Assenagon Asset Management S.A. Purchases 197,455 Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Assenagon Asset Management S.A. lifted its stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 32.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 809,122 shares of the biotechnology company's stock after acquiring an additional 197,455 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.42% of BioMarin Pharmaceutical worth $57,197,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of BMRN. Integrated Advisors Network LLC boosted its stake in shares of BioMarin Pharmaceutical by 28.0% in the first quarter. Integrated Advisors Network LLC now owns 4,000 shares of the biotechnology company's stock valued at $283,000 after buying an additional 876 shares during the period. Handelsbanken Fonder AB boosted its position in shares of BioMarin Pharmaceutical by 17.6% during the 1st quarter. Handelsbanken Fonder AB now owns 57,500 shares of the biotechnology company's stock worth $4,065,000 after purchasing an additional 8,600 shares in the last quarter. Avanza Fonder AB lifted its position in BioMarin Pharmaceutical by 29.5% in the 1st quarter. Avanza Fonder AB now owns 20,915 shares of the biotechnology company's stock valued at $1,429,000 after acquiring an additional 4,759 shares in the last quarter. GAMMA Investing LLC increased its stake in BioMarin Pharmaceutical by 154.0% in the 1st quarter. GAMMA Investing LLC now owns 3,129 shares of the biotechnology company's stock valued at $221,000 after buying an additional 1,897 shares during the last quarter. Finally, Pallas Capital Advisors LLC increased its stake in BioMarin Pharmaceutical by 702.7% in the 1st quarter. Pallas Capital Advisors LLC now owns 25,733 shares of the biotechnology company's stock valued at $1,819,000 after buying an additional 22,527 shares during the last quarter. Institutional investors and hedge funds own 98.71% of the company's stock.

Insider Transactions at BioMarin Pharmaceutical

In related news, CAO Erin Burkhart sold 1,295 shares of the firm's stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $71.52, for a total transaction of $92,618.40. Following the completion of the transaction, the chief accounting officer now directly owns 16,955 shares of the company's stock, valued at approximately $1,212,621.60. This trade represents a 7.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold a total of 3,354 shares of company stock valued at $216,269 over the last three months. Corporate insiders own 0.85% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on BMRN. Citigroup decreased their price target on shares of BioMarin Pharmaceutical from $82.00 to $78.00 and set a "neutral" rating for the company in a research note on Friday, May 2nd. Oppenheimer upgraded shares of BioMarin Pharmaceutical from a "market perform" rating to an "outperform" rating and set a $98.00 price target for the company in a research note on Monday, February 24th. Wedbush restated an "outperform" rating and set a $94.00 price target on shares of BioMarin Pharmaceutical in a research note on Thursday, February 20th. Wall Street Zen upgraded shares of BioMarin Pharmaceutical from a "buy" rating to a "strong-buy" rating in a research note on Friday, April 25th. Finally, Piper Sandler lifted their price objective on shares of BioMarin Pharmaceutical from $122.00 to $126.00 and gave the company an "overweight" rating in a research note on Thursday, February 20th. Six investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $93.45.

BioMarin Pharmaceutical Stock Down 1.9%

Shares of NASDAQ BMRN traded down $1.06 during midday trading on Friday, hitting $56.22. The stock had a trading volume of 1,623,311 shares, compared to its average volume of 1,829,295. The business's 50 day moving average is $59.10 and its 200-day moving average is $63.99. The company has a market cap of $10.78 billion, a P/E ratio of 25.55, a PEG ratio of 0.61 and a beta of 0.19. BioMarin Pharmaceutical Inc. has a 52 week low of $52.93 and a 52 week high of $94.85. The company has a quick ratio of 2.62, a current ratio of 5.33 and a debt-to-equity ratio of 0.11.

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.