Edgestream Partners L.P. Sells 92,296 Shares of BioMarin Pharmaceutical Inc. $BMRN

Key Points

• Edgestream Partners cut its BioMarin Pharmaceutical stake by 73% in the first quarter, selling 92,296 shares and retaining 34,055 shares valued at approximately $1.9 million.
• Other institutional investors made mixed moves, but institutional ownership remains very high at 98.71% of BioMarin’s outstanding shares.
• BioMarin shares opened at $60.02, while analysts maintained an overall “Moderate Buy” rating with a consensus price target of $88.26, despite several recent target-price reductions.

Edgestream Partners L.P. lessened its position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 73.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,055 shares of the biotechnology company's stock after selling 92,296 shares during the quarter. Edgestream Partners L.P.'s holdings in BioMarin Pharmaceutical were worth $1,924,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Bull Harbor Capital LLC bought a new position in shares of BioMarin Pharmaceutical during the 1st quarter valued at approximately $1,085,000. ADAR1 Capital Management LLC raised its stake in BioMarin Pharmaceutical by 41.1% during the first quarter. ADAR1 Capital Management LLC now owns 18,200 shares of the biotechnology company's stock valued at $1,028,000 after purchasing an additional 5,300 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in BioMarin Pharmaceutical by 12.3% during the first quarter. EverSource Wealth Advisors LLC now owns 6,845 shares of the biotechnology company's stock valued at $387,000 after purchasing an additional 752 shares in the last quarter. California State Teachers Retirement System lifted its position in BioMarin Pharmaceutical by 23.9% during the first quarter. California State Teachers Retirement System now owns 214,859 shares of the biotechnology company's stock valued at $12,137,000 after purchasing an additional 41,453 shares during the last quarter. Finally, Redmile Group LLC bought a new position in BioMarin Pharmaceutical during the first quarter valued at $9,821,000. Institutional investors own 98.71% of the company's stock.

BioMarin Pharmaceutical Stock Performance

BMRN opened at $60.02 on Monday. The stock has a market cap of $11.60 billion, a price-to-earnings ratio of 43.81, a P/E/G ratio of 0.46 and a beta of 0.24. The stock's 50 day moving average price is $57.46 and its 200-day moving average price is $56.86. BioMarin Pharmaceutical Inc. has a one year low of $49.26 and a one year high of $66.28. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.20 and a current ratio of 5.81.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on BMRN shares. Bank of America reduced their target price on shares of BioMarin Pharmaceutical from $85.00 to $80.00 and set a "buy" rating on the stock in a report on Tuesday, May 19th. The Goldman Sachs Group began coverage on shares of BioMarin Pharmaceutical in a report on Monday, May 11th. They issued a "neutral" rating and a $69.00 price target for the company. Weiss Ratings upgraded BioMarin Pharmaceutical from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday, June 26th. UBS Group reissued a "neutral" rating on shares of BioMarin Pharmaceutical in a research note on Tuesday, July 14th. Finally, Royal Bank Of Canada decreased their price objective on 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. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, BioMarin Pharmaceutical has an average rating of "Moderate Buy" and a consensus price target of $88.26.

Insider Transactions at BioMarin Pharmaceutical

In related news, EVP Gregory R. Friberg sold 3,281 shares of the business's stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $53.85, for a total transaction of $176,681.85. Following the completion of the transaction, the executive vice president owned 51,818 shares in the company, valued at $2,790,399.30. The trade was a 5.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.68% of the stock is currently owned by insiders.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source