Assenagon Asset Management S.A. Has $57.14 Million Stake in BioMarin Pharmaceutical Inc. $BMRN

Key Points

• Assenagon Asset Management S.A. increased its stake in BioMarin Pharmaceutical Inc. by 28.5%, now owning over 1 million shares valued at approximately $57.14 million.
• A number of hedge funds have also significantly increased their positions in BioMarin, highlighting strong institutional interest, with a total of 98.71% of the company's stock owned by institutional investors.
• Analysts have set a consensus price target of $92.60 for BioMarin, with rates ranging from a "buy" to "neutral," indicating potential for growth amid varying expectations.

Assenagon Asset Management S.A. boosted its position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 28.5% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,039,484 shares of the biotechnology company's stock after acquiring an additional 230,362 shares during the period. Assenagon Asset Management S.A. owned 0.54% of BioMarin Pharmaceutical worth $57,140,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of BMRN. Farther Finance Advisors LLC boosted its position in BioMarin Pharmaceutical by 95.9% during the 1st quarter. Farther Finance Advisors LLC now owns 431 shares of the biotechnology company's stock valued at $29,000 after acquiring an additional 211 shares in the last quarter. Rise Advisors LLC purchased a new position in BioMarin Pharmaceutical during the first quarter valued at $30,000. MassMutual Private Wealth & Trust FSB boosted its stake in BioMarin Pharmaceutical by 71.2% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 524 shares of the biotechnology company's stock worth $37,000 after purchasing an additional 218 shares in the last quarter. Brooklyn Investment Group boosted its stake in BioMarin Pharmaceutical by 2,250.0% in the 1st quarter. Brooklyn Investment Group now owns 564 shares of the biotechnology company's stock worth $40,000 after purchasing an additional 540 shares in the last quarter. Finally, Banque Transatlantique SA bought a new position in BioMarin Pharmaceutical in the 1st quarter worth about $71,000. Institutional investors own 98.71% of the company's stock.

Analyst Upgrades and Downgrades

BMRN has been the subject of several research reports. HC Wainwright started coverage on shares of BioMarin Pharmaceutical in a report on Monday, September 8th. They set a "neutral" rating and a $60.00 price objective for the company. JPMorgan Chase & Co. upped their price target on BioMarin Pharmaceutical from $108.00 to $113.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Wedbush reiterated an "outperform" rating and issued a $94.00 price target on shares of BioMarin Pharmaceutical in a research note on Tuesday, August 5th. Wolfe Research set a $95.00 price target on BioMarin Pharmaceutical and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Finally, Raymond James Financial began coverage on shares of BioMarin Pharmaceutical in a report on Wednesday, September 3rd. They issued an "outperform" rating and a $85.00 target price on the stock. Fourteen investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $92.60.

BioMarin Pharmaceutical Stock Performance

BioMarin Pharmaceutical stock traded down $0.86 on Tuesday, reaching $53.08. 840,499 shares of the stock were exchanged, compared to its average volume of 1,936,297. BioMarin Pharmaceutical Inc. has a twelve month low of $52.93 and a twelve month high of $73.51. The stock has a market cap of $10.19 billion, a PE ratio of 15.76, a PEG ratio of 0.69 and a beta of 0.35. The firm has a fifty day moving average price of $57.51 and a two-hundred day moving average price of $59.66. The company has a current ratio of 5.56, a quick ratio of 3.60 and a debt-to-equity ratio of 0.10.

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.