds 4,726 shares of BMRN which is valued at $442,070. BioMarin Pharmaceutical makes up approx 0.01% of Mirae Asset Global Investments Ltd.’s portfolio.Blackrock Advisors boosted its stake in BMRN in the latest quarter, The investment management firm added 2,312 additional shares and now holds a total of 358,973 shares of BioMarin Pharmaceutical which is valued at $29,988,604. BioMarin Pharmaceutical makes up approx 0.03% of Blackrock Advisors’s portfolio.First Personal Financial Services boosted its stake in BMRN in the latest quarter, The investment management firm added 20 additional shares and now holds a total of 481 shares of BioMarin Pharmaceutical which is valued at $40,183. BioMarin Pharmaceutical makes up approx 0.01% of First Personal Financial Services’s portfolio.Exane Asset Management reduced its stake in BMRN by selling 32,684 shares or 20.02% in the most recent quarter. The Hedge Fund company now holds 130,538 shares of BMRN which is valued at $10,671,482. BioMarin Pharmaceutical makes up approx 3.43% of Exane Asset Management’s portfolio.

BioMarin Pharmaceutical closed down -1.74 points or -1.92% at $89 with 8,24,650 shares getting traded on Monday. Post opening the session at $90.42, the shares hit an intraday low of $88.92 and an intraday high of $91.21 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, BioMarin Pharmaceutical reported $0.02 EPS for the quarter, beating the analyst consensus estimate by $ 0.10 according to the earnings call on Oct 27, 2016. Analyst had a consensus of $-0.08. The company had revenue of $279.90 million for the quarter, compared to analysts expectations of $289.36 million. The company’s revenue was up 34.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.60 EPS.

Many Wall Street Analysts have commented on BioMarin Pharmaceutical. BioMarin Pharmaceutical was Downgraded by Piper Jaffray to ” Neutral” on Nov 7, 2016. Deutsche Bank Initiated BioMarin Pharmaceutical on Nov 3, 2016 to “Buy”, Price Target of the shares are set at $106.

BioMarin Pharmaceutical Inc. develops and commercializes pharmaceuticals for serious diseases and medical conditions. The Company’s product portfolio is comprised of five approved products and multiple clinical and pre-clinical product candidates. Its approved products are Vimizim (elosulfase alpha) Naglazyme (galsulfase) Kuvan (sapropterin dihydrochloride) Aldurazyme (laronidase) and Firdapse (amifampridine phosphate). Vimizim received marketing approval in the United States the European Union and subsequently in several other countries. Naglazyme received marketing approval in the United States the European Union and subsequently in other countries. Kuvan was granted marketing approval in the United States the European Union. Aldurazyme which was developed in collaboration with Genzyme Corporation (Genzyme) was approved for marketing in the United States the European Union and subsequently in other countries. Firdapse was approved by the European Medicines Agency (EMA).

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