KBC Group NV Decreases Stock Holdings in BioMarin Pharmaceutical Inc. $BMRN

Key Points

• KBC Group NV cut its BioMarin Pharmaceutical stake by 24.6% in the first quarter, selling 41,585 shares and leaving it with 127,194 shares worth about $7.19 million.
• BioMarin shares were down 1.4% to $58.40, with the stock trading near the middle of its 52-week range and showing strong liquidity ratios.
• Wall Street sentiment remains generally positive: BioMarin has an average rating of “Moderate Buy” and an average price target of $88.26, despite some recent target cuts and mixed analyst actions.

KBC Group NV trimmed its position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 24.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 127,194 shares of the biotechnology company's stock after selling 41,585 shares during the period. KBC Group NV owned about 0.07% of BioMarin Pharmaceutical worth $7,185,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. SEB Asset Management AB purchased a new position in BioMarin Pharmaceutical during the 1st quarter valued at about $16,567,000. Swiss National Bank grew its position in shares of BioMarin Pharmaceutical by 0.4% in the 1st quarter. Swiss National Bank now owns 361,100 shares of the biotechnology company's stock worth $20,399,000 after buying an additional 1,500 shares during the last quarter. Assetmark Inc. increased its stake in shares of BioMarin Pharmaceutical by 20.0% during the first quarter. Assetmark Inc. now owns 22,875 shares of the biotechnology company's stock valued at $1,292,000 after buying an additional 3,807 shares during the period. Bessemer Group Inc. increased its stake in shares of BioMarin Pharmaceutical by 41.9% during the first quarter. Bessemer Group Inc. now owns 89,439 shares of the biotechnology company's stock valued at $5,053,000 after buying an additional 26,403 shares during the period. Finally, D.A. Davidson & CO. raised its holdings in shares of BioMarin Pharmaceutical by 467.1% during the first quarter. D.A. Davidson & CO. now owns 44,063 shares of the biotechnology company's stock valued at $2,489,000 after acquiring an additional 36,293 shares in the last quarter. 98.71% of the stock is currently owned by hedge funds and other institutional investors.

BioMarin Pharmaceutical Stock Down 1.4%

Shares of BioMarin Pharmaceutical stock opened at $58.40 on Thursday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.20 and a current ratio of 5.81. The stock has a market capitalization of $11.29 billion, a PE ratio of 42.63, a price-to-earnings-growth ratio of 0.45 and a beta of 0.24. BioMarin Pharmaceutical Inc. has a 52-week low of $49.26 and a 52-week high of $66.28. The company has a 50-day simple moving average of $56.27 and a two-hundred day simple moving average of $56.82.

Wall Street Analyst Weigh In

BMRN has been the topic of several recent analyst reports. Truist Financial upgraded shares of BioMarin Pharmaceutical to a "strong-buy" rating in a report on Wednesday, March 25th. Canaccord Genuity Group decreased their price objective on shares of BioMarin Pharmaceutical from $116.00 to $111.00 and set a "buy" rating for the company in a report on Friday, May 22nd. Weiss Ratings raised shares of BioMarin Pharmaceutical from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday, June 26th. Royal Bank Of Canada cut their target price on shares of BioMarin Pharmaceutical from $66.00 to $62.00 and set a "sector perform" rating on the stock in a research note on Tuesday, July 7th. Finally, The Goldman Sachs Group started coverage on shares of BioMarin Pharmaceutical in a research report on Monday, May 11th. They set a "neutral" rating and a $69.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and eight have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $88.26.

Insider Transactions at BioMarin Pharmaceutical

In other BioMarin Pharmaceutical news, EVP Gregory R. Friberg sold 3,281 shares of the firm's stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $53.85, for a total value of $176,681.85. Following the transaction, the executive vice president directly owned 51,818 shares of the company's stock, valued at approximately $2,790,399.30. This trade represents a 5.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.68% of the company's stock.

BioMarin Pharmaceutical 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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