Kentucky Retirement Systems Insurance Trust Fund Invests $388,000 in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Kentucky Retirement Systems Insurance Trust Fund purchased a new position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,490 shares of the biotechnology company's stock, valued at approximately $388,000.

Other hedge funds have also modified their holdings of the company. Vestal Point Capital LP boosted its position in shares of BioMarin Pharmaceutical by 115.0% in the fourth quarter. Vestal Point Capital LP now owns 860,000 shares of the biotechnology company's stock worth $56,528,000 after purchasing an additional 460,000 shares during the period. Smartleaf Asset Management LLC boosted its position in shares of BioMarin Pharmaceutical by 111.2% in the fourth quarter. Smartleaf Asset Management LLC now owns 885 shares of the biotechnology company's stock worth $58,000 after purchasing an additional 466 shares during the period. Natixis Advisors LLC bought a new position in shares of BioMarin Pharmaceutical in the fourth quarter worth approximately $1,297,000. Principal Securities Inc. boosted its position in shares of BioMarin Pharmaceutical by 24.0% in the fourth quarter. Principal Securities Inc. now owns 1,749 shares of the biotechnology company's stock worth $115,000 after purchasing an additional 339 shares during the period. Finally, Focus Partners Wealth bought a new position in shares of BioMarin Pharmaceutical in the fourth quarter worth approximately $480,000. 98.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

BMRN has been the subject of a number of recent analyst reports. Citigroup dropped their price target on shares of BioMarin Pharmaceutical from $82.00 to $78.00 and set a "neutral" rating for the company in a research report on Friday, May 2nd. Wall Street Zen upgraded shares of BioMarin Pharmaceutical from a "buy" rating to a "strong-buy" rating in a research report on Friday, April 25th. Finally, The Goldman Sachs Group dropped their target price on shares of BioMarin Pharmaceutical from $124.00 to $104.00 and set a "buy" rating for the company in a research report on Monday, May 5th. Six equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $93.45.

BioMarin Pharmaceutical Price Performance

BMRN stock traded up $1.07 during trading on Friday, hitting $55.17. 3,332,935 shares of the company's stock traded hands, compared to its average volume of 1,715,946. BioMarin Pharmaceutical Inc. has a 52 week low of $52.93 and a 52 week high of $94.85. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.49 and a current ratio of 5.52. The business has a fifty day simple moving average of $58.39 and a 200 day simple moving average of $63.21. The stock has a market capitalization of $10.58 billion, a price-to-earnings ratio of 20.51, a P/E/G ratio of 0.76 and a beta of 0.19.

Insider Buying and Selling at BioMarin Pharmaceutical

In other news, CAO Erin Burkhart sold 1,786 shares of the firm's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $59.31, for a total value of $105,927.66. Following the completion of the sale, the chief accounting officer now owns 14,173 shares in the company, valued at approximately $840,600.63. This trade represents a 11.19% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.85% of the stock is owned by company insiders.

About BioMarin Pharmaceutical

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.