PDT Partners LLC Cuts Position in BioMarin Pharmaceutical Inc. $BMRN

Key Points

• PDT Partners LLC has reduced its stake in BioMarin Pharmaceutical Inc. by 14.4% in the first quarter, holding 75,876 shares worth approximately $5.36 million at the end of the period.
• Several institutional investors have increased their holdings in BioMarin Pharmaceutical, with Vestal Point Capital LP raising its stake by 115%, now owning 860,000 shares valued at $56.53 million.
• The stock has received mixed ratings from analysts, with Zacks Research downgrading it to a "hold" while others, like Guggenheim, set a price target of $106.00 and maintain a "buy" rating.

PDT Partners LLC reduced its stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 14.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 75,876 shares of the biotechnology company's stock after selling 12,787 shares during the quarter. PDT Partners LLC's holdings in BioMarin Pharmaceutical were worth $5,364,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in BMRN. Focus Partners Advisor Solutions LLC purchased a new stake in BioMarin Pharmaceutical during the 1st quarter worth approximately $847,000. Cubist Systematic Strategies LLC purchased a new stake in BioMarin Pharmaceutical during the 1st quarter worth approximately $11,693,000. Graham Capital Management L.P. purchased a new stake in BioMarin Pharmaceutical during the 1st quarter worth approximately $1,344,000. Twin Tree Management LP purchased a new stake in shares of BioMarin Pharmaceutical in the 1st quarter valued at approximately $3,625,000. Finally, Vident Advisory LLC purchased a new stake in shares of BioMarin Pharmaceutical in the 1st quarter valued at approximately $427,000. 98.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Wedbush reissued an "outperform" rating and issued a $94.00 price objective on shares of BioMarin Pharmaceutical in a research report on Tuesday, August 5th. Zacks Research downgraded shares of BioMarin Pharmaceutical from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 13th. UBS Group upped their target price on shares of BioMarin Pharmaceutical from $113.00 to $114.00 and gave the company a "buy" rating in a report on Tuesday, August 5th. Morgan Stanley lowered their target price on shares of BioMarin Pharmaceutical from $97.00 to $96.00 and set an "overweight" rating for the company in a report on Tuesday, July 22nd. Finally, JPMorgan Chase & Co. upped their target price on shares of BioMarin Pharmaceutical from $108.00 to $113.00 and gave the company an "overweight" rating in a report on Monday, July 14th. Eighteen equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $93.43.

BioMarin Pharmaceutical Stock Performance

NASDAQ:BMRN traded up $1.02 during trading hours on Friday, reaching $57.77. 1,464,546 shares of the company's stock were exchanged, compared to its average volume of 1,778,015. The firm has a market capitalization of $11.09 billion, a price-to-earnings ratio of 17.14, a P/E/G ratio of 0.72 and a beta of 0.35. The company has a 50-day moving average of $58.14 and a 200 day moving average of $60.96. The company has a quick ratio of 3.60, a current ratio of 5.56 and a debt-to-equity ratio of 0.10. BioMarin Pharmaceutical Inc. has a 1-year low of $52.93 and a 1-year high of $86.04.

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.