Merit Financial Group LLC Grows Stock Holdings in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Merit Financial Group LLC raised its holdings in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 331.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,813 shares of the biotechnology company's stock after buying an additional 15,994 shares during the period. Merit Financial Group LLC's holdings in BioMarin Pharmaceutical were worth $1,471,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. LRI Investments LLC boosted its position in BioMarin Pharmaceutical by 856.9% during the 4th quarter. LRI Investments LLC now owns 488 shares of the biotechnology company's stock valued at $32,000 after acquiring an additional 437 shares in the last quarter. SBI Securities Co. Ltd. bought a new stake in BioMarin Pharmaceutical during the 4th quarter valued at $36,000. MassMutual Private Wealth & Trust FSB boosted its position in BioMarin Pharmaceutical by 71.2% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 524 shares of the biotechnology company's stock valued at $37,000 after acquiring an additional 218 shares in the last quarter. CIBC Private Wealth Group LLC boosted its position in BioMarin Pharmaceutical by 64.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 596 shares of the biotechnology company's stock valued at $41,000 after acquiring an additional 233 shares in the last quarter. Finally, Smartleaf Asset Management LLC boosted its position in BioMarin Pharmaceutical by 111.2% during the 4th quarter. Smartleaf Asset Management LLC now owns 885 shares of the biotechnology company's stock valued at $58,000 after acquiring an additional 466 shares in the last quarter. Institutional investors own 98.71% of the company's stock.

BioMarin Pharmaceutical Stock Performance

BMRN traded up $1.38 during midday trading on Friday, hitting $56.65. 2,125,020 shares of the company were exchanged, compared to its average volume of 1,871,755. The company's 50 day simple moving average is $59.63 and its 200 day simple moving average is $64.25. The firm has a market capitalization of $10.86 billion, a price-to-earnings ratio of 25.75, a price-to-earnings-growth ratio of 0.61 and a beta of 0.19. The company has a current ratio of 5.33, a quick ratio of 2.62 and a debt-to-equity ratio of 0.11. BioMarin Pharmaceutical Inc. has a 1-year low of $52.93 and a 1-year high of $94.85.

Insider Activity

In other news, CAO Erin Burkhart sold 1,786 shares of the firm'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 sale, the chief accounting officer now directly owns 14,173 shares in the company, valued at $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 is available at the SEC website. Insiders have sold 3,354 shares of company stock worth $216,269 in the last ninety days. Company insiders own 0.85% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Scotiabank increased their target price on BioMarin Pharmaceutical from $78.00 to $80.00 and gave the company a "sector perform" rating in a research report on Thursday, February 20th. Wedbush reiterated an "outperform" rating and set a $94.00 price objective on shares of BioMarin Pharmaceutical in a report on Thursday, February 20th. Piper Sandler increased their price objective on BioMarin Pharmaceutical from $122.00 to $126.00 and gave the company an "overweight" rating in a report on Thursday, February 20th. The Goldman Sachs Group decreased their price objective on BioMarin Pharmaceutical from $124.00 to $104.00 and set a "buy" rating for the company in a report on Monday, May 5th. Finally, Oppenheimer upgraded BioMarin Pharmaceutical from a "market perform" rating to an "outperform" rating and set a $98.00 price objective for the company in a report on Monday, February 24th. Six investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $93.45.

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.