Caxton Associates LLP Sells 103,444 Shares of BioMarin Pharmaceutical Inc. $BMRN

Key Points

• Caxton Associates LLP cut its BioMarin Pharmaceutical stake by 67.7% in the first quarter, selling 103,444 shares and leaving it with 49,308 shares valued at about $2.8 million.
• Analysts remain mixed but generally constructive: BioMarin has an average “Moderate Buy” rating and a consensus target price of $88.26, though several firms recently trimmed their targets.
• BioMarin stock recently traded at $59.33, with a market cap of about $11.47 billion; the company’s insider ownership is low at 0.68%, and executive Gregory R. Friberg also recently sold shares.

Caxton Associates LLP reduced its stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 67.7% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 49,308 shares of the biotechnology company's stock after selling 103,444 shares during the period. Caxton Associates LLP's holdings in BioMarin Pharmaceutical were worth $2,785,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. CIBC Private Wealth Group LLC boosted its position in shares of BioMarin Pharmaceutical by 38.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 648 shares of the biotechnology company's stock valued at $39,000 after buying an additional 179 shares during the last quarter. Northwestern Mutual Investment Management Company LLC raised its position in BioMarin Pharmaceutical by 0.4% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 42,982 shares of the biotechnology company's stock valued at $2,554,000 after buying an additional 183 shares during the last quarter. Nisa Investment Advisors LLC raised its position in BioMarin Pharmaceutical by 7.7% in the 4th quarter. Nisa Investment Advisors LLC now owns 2,741 shares of the biotechnology company's stock valued at $163,000 after buying an additional 195 shares during the last quarter. Caerus Investment Advisors LLC lifted its stake in BioMarin Pharmaceutical by 2.8% during the 4th quarter. Caerus Investment Advisors LLC now owns 10,236 shares of the biotechnology company's stock valued at $608,000 after acquiring an additional 278 shares in the last quarter. Finally, Chicago Partners Investment Group LLC lifted its stake in BioMarin Pharmaceutical by 2.4% during the 1st quarter. Chicago Partners Investment Group LLC now owns 12,183 shares of the biotechnology company's stock valued at $660,000 after acquiring an additional 290 shares in the last quarter. 98.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BMRN has been the subject of several recent analyst reports. Bank of America reduced their target price on shares of BioMarin Pharmaceutical from $85.00 to $80.00 and set a "buy" rating for the company in a research note on Tuesday, May 19th. Royal Bank Of Canada dropped their price target on shares of BioMarin Pharmaceutical from $66.00 to $62.00 and set a "sector perform" rating on the stock in a research report on Tuesday, July 7th. HC Wainwright restated a "neutral" rating on shares of BioMarin Pharmaceutical in a report on Tuesday, July 14th. Citigroup upped their price objective on shares of BioMarin Pharmaceutical from $75.00 to $76.00 and gave the stock a "buy" rating in a research report on Thursday, July 16th. Finally, Wall Street Zen cut shares of BioMarin Pharmaceutical from a "buy" rating to a "hold" rating in a research report on Saturday, June 6th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $88.26.

BioMarin Pharmaceutical Stock Performance

Shares of BMRN opened at $59.33 on Friday. BioMarin Pharmaceutical Inc. has a 1 year low of $49.26 and a 1 year high of $66.28. The company has a debt-to-equity ratio of 0.23, a current ratio of 5.81 and a quick ratio of 4.20. The stock's fifty day moving average price is $56.54 and its two-hundred day moving average price is $56.84. The firm has a market cap of $11.47 billion, a PE ratio of 43.31, a PEG ratio of 0.45 and a beta of 0.24.

Insiders Place Their Bets

In related news, EVP Gregory R. Friberg sold 3,281 shares of the business's stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $53.85, for a total value of $176,681.85. Following the sale, the executive vice president directly owned 51,818 shares in the company, valued at approximately $2,790,399.30. The trade was a 5.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.68% of the company's stock.

BioMarin Pharmaceutical Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.