Primecap Management Co. CA Trims Position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Key Points

• Primecap Management Co. CA has reduced its stake in BioMarin Pharmaceutical Inc. by 2.3%, now owning approximately 17.8 million shares valued at $1.26 billion, which constitutes about 1.0% of its portfolio.
• Recent analyst reports have shown a range of price target adjustments for BioMarin Pharmaceutical, with JPMorgan increasing its target from $108 to $113 and Citigroup lowering it from $82 to $78.
• BioMarin's stock was trading at $61.93, with a market capitalization of $11.88 billion, and has seen a 12-month price range from $52.93 to $94.85.

Primecap Management Co. CA lessened its stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 2.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 17,773,281 shares of the biotechnology company's stock after selling 415,890 shares during the period. BioMarin Pharmaceutical accounts for about 1.0% of Primecap Management Co. CA's portfolio, making the stock its 28th largest position. Primecap Management Co. CA owned approximately 9.27% of BioMarin Pharmaceutical worth $1,256,393,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. CIBC Private Wealth Group LLC raised its stake in BioMarin Pharmaceutical by 64.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 596 shares of the biotechnology company's stock worth $41,000 after buying an additional 233 shares during the period. Resona Asset Management Co. Ltd. acquired a new position in shares of BioMarin Pharmaceutical during the fourth quarter worth approximately $4,838,000. Quadrant Capital Group LLC raised its position in shares of BioMarin Pharmaceutical by 58.9% during the fourth quarter. Quadrant Capital Group LLC now owns 1,776 shares of the biotechnology company's stock worth $117,000 after purchasing an additional 658 shares during the period. Bank of Nova Scotia raised its position in shares of BioMarin Pharmaceutical by 15.5% during the fourth quarter. Bank of Nova Scotia now owns 15,507 shares of the biotechnology company's stock worth $1,019,000 after purchasing an additional 2,083 shares during the period. Finally, Renaissance Technologies LLC raised its holdings in BioMarin Pharmaceutical by 4.1% during the fourth quarter. Renaissance Technologies LLC now owns 435,871 shares of the biotechnology company's stock worth $28,650,000 after buying an additional 17,000 shares during the last quarter. Institutional investors and hedge funds own 98.71% of the company's stock.

Insider Buying and Selling at BioMarin Pharmaceutical

In related news, CAO Erin Burkhart sold 1,786 shares of BioMarin Pharmaceutical stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $59.31, for a total value of $105,927.66. Following the completion of the transaction, the chief accounting officer directly owned 14,173 shares in the company, valued at approximately $840,600.63. The trade was a 11.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.85% of the stock is owned by insiders.

Wall Street Analyst Weigh In

BMRN has been the topic of several research reports. Wall Street Zen upgraded shares of BioMarin Pharmaceutical from a "buy" rating to a "strong-buy" rating in a report on Saturday. JPMorgan Chase & Co. upped their target price on shares of BioMarin Pharmaceutical from $108.00 to $113.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. Morgan Stanley lowered their target price on shares of BioMarin Pharmaceutical from $97.00 to $96.00 and set an "overweight" rating on the stock in a report on Tuesday, July 22nd. Guggenheim upped their target price on shares of BioMarin Pharmaceutical from $101.00 to $106.00 and gave the stock a "buy" rating in a report on Wednesday. Finally, Wedbush reissued an "outperform" rating and issued a $94.00 price objective on shares of BioMarin Pharmaceutical in a research note on Tuesday. Six investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, BioMarin Pharmaceutical presently has an average rating of "Moderate Buy" and an average price target of $93.17.

BioMarin Pharmaceutical Stock Performance

NASDAQ BMRN traded down $2.13 during trading hours on Friday, reaching $57.33. 3,523,307 shares of the company were exchanged, compared to its average volume of 2,308,645. The business's 50 day simple moving average is $57.29 and its 200-day simple moving average is $61.74. The company has a quick ratio of 3.49, 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 $94.85. The stock has a market capitalization of $11.01 billion, a P/E ratio of 17.01, a P/E/G ratio of 0.82 and a beta of 0.18.

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.