Charles Schwab Investment Management Inc. Acquires 108,806 Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Key Points

• Charles Schwab Investment Management Inc. increased its holdings in BioMarin Pharmaceutical by 7.6%, owning approximately 1.53 million shares worth $108.32 million as of the latest SEC filing.
• 98.71% of BioMarin Pharmaceutical's stock is owned by institutional investors, highlighting significant confidence in the company's prospects.
• Despite a decrease in stock price by 0.9%, analysts have set a consensus target price of $93.17 with many rating it as a "moderate buy."

Charles Schwab Investment Management Inc. grew its stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 7.6% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 1,532,314 shares of the biotechnology company's stock after acquiring an additional 108,806 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.80% of BioMarin Pharmaceutical worth $108,319,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of BMRN. Farther Finance Advisors LLC lifted its position in shares of BioMarin Pharmaceutical by 95.9% during the 1st quarter. Farther Finance Advisors LLC now owns 431 shares of the biotechnology company's stock worth $29,000 after buying an additional 211 shares during the last quarter. LRI Investments LLC lifted its position in shares of BioMarin Pharmaceutical by 856.9% during the 4th quarter. LRI Investments LLC now owns 488 shares of the biotechnology company's stock worth $32,000 after buying an additional 437 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its position in shares of BioMarin Pharmaceutical by 71.2% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 524 shares of the biotechnology company's stock worth $37,000 after buying an additional 218 shares during the last quarter. Vermillion & White Wealth Management Group LLC bought a new stake in shares of BioMarin Pharmaceutical during the 4th quarter worth $62,000. Finally, Covestor Ltd lifted its position in shares of BioMarin Pharmaceutical by 24.1% during the 4th quarter. Covestor Ltd now owns 1,278 shares of the biotechnology company's stock worth $84,000 after buying an additional 248 shares during the last quarter. 98.71% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CAO Erin Burkhart sold 1,786 shares of the business's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $59.31, for a total value of $105,927.66. Following the completion of the sale, the chief accounting officer owned 14,173 shares of the company's stock, valued at approximately $840,600.63. The trade was a 11.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.85% of the stock is owned by insiders.

BioMarin Pharmaceutical Price Performance

NASDAQ:BMRN traded down $0.46 during mid-day trading on Friday, reaching $57.54. The stock had a trading volume of 2,525,461 shares, compared to its average volume of 2,488,204. The firm has a 50 day moving average price of $57.40 and a two-hundred day moving average price of $61.57. The stock has a market capitalization of $11.05 billion, a P/E ratio of 17.07, a P/E/G ratio of 0.74 and a beta of 0.18. BioMarin Pharmaceutical Inc. has a one year low of $52.93 and a one year high of $94.85. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.60 and a current ratio of 5.56.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on BMRN shares. Wedbush reaffirmed an "outperform" rating and issued a $94.00 target price on shares of BioMarin Pharmaceutical in a report on Tuesday, August 5th. Wall Street Zen raised BioMarin Pharmaceutical from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 9th. Citigroup decreased their price target on BioMarin Pharmaceutical from $82.00 to $78.00 and set a "neutral" rating for the company in a research note on Friday, May 2nd. Guggenheim raised their target price on BioMarin Pharmaceutical from $101.00 to $106.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Finally, JPMorgan Chase & Co. raised their target price on BioMarin Pharmaceutical from $108.00 to $113.00 and gave the company an "overweight" rating in a report on Monday, July 14th. Six equities research 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. According to data from MarketBeat, BioMarin Pharmaceutical presently has an average rating of "Moderate Buy" and a consensus target price of $93.17.

BioMarin Pharmaceutical Company 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.