Forsta AP Fonden Sells 4,700 Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Key Points

• Forsta AP Fonden reduced its stake in BioMarin Pharmaceutical Inc. by 12.9%, owning 31,700 shares valued at approximately $2.24 million as of its latest SEC filing.
• Significant institutional investor activity includes Dodge & Cox increasing its position by 6.1% and Capital Research Global Investors by 23.8% during the fourth quarter.
• BioMarin's current market cap is $10.92 billion and analysts have a consensus rating of "Moderate Buy" with an average price target of $93.17.

Forsta AP Fonden lowered its holdings in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 12.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,700 shares of the biotechnology company's stock after selling 4,700 shares during the period. Forsta AP Fonden's holdings in BioMarin Pharmaceutical were worth $2,241,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Farther Finance Advisors LLC lifted its holdings in shares of BioMarin Pharmaceutical by 95.9% in the first quarter. Farther Finance Advisors LLC now owns 431 shares of the biotechnology company's stock valued at $29,000 after purchasing an additional 211 shares in the last quarter. LRI Investments LLC raised its holdings in shares of BioMarin Pharmaceutical by 856.9% during the fourth quarter. LRI Investments LLC now owns 488 shares of the biotechnology company's stock worth $32,000 after acquiring an additional 437 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its holdings in shares of BioMarin Pharmaceutical by 71.2% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 524 shares of the biotechnology company's stock worth $37,000 after acquiring an additional 218 shares in the last quarter. Vermillion & White Wealth Management Group LLC purchased a new stake in shares of BioMarin Pharmaceutical during the fourth quarter worth $62,000. Finally, Parallel Advisors LLC raised its holdings in shares of BioMarin Pharmaceutical by 97.8% during the first quarter. Parallel Advisors LLC now owns 1,335 shares of the biotechnology company's stock worth $94,000 after acquiring an additional 660 shares in the last quarter. Hedge funds and other institutional investors own 98.71% of the company's stock.

Insider Activity at BioMarin Pharmaceutical

In other news, CAO Erin Burkhart sold 1,786 shares of the stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $59.31, for a total transaction of $105,927.66. Following the completion of the transaction, the chief accounting officer directly owned 14,173 shares in the company, valued at $840,600.63. This represents a 11.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.85% of the stock is currently owned by corporate insiders.

BioMarin Pharmaceutical Stock Down 0.8%

Shares of BioMarin Pharmaceutical stock traded down $0.46 during trading hours on Friday, reaching $57.54. 2,525,461 shares of the company's stock were exchanged, compared to its average volume of 1,946,709. The company has a 50 day moving average of $57.39 and a two-hundred day moving average of $61.61. BioMarin Pharmaceutical Inc. has a fifty-two week low of $52.93 and a fifty-two week high of $94.85. The company has a current ratio of 5.56, a quick ratio of 3.60 and a debt-to-equity ratio of 0.10. The stock has a market cap of $11.05 billion, a P/E ratio of 17.07, a P/E/G ratio of 0.75 and a beta of 0.18.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on BMRN shares. Wolfe Research set a $95.00 price objective on BioMarin Pharmaceutical and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Wedbush restated an "outperform" rating and set a $94.00 price target on shares of BioMarin Pharmaceutical in a research note on Tuesday, August 5th. 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. Morgan Stanley cut their target price on BioMarin Pharmaceutical from $97.00 to $96.00 and set an "overweight" rating on the stock in a report on Tuesday, July 22nd. Finally, Wall Street Zen upgraded BioMarin Pharmaceutical from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 9th. Six investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus 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.