BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) Shares Bought by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in BioMarin Pharmaceutical by 15.8% to $11.72 million, owning approximately 0.09% of the company’s stock.
• Various institutional investors have also significantly boosted their positions in BioMarin, with 98.71% of the stock now owned by such entities.
• Analysts have mixed views on BioMarin's stock; while Goldman Sachs has reduced its price target to $104.00, others like JPMorgan Chase have raised their target to $113.00.

Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 15.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 165,819 shares of the biotechnology company's stock after buying an additional 22,674 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.09% of BioMarin Pharmaceutical worth $11,722,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in BMRN. Farther Finance Advisors LLC raised its holdings in BioMarin Pharmaceutical by 95.9% during the first quarter. Farther Finance Advisors LLC now owns 431 shares of the biotechnology company's stock worth $29,000 after purchasing an additional 211 shares in the last quarter. LRI Investments LLC raised its holdings in BioMarin Pharmaceutical by 856.9% during the fourth quarter. LRI Investments LLC now owns 488 shares of the biotechnology company's stock worth $32,000 after purchasing an additional 437 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its holdings in BioMarin Pharmaceutical by 71.2% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 524 shares of the biotechnology company's stock worth $37,000 after purchasing an additional 218 shares in the last quarter. Vermillion & White Wealth Management Group LLC purchased a new position in BioMarin Pharmaceutical during the fourth quarter worth about $62,000. Finally, Covestor Ltd raised its holdings in BioMarin Pharmaceutical by 24.1% during the fourth quarter. Covestor Ltd now owns 1,278 shares of the biotechnology company's stock worth $84,000 after purchasing an additional 248 shares in the last quarter. Institutional investors and hedge funds own 98.71% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on BMRN. JPMorgan Chase & Co. increased their price target on shares of BioMarin Pharmaceutical from $108.00 to $113.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. Citigroup cut their price target 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. Morgan Stanley cut their price target on shares of BioMarin Pharmaceutical from $97.00 to $96.00 and set an "overweight" rating for the company in a report on Tuesday, July 22nd. Wedbush reissued an "outperform" rating and set a $94.00 price target on shares of BioMarin Pharmaceutical in a report on Tuesday, August 5th. Finally, UBS Group increased their price target on shares of BioMarin Pharmaceutical from $113.00 to $114.00 and gave the stock a "buy" rating in a report on Tuesday, August 5th. Six research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, BioMarin Pharmaceutical presently has a consensus rating of "Moderate Buy" and an average target price of $93.17.

Insider Transactions at BioMarin Pharmaceutical

In related news, CAO Erin Burkhart sold 1,786 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $59.31, for a total transaction of $105,927.66. Following the sale, the chief accounting officer owned 14,173 shares in the company, valued at approximately $840,600.63. This trade represents a 11.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.85% of the company's stock.

BioMarin Pharmaceutical Trading Down 0.8%

NASDAQ BMRN traded down $0.46 during mid-day trading on Friday, reaching $57.54. 2,525,461 shares of the stock were exchanged, compared to its average volume of 2,488,204. BioMarin Pharmaceutical Inc. has a 1-year low of $52.93 and a 1-year high of $94.85. The business's fifty day simple moving average is $57.40 and its 200 day simple moving average is $61.57. The stock has a market capitalization of $11.05 billion, a PE ratio of 17.07, a PEG ratio of 0.74 and a beta of 0.18. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.60 and a current ratio of 5.56.

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.