Caisse DE Depot ET Placement DU Quebec Makes New Investment in BioMarin Pharmaceutical Inc. $BMRN

Key Points

• Caisse de Depot et Placement du Quebec has acquired a new stake in BioMarin Pharmaceutical Inc., buying 56,867 shares valued at approximately $4.02 million in the first quarter.
• Various hedge funds have either increased or reduced their stakes in BioMarin, with notable increases from Freedom Investment Management Inc. and Jump Financial LLC, reflecting strong institutional interest in the stock.
• Recent analyst ratings show a mixed outlook, with Goldman Sachs lowering its price target to $104 while other firms maintain or increase their ratings, indicating potential volatility in market expectations for BioMarin's shares.

Caisse DE Depot ET Placement DU Quebec bought a new position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 56,867 shares of the biotechnology company's stock, valued at approximately $4,020,000.

A number of other hedge funds have also modified their holdings of BMRN. NewEdge Advisors LLC grew its holdings in shares of BioMarin Pharmaceutical by 1,200.4% in the 4th quarter. NewEdge Advisors LLC now owns 3,381 shares of the biotechnology company's stock worth $222,000 after acquiring an additional 3,121 shares during the last quarter. Stifel Financial Corp grew its holdings in shares of BioMarin Pharmaceutical by 4.5% in the 4th quarter. Stifel Financial Corp now owns 31,897 shares of the biotechnology company's stock worth $2,097,000 after acquiring an additional 1,360 shares during the last quarter. Northern Trust Corp grew its holdings in shares of BioMarin Pharmaceutical by 16.2% in the 4th quarter. Northern Trust Corp now owns 1,725,039 shares of the biotechnology company's stock worth $113,387,000 after acquiring an additional 240,681 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of BioMarin Pharmaceutical by 114.5% in the 4th quarter. AQR Capital Management LLC now owns 1,283,599 shares of the biotechnology company's stock worth $84,371,000 after acquiring an additional 685,099 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV boosted its position in shares of BioMarin Pharmaceutical by 121.1% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 18,103 shares of the biotechnology company's stock worth $1,190,000 after buying an additional 9,915 shares during the period. 98.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently commented on BMRN. Wedbush reaffirmed an "outperform" rating and issued a $94.00 target price on shares of BioMarin Pharmaceutical in a research report on Tuesday, August 5th. Morgan Stanley decreased their target price on BioMarin Pharmaceutical from $97.00 to $96.00 and set an "overweight" rating for the company in a research report on Tuesday, July 22nd. Zacks Research cut BioMarin Pharmaceutical from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 13th. JPMorgan Chase & Co. raised their target price on BioMarin Pharmaceutical from $108.00 to $113.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Finally, The Goldman Sachs Group decreased their target price on BioMarin Pharmaceutical from $124.00 to $104.00 and set a "buy" rating for the company in a research report on Monday, May 5th. Eighteen equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, BioMarin Pharmaceutical has a consensus rating of "Moderate Buy" and an average target price of $93.17.

BioMarin Pharmaceutical Stock Up 1.1%

Shares of NASDAQ:BMRN traded up $0.62 on Tuesday, reaching $58.89. The company had a trading volume of 1,027,201 shares, compared to its average volume of 1,920,767. BioMarin Pharmaceutical Inc. has a twelve month low of $52.93 and a twelve month high of $92.81. The stock has a 50-day moving average price of $57.85 and a 200 day moving average price of $61.09. The stock has a market capitalization of $11.31 billion, a P/E ratio of 17.42, a P/E/G ratio of 0.74 and a beta of 0.35. 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 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.