Choreo LLC Has $313,000 Holdings in BioMarin Pharmaceutical Inc. $BMRN

Key Points

• Choreo LLC reduced its stake in BioMarin by 84.8% in Q4, selling 29,566 shares and ending the quarter with 5,301 shares valued at about $313,000.
• Wall Street is largely bullish on BMRN: the stock carries a consensus rating of "Moderate Buy" with an average price target of $90, versus a recent share price near $54.88.
• Insiders have been selling recently—EVPs Gregory Friberg and Charles Greg Guyer sold 6,326 and 16,486 shares respectively—and institutional ownership remains very high at 98.71%.

Choreo LLC lessened its holdings in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 84.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,301 shares of the biotechnology company's stock after selling 29,566 shares during the period. Choreo LLC's holdings in BioMarin Pharmaceutical were worth $313,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Financiere des Professionnels Fonds d investissement inc. bought a new stake in shares of BioMarin Pharmaceutical during the 3rd quarter valued at approximately $1,047,000. Federated Hermes Inc. lifted its stake in BioMarin Pharmaceutical by 292.6% in the 3rd quarter. Federated Hermes Inc. now owns 278,315 shares of the biotechnology company's stock valued at $15,074,000 after purchasing an additional 207,430 shares during the last quarter. Mediolanum International Funds Ltd lifted its stake in BioMarin Pharmaceutical by 56.2% in the 3rd quarter. Mediolanum International Funds Ltd now owns 137,675 shares of the biotechnology company's stock valued at $7,437,000 after purchasing an additional 49,534 shares during the last quarter. Rice Hall James & Associates LLC boosted its position in BioMarin Pharmaceutical by 1,693.1% in the third quarter. Rice Hall James & Associates LLC now owns 103,425 shares of the biotechnology company's stock valued at $5,601,000 after buying an additional 97,657 shares in the last quarter. Finally, Rakuten Investment Management Inc. acquired a new stake in BioMarin Pharmaceutical in the third quarter valued at approximately $1,265,000. Institutional investors and hedge funds own 98.71% of the company's stock.

BioMarin Pharmaceutical Trading Up 0.4%

Shares of NASDAQ BMRN opened at $54.88 on Tuesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.50 and a current ratio of 5.21. BioMarin Pharmaceutical Inc. has a 52-week low of $50.76 and a 52-week high of $66.28. The firm has a 50 day moving average price of $58.00 and a two-hundred day moving average price of $56.32. The stock has a market cap of $10.55 billion, a P/E ratio of 30.83, a price-to-earnings-growth ratio of 0.54 and a beta of 0.29.

Wall Street Analysts Forecast Growth

BMRN has been the subject of several research analyst reports. Sanford C. Bernstein upped their price target on shares of BioMarin Pharmaceutical from $90.00 to $94.00 and gave the stock an "outperform" rating in a report on Wednesday, February 25th. Canaccord Genuity Group raised their price objective on BioMarin Pharmaceutical from $98.00 to $104.00 and gave the company a "buy" rating in a report on Thursday, February 26th. Jefferies Financial Group restated a "buy" rating and set a $103.00 price objective on shares of BioMarin Pharmaceutical in a research report on Thursday, March 12th. Truist Financial raised BioMarin Pharmaceutical to a "strong-buy" rating in a report on Wednesday, March 25th. Finally, Stifel Nicolaus set a $68.00 target price on BioMarin Pharmaceutical in a report on Tuesday, February 24th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $90.00.

Insider Buying and Selling at BioMarin Pharmaceutical

In related news, EVP Gregory R. Friberg sold 6,326 shares of the stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $60.38, for a total value of $381,963.88. Following the completion of the sale, the executive vice president directly owned 37,578 shares in the company, valued at $2,268,959.64. This represents a 14.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Charles Greg Guyer sold 16,486 shares of the firm's stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $60.46, for a total value of $996,743.56. Following the transaction, the executive vice president directly owned 79,953 shares of the company's stock, valued at approximately $4,833,958.38. This represents a 17.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.85% 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.

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