Allianz Asset Management GmbH Purchases 8,252 Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Key Points

• Allianz Asset Management GmbH increased its stake in BioMarin Pharmaceutical by 28.8% during the first quarter, holding 36,867 shares valued at approximately $2.6 million.
• Multiple investors have significantly raised their positions in BioMarin, with Farther Finance Advisors LLC leading at a 95.9% increase in its 1st quarter holdings.
• Recent analyst ratings show a mixed outlook, with Citigroup reducing its price target from $82 to $78, while JPMorgan Chase increased theirs from $108 to $113.

Allianz Asset Management GmbH boosted its stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 28.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 36,867 shares of the biotechnology company's stock after purchasing an additional 8,252 shares during the period. Allianz Asset Management GmbH's holdings in BioMarin Pharmaceutical were worth $2,606,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of BMRN. Vestal Point Capital LP increased its stake in shares of BioMarin Pharmaceutical by 115.0% during the fourth quarter. Vestal Point Capital LP now owns 860,000 shares of the biotechnology company's stock worth $56,528,000 after purchasing an additional 460,000 shares during the period. GAMMA Investing LLC increased its stake in shares of BioMarin Pharmaceutical by 154.0% during the first quarter. GAMMA Investing LLC now owns 3,129 shares of the biotechnology company's stock worth $221,000 after purchasing an additional 1,897 shares during the period. Robeco Institutional Asset Management B.V. increased its stake in shares of BioMarin Pharmaceutical by 12.3% during the first quarter. Robeco Institutional Asset Management B.V. now owns 97,261 shares of the biotechnology company's stock worth $6,875,000 after purchasing an additional 10,687 shares during the period. Asset Management One Co. Ltd. increased its stake in shares of BioMarin Pharmaceutical by 5.3% during the first quarter. Asset Management One Co. Ltd. now owns 80,879 shares of the biotechnology company's stock worth $5,717,000 after purchasing an additional 4,094 shares during the period. Finally, Janney Montgomery Scott LLC increased its stake in shares of BioMarin Pharmaceutical by 56.6% during the first quarter. Janney Montgomery Scott LLC now owns 12,016 shares of the biotechnology company's stock worth $849,000 after purchasing an additional 4,345 shares during the period. 98.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at BioMarin Pharmaceutical

In other news, CAO Erin Burkhart sold 1,786 shares of BioMarin Pharmaceutical stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $59.31, for a total value of $105,927.66. Following the completion of the transaction, the chief accounting officer directly owned 14,173 shares of the company's stock, valued at approximately $840,600.63. This trade represents a 11.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.85% of the company's stock.

BioMarin Pharmaceutical Trading Up 0.5%

BMRN traded up $0.29 during midday trading on Friday, hitting $58.14. 3,816,969 shares of the company were exchanged, compared to its average volume of 1,860,661. The firm has a market capitalization of $11.15 billion, a P/E ratio of 21.61, a P/E/G ratio of 0.81 and a beta of 0.17. BioMarin Pharmaceutical Inc. has a 1-year low of $52.93 and a 1-year high of $94.85. The firm's 50 day moving average price is $57.09 and its 200-day moving average price is $61.83. The company has a quick ratio of 3.49, a current ratio of 5.52 and a debt-to-equity ratio of 0.10.

Analyst Upgrades and Downgrades

A number of research firms have commented on BMRN. JPMorgan Chase & Co. raised their price objective on BioMarin Pharmaceutical from $108.00 to $113.00 and gave the stock an "overweight" rating in a research note on Monday, July 14th. The Goldman Sachs Group lowered their price objective on BioMarin Pharmaceutical from $124.00 to $104.00 and set a "buy" rating on the stock in a research note on Monday, May 5th. Wolfe Research set a $95.00 price objective on BioMarin Pharmaceutical and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. Morgan Stanley lowered their price objective on 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, Citigroup reduced their target price on BioMarin Pharmaceutical from $82.00 to $78.00 and set a "neutral" rating on the stock in a report on Friday, May 2nd. Six research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $93.74.

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.