65,673 Shares in BioMarin Pharmaceutical Inc. $BMRN Bought by M&T Bank Corp

Key Points

• M&T Bank Corp purchased a new stake of 65,673 shares of BioMarin (NASDAQ:BMRN) in Q4, valued at approximately $3.903 million.
• Two company executives sold sizable positions—EVP Gregory R. Friberg sold 6,326 shares and EVP Charles Greg Guyer sold 16,486 shares at about $60.4 each—reducing their holdings by roughly 14–17%.
• Analysts hold a consensus “Moderate Buy” on BMRN with an average price target near $90, while individual targets range up to about $105 and several firms recently raised their targets.

M&T Bank Corp purchased a new stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 65,673 shares of the biotechnology company's stock, valued at approximately $3,903,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Quent Capital LLC bought a new stake in shares of BioMarin Pharmaceutical in the 3rd quarter valued at about $28,000. Caitong International Asset Management Co. Ltd bought a new position in BioMarin Pharmaceutical during the 3rd quarter worth approximately $40,000. Smartleaf Asset Management LLC grew its position in BioMarin Pharmaceutical by 92.5% during the 3rd quarter. Smartleaf Asset Management LLC now owns 749 shares of the biotechnology company's stock worth $40,000 after acquiring an additional 360 shares during the last quarter. V Square Quantitative Management LLC purchased a new position in BioMarin Pharmaceutical in the 4th quarter worth approximately $45,000. Finally, Parallel Advisors LLC increased its stake in BioMarin Pharmaceutical by 62.2% in the 3rd quarter. Parallel Advisors LLC now owns 769 shares of the biotechnology company's stock worth $42,000 after purchasing an additional 295 shares during the period. 98.71% of the stock is owned by institutional investors.

BioMarin Pharmaceutical Price Performance

Shares of BMRN stock opened at $53.18 on Monday. The firm has a market cap of $10.28 billion, a P/E ratio of 29.88, a P/E/G ratio of 0.52 and a beta of 0.29. BioMarin Pharmaceutical Inc. has a fifty-two week low of $50.76 and a fifty-two week high of $66.28. The business's 50 day moving average price is $57.53 and its 200-day moving average price is $56.29. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.50 and a current ratio of 5.21.

Insiders Place Their Bets

In other BioMarin Pharmaceutical news, EVP Gregory R. Friberg sold 6,326 shares of the company's stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $60.38, for a total value of $381,963.88. Following the completion of the transaction, the executive vice president directly owned 37,578 shares in the company, valued at approximately $2,268,959.64. This represents a 14.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Charles Greg Guyer sold 16,486 shares of the firm's stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $60.46, for a total transaction of $996,743.56. Following the completion of the sale, the executive vice president directly owned 79,953 shares of the company's stock, valued at approximately $4,833,958.38. This represents a 17.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.85% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on BMRN. Canaccord Genuity Group increased their price objective on BioMarin Pharmaceutical from $98.00 to $104.00 and gave the company a "buy" rating in a research note on Thursday, February 26th. Stifel Nicolaus set a $68.00 target price on shares of BioMarin Pharmaceutical in a research note on Tuesday, February 24th. Weiss Ratings lowered shares of BioMarin Pharmaceutical from a "hold (c-)" rating to a "sell (d+)" rating in a report on Thursday, April 16th. Loop Capital set a $105.00 price target on shares of BioMarin Pharmaceutical in a research report on Monday, March 2nd. Finally, Sanford C. Bernstein raised their price target on shares of BioMarin Pharmaceutical from $90.00 to $94.00 and gave the stock an "outperform" rating in a report on Wednesday, February 25th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, BioMarin Pharmaceutical currently has an average rating of "Moderate Buy" and an average price target of $90.00.

About BioMarin Pharmaceutical

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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