Acadian Asset Management LLC Reduces Stake in BioMarin Pharmaceutical Inc. $BMRN

Key Points

• Acadian Asset Management LLC reduced its stake in BioMarin Pharmaceutical by 22.3%, holding shares worth approximately $1.70 million after selling 6,889 shares in the first quarter.
• Various institutional investors, including Focus Partners Wealth and Empowered Funds LLC, have significantly increased their stakes in BioMarin, reflecting a strong interest in the company.
• Analysts have recently set new price targets for BioMarin Pharmaceutical, with JPMorgan raising its target to $113.00, indicating strong market optimism.

Acadian Asset Management LLC lowered its holdings in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 22.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,011 shares of the biotechnology company's stock after selling 6,889 shares during the period. Acadian Asset Management LLC's holdings in BioMarin Pharmaceutical were worth $1,695,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Dodge & Cox increased its position in BioMarin Pharmaceutical by 1.4% during the 1st quarter. Dodge & Cox now owns 14,955,240 shares of the biotechnology company's stock valued at $1,057,186,000 after purchasing an additional 209,005 shares during the period. AQR Capital Management LLC raised its holdings in BioMarin Pharmaceutical by 127.9% in the first quarter. AQR Capital Management LLC now owns 2,925,805 shares of the biotechnology company's stock valued at $203,987,000 after acquiring an additional 1,642,206 shares in the last quarter. Nuveen LLC acquired a new position in BioMarin Pharmaceutical in the 1st quarter valued at $184,475,000. Goldman Sachs Group Inc. boosted its position in shares of BioMarin Pharmaceutical by 212.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,592,963 shares of the biotechnology company's stock worth $112,607,000 after purchasing an additional 1,083,512 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in BioMarin Pharmaceutical by 7.6% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,532,314 shares of the biotechnology company's stock valued at $108,319,000 after purchasing an additional 108,806 shares during the last quarter. Institutional investors own 98.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on BMRN shares. Wolfe Research set a $95.00 price target on BioMarin Pharmaceutical and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Guggenheim raised their price target on BioMarin Pharmaceutical from $101.00 to $106.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. HC Wainwright initiated coverage on BioMarin Pharmaceutical in a research report on Monday, September 8th. They set a "neutral" rating and a $60.00 price objective on the stock. UBS Group boosted their price objective on BioMarin Pharmaceutical from $113.00 to $114.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Finally, Wedbush reissued an "outperform" rating and issued a $94.00 price objective on shares of BioMarin Pharmaceutical in a research note on Tuesday, August 5th. Fourteen analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $92.60.

BioMarin Pharmaceutical Trading Down 1.4%

Shares of NASDAQ:BMRN traded down $0.78 during trading on Friday, reaching $54.36. 4,993,090 shares of the company were exchanged, compared to its average volume of 1,734,296. The firm has a market capitalization of $10.44 billion, a PE ratio of 16.13, a P/E/G ratio of 0.70 and a beta of 0.35. BioMarin Pharmaceutical Inc. has a 12-month low of $52.93 and a 12-month high of $73.51. The company has a debt-to-equity ratio of 0.10, a current ratio of 5.56 and a quick ratio of 3.60. The business's fifty day simple moving average is $57.60 and its 200-day simple moving average is $59.95.

BioMarin Pharmaceutical Company Profile

BioMarin Pharmaceutical Inc develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. Its commercial products include Vimizim, an enzyme replacement therapy for the treatment of mucopolysaccharidosis (MPS) IV type A, a lysosomal storage disorder; Naglazyme, a recombinant form of N-acetylgalactosamine 4-sulfatase for patients with MPS VI; and Kuvan, a proprietary synthetic oral form of 6R-BH4 that is used to treat patients with phenylketonuria (PKU), an inherited metabolic disease.