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

Several other hedge funds and other institutional investors also recently modified their holdings of BMRN. Captrust Financial Advisors increased its position in shares of BioMarin Pharmaceutical by 31.3% during the fourth quarter. Captrust Financial Advisors now owns 14,307 shares of the biotechnology company's stock valued at $940,000 after buying an additional 3,407 shares during the period. Focus Partners Wealth purchased a new position in shares of BioMarin Pharmaceutical during the fourth quarter valued at about $480,000. LRI Investments LLC increased its position in shares of BioMarin Pharmaceutical by 856.9% during the fourth quarter. LRI Investments LLC now owns 488 shares of the biotechnology company's stock valued at $32,000 after buying an additional 437 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of BioMarin Pharmaceutical by 30.8% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 57,607 shares of the biotechnology company's stock valued at $3,784,000 after buying an additional 13,560 shares during the period. Finally, OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of BioMarin Pharmaceutical by 78.9% during the fourth quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 26,840 shares of the biotechnology company's stock valued at $1,764,000 after buying an additional 11,840 shares during the period. Hedge funds and other institutional investors own 98.71% of the company's stock.

Wall Street Analyst Weigh In

BMRN has been the topic of several research analyst reports. HC Wainwright initiated coverage on shares of BioMarin Pharmaceutical in a research report on Monday, September 8th. They set a "neutral" rating and a $60.00 price target on the stock. Wedbush reissued an "outperform" rating and set a $94.00 price objective on shares of BioMarin Pharmaceutical in a research note on Tuesday, August 5th. Wolfe Research set a $95.00 price objective on shares of BioMarin Pharmaceutical and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. Morgan Stanley dropped their price objective on shares of BioMarin Pharmaceutical from $97.00 to $96.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 22nd. Finally, Guggenheim boosted their price objective on shares of BioMarin Pharmaceutical from $101.00 to $106.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Eighteen equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $92.04.

BioMarin Pharmaceutical Stock Down 3.3%

Shares of NASDAQ BMRN traded down $1.82 during midday trading on Friday, hitting $54.09. The stock had a trading volume of 1,929,839 shares, compared to its average volume of 1,659,422. The business's 50 day moving average is $58.02 and its 200-day moving average is $60.44. The company has a market cap of $10.39 billion, a P/E ratio of 16.05, a PEG ratio of 0.71 and a beta of 0.35. BioMarin Pharmaceutical Inc. has a 52 week low of $52.93 and a 52 week high of $85.00. The company has a quick ratio of 3.60, a current ratio of 5.56 and a debt-to-equity ratio of 0.10.

About BioMarin Pharmaceutical

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.