Bayforest Capital Ltd Purchases New Holdings in BioMarin Pharmaceutical Inc. $BMRN

Key Points

• Bayforest Capital Ltd has invested $552,000 in BioMarin Pharmaceutical Inc., acquiring 7,808 shares during the first quarter.
• Several institutional investors, including Dodge & Cox and Goldman Sachs, have also significantly increased their stakes in BioMarin in recent months.
• Analysts have mixed ratings on BioMarin, with a consensus price target of $92.04 and a distribution of 18 Buy ratings versus 8 Hold ratings.

Bayforest Capital Ltd bought a new position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 7,808 shares of the biotechnology company's stock, valued at approximately $552,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Byrne Financial Freedom LLC boosted its position in shares of BioMarin Pharmaceutical by 4.4% in the first quarter. Byrne Financial Freedom LLC now owns 3,852 shares of the biotechnology company's stock worth $272,000 after buying an additional 161 shares during the period. Tokio Marine Asset Management Co. Ltd. boosted its position in BioMarin Pharmaceutical by 0.9% during the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 22,523 shares of the biotechnology company's stock valued at $1,592,000 after purchasing an additional 197 shares during the last quarter. Xponance Inc. boosted its position in BioMarin Pharmaceutical by 0.6% during the first quarter. Xponance Inc. now owns 31,877 shares of the biotechnology company's stock valued at $2,253,000 after purchasing an additional 202 shares during the last quarter. Farther Finance Advisors LLC boosted its position in BioMarin Pharmaceutical by 95.9% during the first 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 last quarter. Finally, Nisa Investment Advisors LLC boosted its position in BioMarin Pharmaceutical by 5.0% during the first quarter. Nisa Investment Advisors LLC now owns 4,572 shares of the biotechnology company's stock valued at $323,000 after purchasing an additional 217 shares during the last quarter. Institutional investors and hedge funds own 98.71% of the company's stock.

BioMarin Pharmaceutical Stock Performance

BMRN traded down $1.00 on Monday, hitting $53.09. 725,889 shares of the stock traded hands, compared to its average volume of 1,914,239. BioMarin Pharmaceutical Inc. has a 52 week low of $52.93 and a 52 week high of $78.00. The company has a current ratio of 5.56, a quick ratio of 3.60 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $10.19 billion, a PE ratio of 15.73, a P/E/G ratio of 0.69 and a beta of 0.35. The business has a fifty day moving average price of $58.02 and a two-hundred day moving average price of $60.38.

Analyst Upgrades and Downgrades

BMRN has been the subject of a number of research reports. Wall Street Zen raised BioMarin Pharmaceutical from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Raymond James Financial started coverage on BioMarin Pharmaceutical in a research note on Wednesday, September 3rd. They issued an "outperform" rating and a $85.00 price objective on the stock. JPMorgan Chase & Co. lifted 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. HC Wainwright started coverage on BioMarin Pharmaceutical in a research note on Monday, September 8th. They issued a "neutral" rating and a $60.00 price objective on the stock. Finally, Zacks Research lowered BioMarin Pharmaceutical from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 13th. Eighteen investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $92.04.

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.