Rubric Capital Management LP bought a new position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN – Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 440,560 shares of the biotechnology company’s stock, valued at approximately $24,887,000. Rubric Capital Management LP owned about 0.23% of BioMarin Pharmaceutical as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also modified their holdings of BMRN. Norges Bank acquired a new position in BioMarin Pharmaceutical in the fourth quarter worth about $447,572,000. Vestal Point Capital LP raised its stake in BioMarin Pharmaceutical by 261.4% during the fourth quarter. Vestal Point Capital LP now owns 3,000,000 shares of the biotechnology company’s stock valued at $178,290,000 after buying an additional 2,170,000 shares in the last quarter. Viking Global Investors LP lifted its holdings in BioMarin Pharmaceutical by 13.8% during the 2nd quarter. Viking Global Investors LP now owns 12,288,611 shares of the biotechnology company’s stock worth $675,505,000 after buying an additional 1,488,552 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in BioMarin Pharmaceutical by 48.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,321,754 shares of the biotechnology company’s stock worth $197,405,000 after buying an additional 1,076,568 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its position in shares of BioMarin Pharmaceutical by 3,494.9% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 957,011 shares of the biotechnology company’s stock worth $56,875,000 after acquiring an additional 930,390 shares in the last quarter. Institutional investors and hedge funds own 98.71% of the company’s stock.
Wall Street Analyst Weigh In
A number of brokerages have recently weighed in on BMRN. Morgan Stanley lowered their price target on BioMarin Pharmaceutical from $120.00 to $119.00 and set an “overweight” rating for the company in a report on Tuesday, May 5th. Weiss Ratings upgraded BioMarin Pharmaceutical from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, June 26th. Wall Street Zen downgraded shares of BioMarin Pharmaceutical from a “buy” rating to a “hold” rating in a report on Saturday, June 6th. Bank of America lowered their target price on shares of BioMarin Pharmaceutical from $85.00 to $80.00 and set a “buy” rating for the company in a research note on Tuesday, May 19th. Finally, Citigroup increased their target price on shares of BioMarin Pharmaceutical from $75.00 to $76.00 and gave the stock a “buy” rating in a report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $88.26.
BioMarin Pharmaceutical Stock Performance
Shares of BMRN opened at $60.27 on Tuesday. The firm has a fifty day moving average of $56.75 and a 200-day moving average of $56.82. The company has a market cap of $11.65 billion, a price-to-earnings ratio of 43.99, a price-to-earnings-growth ratio of 0.45 and a beta of 0.24. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.20 and a current ratio of 5.81. BioMarin Pharmaceutical Inc. has a 1 year low of $49.26 and a 1 year high of $66.28.
Insiders Place Their Bets
In other BioMarin Pharmaceutical news, EVP Gregory R. Friberg sold 3,281 shares of the business’s stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $53.85, for a total transaction of $176,681.85. Following the completion of the transaction, the executive vice president directly owned 51,818 shares of the company’s stock, valued at $2,790,399.30. The trade was a 5.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.68% of the stock is currently owned by corporate insiders.
BioMarin Pharmaceutical Company Profile
BioMarin Pharmaceutical Inc is a biopharmaceutical company specializing in the development and commercialization of therapies for rare genetic and metabolic diseases. The company focuses on addressing unmet medical needs by leveraging enzyme replacement therapy, small molecule pharmacological chaperones and gene therapy technologies. Headquartered in Novato, California, BioMarin operates research and development facilities in the United States and Europe.
The company’s commercial portfolio includes several approved therapies targeting inherited disorders.
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