Korea Investment CORP Purchases 47,000 Shares of BioMarin Pharmaceutical Inc. $BMRN

Key Points

• Korea Investment CORP increased its stake in BioMarin Pharmaceutical Inc. by 28.0%, owning 214,903 shares valued at approximately $15.19 million as of its latest SEC filing.
• Institutional investors and hedge funds now hold 98.71% of BioMarin's stock, indicating strong institutional interest in the company.
• Analysts have mixed ratings for BioMarin, with Goldman Sachs lowering its price target from $124.00 to $104.00, while other analysts maintain a consensus rating of "Moderate Buy".

Korea Investment CORP increased its stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 28.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 214,903 shares of the biotechnology company's stock after purchasing an additional 47,000 shares during the quarter. Korea Investment CORP owned approximately 0.11% of BioMarin Pharmaceutical worth $15,191,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. Qtron Investments LLC acquired a new position in BioMarin Pharmaceutical during the 1st quarter worth approximately $230,000. Brooklyn Investment Group increased its position in BioMarin Pharmaceutical by 2,250.0% during the 1st quarter. Brooklyn Investment Group now owns 564 shares of the biotechnology company's stock worth $40,000 after purchasing an additional 540 shares in the last quarter. Algert Global LLC increased its position in BioMarin Pharmaceutical by 151.5% during the 1st quarter. Algert Global LLC now owns 105,878 shares of the biotechnology company's stock worth $7,485,000 after purchasing an additional 63,783 shares in the last quarter. Aberdeen Group plc increased its position in BioMarin Pharmaceutical by 8.5% during the 1st quarter. Aberdeen Group plc now owns 755,275 shares of the biotechnology company's stock worth $53,390,000 after purchasing an additional 59,473 shares in the last quarter. Finally, Fox Run Management L.L.C. increased its position in BioMarin Pharmaceutical by 181.3% during the 1st quarter. Fox Run Management L.L.C. now owns 23,109 shares of the biotechnology company's stock worth $1,634,000 after purchasing an additional 14,893 shares in the last quarter. 98.71% of the stock is currently owned by institutional investors and hedge funds.

BioMarin Pharmaceutical Trading Up 0.9%

Shares of BMRN stock traded up $0.51 during trading hours on Friday, hitting $58.58. 1,654,856 shares of the company's stock traded hands, compared to its average volume of 2,557,992. The stock's 50 day simple moving average is $57.49 and its 200 day simple moving average is $61.35. The stock has a market cap of $11.25 billion, a PE ratio of 17.38, a price-to-earnings-growth ratio of 0.75 and a beta of 0.18. BioMarin Pharmaceutical Inc. has a 12 month low of $52.93 and a 12 month high of $93.04. The company has a quick ratio of 3.60, a current ratio of 5.56 and a debt-to-equity ratio of 0.10.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on BMRN. Citigroup lowered their price objective 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. Wedbush reiterated an "outperform" rating and set a $94.00 price objective on shares of BioMarin Pharmaceutical in a research report on Tuesday, August 5th. JPMorgan Chase & Co. upped their price target on shares of BioMarin Pharmaceutical from $108.00 to $113.00 and gave the company an "overweight" rating in a research report on Monday, July 14th. Wolfe Research set a $95.00 price target on shares of BioMarin Pharmaceutical and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Finally, The Goldman Sachs Group dropped their price target on shares of BioMarin Pharmaceutical from $124.00 to $104.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Eighteen equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus 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.