Allianz Asset Management GmbH Raises Holdings in 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 grew its position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 28.8% in the 1st quarter, according to the company in its most recent 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 quarter. Allianz Asset Management GmbH's holdings in BioMarin Pharmaceutical were worth $2,606,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in BMRN. Farther Finance Advisors LLC grew its position 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 purchasing an additional 211 shares during the period. LRI Investments LLC raised its stake in shares of BioMarin Pharmaceutical by 856.9% during the 4th quarter. LRI Investments LLC now owns 488 shares of the biotechnology company's stock worth $32,000 after purchasing an additional 437 shares during the period. MassMutual Private Wealth & Trust FSB raised its stake in BioMarin Pharmaceutical by 71.2% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 524 shares of the biotechnology company's stock valued at $37,000 after acquiring an additional 218 shares during the period. CIBC Private Wealth Group LLC raised its stake in BioMarin Pharmaceutical by 64.2% in the 4th quarter. CIBC Private Wealth Group LLC now owns 596 shares of the biotechnology company's stock valued at $41,000 after acquiring an additional 233 shares during the period. Finally, Vermillion & White Wealth Management Group LLC bought a new stake in BioMarin Pharmaceutical in the 4th quarter valued at about $62,000. Institutional investors own 98.71% of the company's stock.

Insider Activity at BioMarin Pharmaceutical

In related news, CAO Erin Burkhart sold 1,786 shares of the business's stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $59.31, for a total transaction of $105,927.66. Following the completion of the transaction, the chief accounting officer owned 14,173 shares in the company, valued at $840,600.63. The trade was a 11.19% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.85% of the company's stock.

BioMarin Pharmaceutical Trading Up 0.5%

Shares of BioMarin Pharmaceutical stock traded up $0.29 on Friday, reaching $58.14. The company had a trading volume of 3,817,399 shares, compared to its average volume of 1,650,803. The firm has a market cap of $11.15 billion, a price-to-earnings ratio of 21.61, a P/E/G ratio of 0.80 and a beta of 0.18. The company has a debt-to-equity ratio of 0.10, a current ratio of 5.52 and a quick ratio of 3.49. The firm's 50-day moving average price is $57.10 and its two-hundred day moving average price is $61.80. BioMarin Pharmaceutical Inc. has a 1 year low of $52.93 and a 1 year high of $94.85.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on BMRN. Wolfe Research set a $95.00 price objective on BioMarin Pharmaceutical and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Wall Street Zen cut BioMarin Pharmaceutical from a "strong-buy" rating to a "buy" rating in a research note on Friday, July 18th. 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. 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. Finally, JPMorgan Chase & Co. boosted their price objective on BioMarin Pharmaceutical from $108.00 to $113.00 and gave the company an "overweight" rating in a research note on Monday, July 14th. Six equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average 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.