Alta Wealth Advisors LLC Makes New $526,000 Investment in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Alta Wealth Advisors LLC bought a new position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 7,438 shares of the biotechnology company's stock, valued at approximately $526,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in BMRN. Global Retirement Partners LLC raised its position in BioMarin Pharmaceutical by 18.5% in the fourth quarter. Global Retirement Partners LLC now owns 2,708 shares of the biotechnology company's stock worth $178,000 after acquiring an additional 422 shares during the period. IFP Advisors Inc grew its holdings in shares of BioMarin Pharmaceutical by 75.5% in the fourth quarter. IFP Advisors Inc now owns 4,131 shares of the biotechnology company's stock valued at $272,000 after purchasing an additional 1,777 shares in the last quarter. Amalgamated Bank increased its position in BioMarin Pharmaceutical by 0.4% in the fourth quarter. Amalgamated Bank now owns 91,048 shares of the biotechnology company's stock worth $5,985,000 after purchasing an additional 382 shares during the last quarter. Los Angeles Capital Management LLC raised its stake in BioMarin Pharmaceutical by 281.6% during the fourth quarter. Los Angeles Capital Management LLC now owns 38,529 shares of the biotechnology company's stock valued at $2,533,000 after purchasing an additional 28,431 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its position in BioMarin Pharmaceutical by 0.4% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 38,738 shares of the biotechnology company's stock valued at $2,546,000 after purchasing an additional 164 shares during the last quarter. Hedge funds and other institutional investors own 98.71% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on BMRN. Wall Street Zen upgraded shares of BioMarin Pharmaceutical from a "buy" rating to a "strong-buy" rating in a research report on Friday, April 25th. Citigroup dropped their price objective on shares of BioMarin Pharmaceutical from $82.00 to $78.00 and set a "neutral" rating on the stock in a research note on Friday, May 2nd. Finally, The Goldman Sachs Group reduced their price objective on shares of BioMarin Pharmaceutical from $124.00 to $104.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Six research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $93.45.

BioMarin Pharmaceutical Stock Performance

Shares of BioMarin Pharmaceutical stock traded down $0.51 on Monday, reaching $54.66. 818,834 shares of the stock were exchanged, compared to its average volume of 1,712,495. The business has a 50 day moving average price of $58.39 and a two-hundred day moving average price of $63.21. The firm has a market capitalization of $10.48 billion, a price-to-earnings ratio of 20.32, a PEG ratio of 0.76 and a beta of 0.19. BioMarin Pharmaceutical Inc. has a twelve month low of $52.93 and a twelve month high of $94.85. The company has a quick ratio of 3.49, a current ratio of 5.52 and a debt-to-equity ratio of 0.10.

Insider Buying and Selling

In other news, CAO Erin Burkhart sold 1,786 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The shares were 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 now owns 14,173 shares of the company's stock, valued at approximately $840,600.63. This trade represents a 11.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.85% of the stock is owned by insiders.

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.