Kentucky Retirement Systems Insurance Trust Fund Buys New Position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Kentucky Retirement Systems Insurance Trust Fund purchased a new position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) during the 1st quarter, according to its most recent disclosure 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 institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of BioMarin Pharmaceutical in the 4th quarter valued at about $234,645,000. Capital Research Global Investors increased its position in BioMarin Pharmaceutical by 23.8% during the fourth quarter. Capital Research Global Investors now owns 12,991,772 shares of the biotechnology company's stock worth $853,944,000 after buying an additional 2,496,817 shares during the last quarter. Soleus Capital Management L.P. bought a new stake in BioMarin Pharmaceutical in the fourth quarter valued at approximately $65,822,000. Dodge & Cox lifted its position in shares of BioMarin Pharmaceutical by 6.1% in the fourth quarter. Dodge & Cox now owns 14,746,235 shares of the biotechnology company's stock valued at $969,270,000 after buying an additional 847,917 shares during the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of BioMarin Pharmaceutical by 114.5% in the fourth quarter. AQR Capital Management LLC now owns 1,283,599 shares of the biotechnology company's stock valued at $84,371,000 after buying an additional 685,099 shares during the last quarter. 98.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on BMRN shares. The Goldman Sachs Group dropped their price target on BioMarin Pharmaceutical from $124.00 to $104.00 and set a "buy" rating on the stock in a research note on Monday, May 5th. Wall Street Zen raised shares of BioMarin Pharmaceutical from a "buy" rating to a "strong-buy" rating in a research report on Friday, April 25th. Finally, Citigroup reduced their target price on shares of BioMarin Pharmaceutical from $82.00 to $78.00 and set a "neutral" rating for the company in a report on Friday, May 2nd. Six analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $93.45.

Insider Activity

In other news, CAO Erin Burkhart sold 1,786 shares of the company's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $59.31, for a total value of $105,927.66. Following the completion of the transaction, the chief accounting officer now owns 14,173 shares of the company's stock, valued at $840,600.63. This represents a 11.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.85% of the stock is currently owned by corporate insiders.

BioMarin Pharmaceutical Price Performance

NASDAQ:BMRN traded up $0.44 during trading hours on Friday, hitting $54.54. The company's stock had a trading volume of 438,414 shares, compared to its average volume of 1,828,667. BioMarin Pharmaceutical Inc. has a twelve month low of $52.93 and a twelve month high of $94.85. The company has a debt-to-equity ratio of 0.10, a current ratio of 5.52 and a quick ratio of 3.49. The stock has a fifty day simple moving average of $58.47 and a 200-day simple moving average of $63.33. The company has a market capitalization of $10.46 billion, a P/E ratio of 20.28, a PEG ratio of 0.74 and a beta of 0.19.

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.