Mackenzie Financial Corp Has $4.83 Million Holdings in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Key Points

• Mackenzie Financial Corp significantly reduced its stake in BioMarin Pharmaceutical by 69.1% in the 1st quarter, leaving them with 68,265 shares valued at approximately $4.83 million.
• Other institutional investors such as Farther Finance Advisors LLC and LRI Investments LLC made substantial increases to their positions, with increases of 95.9% and 856.9% respectively during the same period.
• Analysts have varying opinions on BioMarin's stock, with Goldman Sachs lowering their target price from $124 to $104 while others like JPMorgan Chase raised theirs from $108 to $113.

Mackenzie Financial Corp lessened its holdings in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 69.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 68,265 shares of the biotechnology company's stock after selling 152,396 shares during the period. Mackenzie Financial Corp's holdings in BioMarin Pharmaceutical were worth $4,826,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of BMRN. CIBC Private Wealth Group LLC boosted its position in BioMarin Pharmaceutical by 64.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 596 shares of the biotechnology company's stock worth $41,000 after purchasing an additional 233 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of BioMarin Pharmaceutical by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 3,288,778 shares of the biotechnology company's stock valued at $215,784,000 after acquiring an additional 28,728 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of BioMarin Pharmaceutical in the fourth quarter valued at $117,000. Westpac Banking Corp lifted its position in shares of BioMarin Pharmaceutical by 67.8% in the fourth quarter. Westpac Banking Corp now owns 3,501 shares of the biotechnology company's stock valued at $230,000 after acquiring an additional 1,414 shares in the last quarter. Finally, Resona Asset Management Co. Ltd. purchased a new stake in shares of BioMarin Pharmaceutical in the fourth quarter valued at $4,838,000. 98.71% of the stock is currently owned by hedge funds and other institutional investors.

BioMarin Pharmaceutical Price Performance

Shares of NASDAQ BMRN traded up $2.17 during mid-day trading on Monday, reaching $60.31. The company had a trading volume of 6,719,445 shares, compared to its average volume of 1,841,678. The company has a current ratio of 5.52, a quick ratio of 3.49 and a debt-to-equity ratio of 0.10. The stock has a market cap of $11.57 billion, a PE ratio of 22.42, a P/E/G ratio of 0.80 and a beta of 0.18. The company has a 50-day moving average price of $57.10 and a two-hundred day moving average price of $61.80. BioMarin Pharmaceutical Inc. has a 1-year low of $52.93 and a 1-year high of $94.85.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on BMRN. JPMorgan Chase & Co. increased their target price on BioMarin Pharmaceutical from $108.00 to $113.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Citigroup reduced their target price on BioMarin Pharmaceutical from $82.00 to $78.00 and set a "neutral" rating on the stock in a research report on Friday, May 2nd. The Goldman Sachs Group reduced their target price on BioMarin Pharmaceutical from $124.00 to $104.00 and set a "buy" rating on the stock in a research report on Monday, May 5th. Wall Street Zen downgraded BioMarin Pharmaceutical from a "strong-buy" rating to a "buy" rating in a research report on Friday, July 18th. Finally, Morgan Stanley reduced their target price on BioMarin Pharmaceutical from $97.00 to $96.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 22nd. Six research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company's stock. According to data from MarketBeat, BioMarin Pharmaceutical has a consensus rating of "Moderate Buy" and a consensus price target of $93.74.

Insider Buying and Selling at BioMarin Pharmaceutical

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

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.