AlphaQuest LLC Increases Position in BioMarin Pharmaceutical Inc. $BMRN

Key Points

• AlphaQuest LLC increased its stake in BioMarin Pharmaceutical by 39.2%, owning 35,156 shares worth approximately $1.93 million after acquiring additional shares in the 2nd quarter.
• Other institutional investors such as Sumitomo Mitsui Trust Group and Asset Management One have also boosted their positions, highlighting strong confidence in BioMarin, with 98.71% of the stock owned by institutional investors.
• BioMarin has received mixed analyst ratings, including a price target increase from Guggenheim to $106 while Zacks downgraded their rating, resulting in a consensus target price of $93.26.

AlphaQuest LLC grew its stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 39.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,156 shares of the biotechnology company's stock after acquiring an additional 9,895 shares during the period. AlphaQuest LLC's holdings in BioMarin Pharmaceutical were worth $1,933,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Sumitomo Mitsui Trust Group Inc. increased its position in BioMarin Pharmaceutical by 5.3% during the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 492,104 shares of the biotechnology company's stock worth $27,051,000 after acquiring an additional 24,859 shares during the period. Asset Management One Co. Ltd. boosted its position in BioMarin Pharmaceutical by 8.8% during the second quarter. Asset Management One Co. Ltd. now owns 87,963 shares of the biotechnology company's stock worth $4,835,000 after purchasing an additional 7,084 shares during the period. R Squared Ltd raised its stake in BioMarin Pharmaceutical by 37.8% in the second quarter. R Squared Ltd now owns 7,646 shares of the biotechnology company's stock valued at $420,000 after purchasing an additional 2,096 shares in the last quarter. Parcion Private Wealth LLC grew its holdings in shares of BioMarin Pharmaceutical by 49.8% during the second quarter. Parcion Private Wealth LLC now owns 7,038 shares of the biotechnology company's stock worth $387,000 after purchasing an additional 2,340 shares during the last quarter. Finally, D.A. Davidson & CO. boosted its holdings in shares of BioMarin Pharmaceutical by 4.9% during the 2nd quarter. D.A. Davidson & CO. now owns 7,119 shares of the biotechnology company's stock worth $391,000 after buying an additional 331 shares in the last quarter. 98.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BMRN has been the subject of several analyst reports. Guggenheim raised their target price on BioMarin Pharmaceutical from $101.00 to $106.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Raymond James Financial began coverage on BioMarin Pharmaceutical in a research note on Wednesday, September 3rd. They set an "outperform" rating and a $85.00 price target for the company. Zacks Research cut BioMarin Pharmaceutical from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 13th. UBS Group upped their price target on BioMarin Pharmaceutical from $113.00 to $114.00 and gave the company a "buy" rating in a research report on Tuesday, August 5th. Finally, HC Wainwright assumed coverage on shares of BioMarin Pharmaceutical in a research report on Monday, September 8th. They issued a "neutral" rating and a $60.00 price objective for the company. Thirteen research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $93.26.

BioMarin Pharmaceutical Trading Up 0.2%

Shares of BioMarin Pharmaceutical stock opened at $54.64 on Friday. BioMarin Pharmaceutical Inc. has a 12-month low of $51.56 and a 12-month high of $73.51. The company has a 50-day simple moving average of $55.35 and a 200 day simple moving average of $57.29. 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 $10.49 billion, a P/E ratio of 16.20, a price-to-earnings-growth ratio of 0.67 and a beta of 0.33.

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.

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