BioMarin Pharmaceutical Inc. $BMRN Shares Sold by Vanguard Group Inc.

Key Points

• Vanguard Group trimmed its position in BioMarin by 2.4% in Q4, selling 454,738 shares and now holding 18,127,847 shares (about 9.44%) valued at roughly $1.077 billion.
• Insider sales were reported: EVP Gregory R. Friberg sold 6,326 shares at an average $60.38 and EVP Charles Greg Guyer sold 16,486 shares at an average $60.46, cutting their stakes by 14.41% and 17.09% respectively (insiders now own 0.85% of the stock).
• Analysts are largely positive with a consensus "Moderate Buy" and an average price target of $91.48 (several targets as high as $120), implying substantial upside versus the recent ~$54 share price.

Vanguard Group Inc. cut its position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 2.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,127,847 shares of the biotechnology company's stock after selling 454,738 shares during the quarter. Vanguard Group Inc. owned about 9.44% of BioMarin Pharmaceutical worth $1,077,338,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Quent Capital LLC acquired a new stake in BioMarin Pharmaceutical during the third quarter worth about $28,000. Caitong International Asset Management Co. Ltd acquired a new stake in BioMarin Pharmaceutical during the third quarter worth about $40,000. Smartleaf Asset Management LLC increased its stake in BioMarin Pharmaceutical by 92.5% during the third quarter. Smartleaf Asset Management LLC now owns 749 shares of the biotechnology company's stock worth $40,000 after acquiring an additional 360 shares during the last quarter. V Square Quantitative Management LLC acquired a new stake in BioMarin Pharmaceutical during the fourth quarter worth about $45,000. Finally, Parallel Advisors LLC increased its stake in BioMarin Pharmaceutical by 62.2% during the third quarter. Parallel Advisors LLC now owns 769 shares of the biotechnology company's stock worth $42,000 after acquiring an additional 295 shares during the last quarter. 98.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at BioMarin Pharmaceutical

In other news, EVP Gregory R. Friberg sold 6,326 shares of the stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $60.38, for a total value of $381,963.88. Following the completion of the sale, the executive vice president owned 37,578 shares in the company, valued at approximately $2,268,959.64. This trade represents a 14.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Charles Greg Guyer sold 16,486 shares of the stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $60.46, for a total value of $996,743.56. Following the completion of the sale, the executive vice president owned 79,953 shares of the company's stock, valued at approximately $4,833,958.38. This trade represents a 17.09% decrease in their position. The SEC filing for this sale provides additional information. 0.85% of the stock is currently owned by company insiders.

BioMarin Pharmaceutical Price Performance

BMRN stock opened at $54.06 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.50 and a current ratio of 5.21. BioMarin Pharmaceutical Inc. has a 1 year low of $50.76 and a 1 year high of $66.28. The firm has a market cap of $10.45 billion, a P/E ratio of 30.37, a price-to-earnings-growth ratio of 0.54 and a beta of 0.23. The stock has a 50-day simple moving average of $56.93 and a 200-day simple moving average of $56.26.

Wall Street Analysts Forecast Growth

BMRN has been the subject of several research analyst reports. Loop Capital set a $105.00 price target on BioMarin Pharmaceutical in a research note on Monday, March 2nd. Canaccord Genuity Group upped their price target on BioMarin Pharmaceutical from $98.00 to $104.00 and gave the stock a "buy" rating in a research note on Thursday, February 26th. Piper Sandler lowered their target price on BioMarin Pharmaceutical from $122.00 to $84.00 and set an "overweight" rating for the company in a research note on Friday, February 6th. Wells Fargo & Company increased their target price on BioMarin Pharmaceutical from $70.00 to $75.00 and gave the company an "overweight" rating in a research note on Wednesday, February 18th. Finally, Morgan Stanley started coverage on BioMarin Pharmaceutical in a research note on Monday, April 27th. They issued an "overweight" rating and a $120.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $91.48.

About BioMarin Pharmaceutical

BioMarin Pharmaceutical Inc is a biopharmaceutical company specializing in the development and commercialization of therapies for rare genetic and metabolic diseases. The company focuses on addressing unmet medical needs by leveraging enzyme replacement therapy, small molecule pharmacological chaperones and gene therapy technologies. Headquartered in Novato, California, BioMarin operates research and development facilities in the United States and Europe.

The company's commercial portfolio includes several approved therapies targeting inherited disorders.

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