Clearline Capital LP Decreases Holdings in BioMarin Pharmaceutical Inc. $BMRN

Key Points

• Clearline Capital LP reduced its stake in BioMarin Pharmaceutical by 25.5%, now holding 281,053 shares valued at approximately $19.87 million.
• Analysts' ratings show a mix of upward and downward adjustments, with a total of 18 buy ratings and a consensus target price of $93.43.
• BioMarin Pharmaceutical's current stock price is around $57.77, with a market cap of $11.09 billion and shares experiencing a 1.8% increase.

Clearline Capital LP trimmed its stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 25.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 281,053 shares of the biotechnology company's stock after selling 96,429 shares during the quarter. BioMarin Pharmaceutical makes up about 1.2% of Clearline Capital LP's portfolio, making the stock its 13th largest holding. Clearline Capital LP owned about 0.15% of BioMarin Pharmaceutical worth $19,868,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in BMRN. Byrne Financial Freedom LLC increased its position in BioMarin Pharmaceutical by 4.4% in the 1st quarter. Byrne Financial Freedom LLC now owns 3,852 shares of the biotechnology company's stock valued at $272,000 after acquiring an additional 161 shares during the period. Tokio Marine Asset Management Co. Ltd. boosted its stake in shares of BioMarin Pharmaceutical by 0.9% in the 1st 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 stake in shares of BioMarin Pharmaceutical by 0.6% in the 1st 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 stake in shares of 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 last quarter. Finally, Nisa Investment Advisors LLC boosted its stake in shares of BioMarin Pharmaceutical by 5.0% in the 1st 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. 98.71% of the stock is currently owned by institutional investors and hedge funds.

BioMarin Pharmaceutical Stock Down 3.3%

Shares of BMRN stock traded down $1.82 on Friday, hitting $54.09. The stock had a trading volume of 1,929,839 shares, compared to its average volume of 1,659,422. The business has a 50 day moving average of $58.02 and a 200 day moving average of $60.50. The stock has a market cap of $10.39 billion, a price-to-earnings ratio of 16.05, a price-to-earnings-growth ratio of 0.71 and a beta of 0.35. The company has a debt-to-equity ratio of 0.10, a current ratio of 5.56 and a quick ratio of 3.60. BioMarin Pharmaceutical Inc. has a 12-month low of $52.93 and a 12-month high of $85.00.

Analyst Ratings Changes

BMRN has been the topic of several research analyst reports. Zacks Research lowered shares of BioMarin Pharmaceutical from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 13th. Morgan Stanley cut their target price on shares of BioMarin Pharmaceutical from $97.00 to $96.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 22nd. HC Wainwright initiated coverage on shares of BioMarin Pharmaceutical in a research note on Monday, September 8th. They set a "neutral" rating and a $60.00 target price on the stock. Guggenheim raised their price objective on shares of BioMarin Pharmaceutical from $101.00 to $106.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Finally, JPMorgan Chase & Co. raised their price objective on shares of BioMarin Pharmaceutical from $108.00 to $113.00 and gave the company an "overweight" rating in a research note on Monday, July 14th. Eighteen analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $92.04.

BioMarin Pharmaceutical 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.