New York State Teachers Retirement System decreased its position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN – Free Report) by 11.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 105,455 shares of the biotechnology company’s stock after selling 13,687 shares during the period. New York State Teachers Retirement System owned approximately 0.05% of BioMarin Pharmaceutical worth $5,957,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Norges Bank acquired a new position in BioMarin Pharmaceutical in the fourth quarter valued at about $447,572,000. Vestal Point Capital LP raised its position in shares of 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 worth $178,290,000 after purchasing an additional 2,170,000 shares during the period. Capital Research Global Investors raised its position in shares of BioMarin Pharmaceutical by 547.5% during the third quarter. Capital Research Global Investors now owns 2,537,596 shares of the biotechnology company’s stock worth $137,436,000 after purchasing an additional 2,145,717 shares during the period. Viking Global Investors LP lifted its holdings in shares of 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 valued at $675,505,000 after purchasing an additional 1,488,552 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of 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 valued at $197,405,000 after purchasing an additional 1,076,568 shares in the last quarter. Institutional investors and hedge funds own 98.71% of the company’s stock.
Wall Street Analyst Weigh In
BMRN has been the topic of several research analyst reports. Sanford C. Bernstein dropped their target price on shares of BioMarin Pharmaceutical from $94.00 to $82.00 and set an “outperform” rating on the stock in a report on Tuesday, May 5th. Jefferies Financial Group reiterated a “buy” rating and issued a $103.00 price target on shares of BioMarin Pharmaceutical in a report on Thursday, March 12th. Morgan Stanley dropped their price objective on shares of BioMarin Pharmaceutical from $120.00 to $119.00 and set an “overweight” rating on the stock in a report on Tuesday, May 5th. The Goldman Sachs Group assumed coverage on shares of BioMarin Pharmaceutical in a research note on Monday, May 11th. They issued a “neutral” rating and a $69.00 target price for the company. Finally, Wolfe Research reiterated an “outperform” rating on shares of BioMarin Pharmaceutical in a report on Monday, March 16th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, BioMarin Pharmaceutical has a consensus rating of “Moderate Buy” and a consensus target price of $88.50.
BioMarin Pharmaceutical Trading Up 2.7%
NASDAQ BMRN opened at $60.35 on Wednesday. BioMarin Pharmaceutical Inc. has a 12 month low of $49.26 and a 12 month high of $66.28. The company has a current ratio of 5.81, a quick ratio of 4.20 and a debt-to-equity ratio of 0.23. The stock has a 50 day moving average of $55.04 and a 200-day moving average of $56.82. The company has a market cap of $11.66 billion, a PE ratio of 44.05, a PEG ratio of 0.45 and a beta of 0.24.
Insider Transactions at BioMarin Pharmaceutical
In other BioMarin Pharmaceutical news, EVP Gregory R. Friberg sold 3,281 shares of BioMarin Pharmaceutical stock in a transaction on 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.85% of the stock is owned by corporate insiders.
BioMarin Pharmaceutical 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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