Alliancebernstein L.P. Buys 61,594 Shares of BioMarin Pharmaceutical Inc. $BMRN

Key Points

• Alliancebernstein L.P. increased its stake in BioMarin Pharmaceutical by 23.9% during the first quarter, now owning approximately 0.17% of the company valued at about $22.5 million.
• Several institutional investors, including Byrne Financial Freedom LLC and Farther Finance Advisors LLC, also made significant adjustments to their holdings in BioMarin during the same period.
• Wall Street analysts currently maintain a consensus target price of $92.04 for BioMarin stock, with 18 analysts rating it as a buy.

Alliancebernstein L.P. boosted its position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 23.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 318,979 shares of the biotechnology company's stock after acquiring an additional 61,594 shares during the period. Alliancebernstein L.P. owned approximately 0.17% of BioMarin Pharmaceutical worth $22,549,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in BMRN. Byrne Financial Freedom LLC grew its holdings in shares of BioMarin Pharmaceutical by 4.4% during the 1st quarter. Byrne Financial Freedom LLC now owns 3,852 shares of the biotechnology company's stock worth $272,000 after purchasing an additional 161 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. boosted its stake in BioMarin Pharmaceutical by 0.9% during the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 22,523 shares of the biotechnology company's stock worth $1,592,000 after buying an additional 197 shares in the last quarter. Xponance Inc. increased its holdings in BioMarin Pharmaceutical by 0.6% in the 1st quarter. Xponance Inc. now owns 31,877 shares of the biotechnology company's stock valued at $2,253,000 after buying an additional 202 shares during the period. Farther Finance Advisors LLC increased its holdings in BioMarin Pharmaceutical by 95.9% in the 1st quarter. Farther Finance Advisors LLC now owns 431 shares of the biotechnology company's stock valued at $29,000 after buying an additional 211 shares during the period. Finally, Nisa Investment Advisors LLC raised its stake in shares of BioMarin Pharmaceutical by 5.0% in the 1st quarter. Nisa Investment Advisors LLC now owns 4,572 shares of the biotechnology company's stock valued at $323,000 after buying an additional 217 shares in the last quarter. Institutional investors and hedge funds own 98.71% of the company's stock.

BioMarin Pharmaceutical Price Performance

BMRN traded up $0.80 during trading on Tuesday, hitting $53.94. The company's stock had a trading volume of 2,330,119 shares, compared to its average volume of 1,636,581. The company has a quick ratio of 3.60, a current ratio of 5.56 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $10.36 billion, a price-to-earnings ratio of 16.01, a price-to-earnings-growth ratio of 0.68 and a beta of 0.35. The firm's 50 day moving average price is $57.85 and its two-hundred day moving average price is $60.21. BioMarin Pharmaceutical Inc. has a 12 month low of $52.93 and a 12 month high of $73.51.

Analyst Ratings Changes

Several analysts have recently weighed in on BMRN shares. JPMorgan Chase & Co. lifted their target price on shares of BioMarin Pharmaceutical from $108.00 to $113.00 and gave the company an "overweight" rating in a research report on Monday, July 14th. Wolfe Research set a $95.00 price objective on BioMarin Pharmaceutical and gave the company an "outperform" rating in a report on Tuesday, July 15th. Zacks Research cut BioMarin Pharmaceutical from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 13th. Wall Street Zen upgraded BioMarin Pharmaceutical from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Finally, Wedbush reiterated an "outperform" rating and issued a $94.00 price target on shares of BioMarin Pharmaceutical in a research report on Tuesday, August 5th. Eighteen investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $92.04.

BioMarin Pharmaceutical 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.