Illinois Municipal Retirement Fund Has $7.51 Million Stock Holdings in BioMarin Pharmaceutical Inc. $BMRN

Key Points

• Illinois Municipal Retirement Fund cut its BioMarin Pharmaceutical stake by 22.6% in the first quarter, selling 38,821 shares and leaving it with 132,890 shares worth about $7.51 million.
• Several other institutional investors also adjusted their holdings, and overall institutional ownership stands at 98.71% of BioMarin’s stock.
• Analysts remain mostly positive on BMRN: the stock has a Moderate Buy consensus with a $88.26 average price target, while shares recently traded around $59.59.

Illinois Municipal Retirement Fund reduced its position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 22.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 132,890 shares of the biotechnology company's stock after selling 38,821 shares during the period. Illinois Municipal Retirement Fund owned about 0.07% of BioMarin Pharmaceutical worth $7,507,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. State of Michigan Retirement System boosted its position in BioMarin Pharmaceutical by 1.8% during the 1st quarter. State of Michigan Retirement System now owns 46,200 shares of the biotechnology company's stock worth $2,610,000 after buying an additional 800 shares during the period. Principal Financial Group Inc. raised its stake in shares of BioMarin Pharmaceutical by 3.8% during the first quarter. Principal Financial Group Inc. now owns 428,607 shares of the biotechnology company's stock valued at $24,212,000 after acquiring an additional 15,549 shares during the last quarter. Chicago Partners Investment Group LLC raised its stake in shares of BioMarin Pharmaceutical by 2.4% during the first quarter. Chicago Partners Investment Group LLC now owns 12,183 shares of the biotechnology company's stock valued at $660,000 after acquiring an additional 290 shares during the last quarter. J. Safra Sarasin Holding AG lifted its holdings in shares of BioMarin Pharmaceutical by 41.7% during the first quarter. J. Safra Sarasin Holding AG now owns 43,719 shares of the biotechnology company's stock worth $2,470,000 after purchasing an additional 12,859 shares during the period. Finally, Citizens Financial Group Inc. RI acquired a new position in shares of BioMarin Pharmaceutical during the first quarter worth $278,000. Institutional investors and hedge funds own 98.71% of the company's stock.

BioMarin Pharmaceutical Stock Down 0.7%

Shares of BioMarin Pharmaceutical stock opened at $59.59 on Friday. The stock's 50-day moving average is $55.92 and its 200 day moving average is $56.85. BioMarin Pharmaceutical Inc. has a one year low of $49.26 and a one year high of $66.28. The firm has a market cap of $11.52 billion, a price-to-earnings ratio of 43.50, a PEG ratio of 0.46 and a beta of 0.24. The company has a debt-to-equity ratio of 0.23, a current ratio of 5.81 and a quick ratio of 4.20.

Analysts Set New Price Targets

BMRN has been the subject of a number of recent research reports. Truist Financial upgraded BioMarin Pharmaceutical to a "strong-buy" rating in a report on Wednesday, March 25th. Canaccord Genuity Group cut their target price on BioMarin Pharmaceutical from $116.00 to $111.00 and set a "buy" rating on the stock in a report on Friday, May 22nd. Royal Bank Of Canada reduced their price target 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. Wall Street Zen cut BioMarin Pharmaceutical from a "buy" rating to a "hold" rating in a research note on Saturday, June 6th. Finally, HC Wainwright restated a "neutral" rating on shares of BioMarin Pharmaceutical in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat.com, BioMarin Pharmaceutical has an average rating of "Moderate Buy" and a consensus price target of $88.26.

Insider Activity at BioMarin Pharmaceutical

In other news, EVP Gregory R. Friberg sold 3,281 shares of BioMarin Pharmaceutical stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $53.85, for a total value of $176,681.85. Following the completion of the sale, 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 SEC, which is available through this link. 0.85% of the stock is currently owned by company 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.

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