Hsbc Holdings PLC Boosts Position in BioMarin Pharmaceutical Inc. $BMRN

Key Points

• HSBC Holdings PLC increased its stake in BioMarin Pharmaceutical by 66.7%, owning approximately 0.17% of the company valued at $23 million.
• Several institutional investors, including Nuveen LLC, Northern Trust Corp, and Charles Schwab Investment Management Inc., have also recently enhanced their positions in BioMarin, reflecting strong interest in the biotech sector.
• Analysts are optimistic about BioMarin, with a mix of upgraded ratings and target prices, leading to an average target of $93.17 and a majority rating of "Moderate Buy".

Hsbc Holdings PLC raised its stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 66.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 326,034 shares of the biotechnology company's stock after acquiring an additional 130,504 shares during the quarter. Hsbc Holdings PLC owned approximately 0.17% of BioMarin Pharmaceutical worth $23,000,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Nuveen LLC bought a new position in shares of BioMarin Pharmaceutical in the 1st quarter worth $184,475,000. Northern Trust Corp lifted its position in shares of BioMarin Pharmaceutical by 16.2% in the 4th quarter. Northern Trust Corp now owns 1,725,039 shares of the biotechnology company's stock worth $113,387,000 after purchasing an additional 240,681 shares during the period. Charles Schwab Investment Management Inc. lifted its position in BioMarin Pharmaceutical by 7.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,532,314 shares of the biotechnology company's stock valued at $108,319,000 after acquiring an additional 108,806 shares during the period. AQR Capital Management LLC lifted its position in BioMarin Pharmaceutical by 114.5% during the 4th quarter. AQR Capital Management LLC now owns 1,283,599 shares of the biotechnology company's stock valued at $84,371,000 after acquiring an additional 685,099 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in BioMarin Pharmaceutical by 19.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,055,087 shares of the biotechnology company's stock worth $69,351,000 after buying an additional 174,634 shares during the last quarter. Institutional investors own 98.71% of the company's stock.

BioMarin Pharmaceutical Price Performance

BioMarin Pharmaceutical stock traded up $0.59 during trading on Friday, reaching $58.27. The company had a trading volume of 1,269,740 shares, compared to its average volume of 2,529,770. The firm's 50-day simple moving average is $57.77 and its 200 day simple moving average is $61.19. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.60 and a current ratio of 5.56. The firm has a market capitalization of $11.19 billion, a PE ratio of 17.29, a price-to-earnings-growth ratio of 0.74 and a beta of 0.18. BioMarin Pharmaceutical Inc. has a 1-year low of $52.93 and a 1-year high of $93.04.

Wall Street Analyst Weigh In

A number of analysts have recently commented on BMRN shares. UBS Group lifted their price target on shares of BioMarin Pharmaceutical from $113.00 to $114.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Zacks Research downgraded shares of BioMarin Pharmaceutical from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 13th. Guggenheim boosted their price objective on shares of BioMarin Pharmaceutical from $101.00 to $106.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. JPMorgan Chase & Co. upped their price target on shares of BioMarin Pharmaceutical from $108.00 to $113.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. Finally, Wall Street Zen raised shares of BioMarin Pharmaceutical from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 9th. Eighteen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, BioMarin Pharmaceutical presently has a consensus rating of "Moderate Buy" and an average price target of $93.17.

BioMarin Pharmaceutical 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.