293,277 Shares in BioMarin Pharmaceutical Inc. $BMRN Bought by SEB Asset Management AB

Key Points

• SEB Asset Management AB bought 293,277 shares of BioMarin Pharmaceutical in the first quarter, a position valued at about $16.6 million and equal to roughly 0.15% of the company.
• Institutional interest in BMRN remains high, with hedge funds and other investors making recent stake changes and institutions now owning 98.71% of the stock.
• Wall Street sentiment is generally positive: analysts currently rate BioMarin as a Moderate Buy with an average price target of $88.26, even as some firms trimmed their targets.

SEB Asset Management AB purchased a new position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 293,277 shares of the biotechnology company's stock, valued at approximately $16,567,000. SEB Asset Management AB owned approximately 0.15% of BioMarin Pharmaceutical at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of BMRN. NewEdge Advisors LLC increased its stake in shares of BioMarin Pharmaceutical by 11.5% during the 1st quarter. NewEdge Advisors LLC now owns 3,769 shares of the biotechnology company's stock worth $266,000 after purchasing an additional 388 shares during the last quarter. Empowered Funds LLC grew its holdings in BioMarin Pharmaceutical by 207.4% during the first quarter. Empowered Funds LLC now owns 12,023 shares of the biotechnology company's stock worth $850,000 after purchasing an additional 8,112 shares during the period. Focus Partners Wealth grew its holdings in BioMarin Pharmaceutical by 70.2% during the first quarter. Focus Partners Wealth now owns 11,817 shares of the biotechnology company's stock worth $835,000 after purchasing an additional 4,876 shares during the period. Sivia Capital Partners LLC grew its holdings in BioMarin Pharmaceutical by 33.0% during the second quarter. Sivia Capital Partners LLC now owns 4,439 shares of the biotechnology company's stock worth $244,000 after purchasing an additional 1,102 shares during the period. Finally, Invesco Ltd. increased its position in BioMarin Pharmaceutical by 23.5% during the second quarter. Invesco Ltd. now owns 618,835 shares of the biotechnology company's stock worth $34,017,000 after buying an additional 117,617 shares during the last quarter. Institutional investors own 98.71% of the company's stock.

Wall Street Analysts Forecast Growth

BMRN has been the topic of several research analyst reports. Citigroup upped their price objective on BioMarin Pharmaceutical from $75.00 to $76.00 and gave the company a "buy" rating in a research note on Thursday, July 16th. Bank of America decreased their target price on BioMarin Pharmaceutical from $85.00 to $80.00 and set a "buy" rating on the stock in a report on Tuesday, May 19th. Morgan Stanley dropped their price target on BioMarin Pharmaceutical from $120.00 to $119.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 5th. The Goldman Sachs Group started coverage on BioMarin Pharmaceutical in a report on Monday, May 11th. They set a "neutral" rating and a $69.00 price target for the company. Finally, Sanford C. Bernstein reduced their price objective on shares of BioMarin Pharmaceutical from $94.00 to $82.00 and set an "outperform" rating for the company in a research report on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $88.26.

Insider Transactions at BioMarin Pharmaceutical

In related news, EVP Gregory R. Friberg sold 3,281 shares of the business's stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $53.85, for a total value of $176,681.85. Following the completion of the sale, the executive vice president directly owned 51,818 shares in the company, 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 through the SEC website. 0.68% of the stock is owned by company insiders.

BioMarin Pharmaceutical Trading Down 0.8%

Shares of BMRN stock opened at $59.11 on Tuesday. The firm has a 50 day moving average price of $56.05 and a two-hundred day moving average price of $56.83. The company has a quick ratio of 4.20, a current ratio of 5.81 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $11.42 billion, a PE ratio of 43.15, a price-to-earnings-growth ratio of 0.45 and a beta of 0.24. BioMarin Pharmaceutical Inc. has a 12-month low of $49.26 and a 12-month high of $66.28.

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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