New Wave Wealth Advisors LLC Raises Position in BioMarin Pharmaceutical Inc. $BMRN

Key Points

• New Wave Wealth Advisors LLC increased its stake in BioMarin Pharmaceutical Inc. by 168.4% during the second quarter, owning 11,622 shares valued at $639,000.
• Several other institutional investors have also significantly increased their positions in BioMarin, with Wealth Enhancement Advisory Services raising their stake by 295.9% and GAMMA Investing by 17,853.7%.
• Wall Street analysts currently hold a consensus rating of "Moderate Buy" for BioMarin's stock, with a target price averaging $92.60.

New Wave Wealth Advisors LLC increased its holdings in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 168.4% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,622 shares of the biotechnology company's stock after buying an additional 7,292 shares during the period. New Wave Wealth Advisors LLC's holdings in BioMarin Pharmaceutical were worth $639,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in BMRN. Wealth Enhancement Advisory Services LLC raised its position in BioMarin Pharmaceutical by 295.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 23,201 shares of the biotechnology company's stock valued at $1,525,000 after purchasing an additional 17,340 shares in the last quarter. GAMMA Investing LLC raised its position in BioMarin Pharmaceutical by 17,853.7% during the first quarter. GAMMA Investing LLC now owns 221,189 shares of the biotechnology company's stock valued at $15,636,000 after purchasing an additional 219,957 shares in the last quarter. Parallel Advisors LLC raised its position in BioMarin Pharmaceutical by 97.8% during the first quarter. Parallel Advisors LLC now owns 1,335 shares of the biotechnology company's stock valued at $94,000 after purchasing an additional 660 shares in the last quarter. Merit Financial Group LLC raised its position in BioMarin Pharmaceutical by 331.9% during the first quarter. Merit Financial Group LLC now owns 20,813 shares of the biotechnology company's stock valued at $1,471,000 after purchasing an additional 15,994 shares in the last quarter. Finally, Sivia Capital Partners LLC purchased a new stake in BioMarin Pharmaceutical during the first quarter valued at about $236,000. Hedge funds and other institutional investors own 98.71% of the company's stock.

Wall Street Analysts Forecast Growth

BMRN has been the topic of a number of research reports. HC Wainwright initiated coverage on BioMarin Pharmaceutical in a research report on Monday, September 8th. They set a "neutral" rating and a $60.00 price target on the stock. Wolfe Research set a $95.00 price target on BioMarin Pharmaceutical and gave the company an "outperform" rating in a research report on Tuesday, July 15th. Zacks Research downgraded BioMarin Pharmaceutical from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 13th. Guggenheim lifted their price objective on BioMarin Pharmaceutical from $101.00 to $106.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Finally, JPMorgan Chase & Co. lifted their price objective on BioMarin Pharmaceutical from $108.00 to $113.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. Fourteen research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $92.60.

BioMarin Pharmaceutical Price Performance

NASDAQ BMRN opened at $54.86 on Thursday. The business's fifty day moving average price is $56.92 and its 200-day moving average price is $59.00. The stock has a market capitalization of $10.53 billion, a price-to-earnings ratio of 16.28, a PEG ratio of 0.69 and a beta of 0.33. The company has a debt-to-equity ratio of 0.10, a current ratio of 5.56 and a quick ratio of 3.60. BioMarin Pharmaceutical Inc. has a 1-year low of $52.47 and a 1-year high of $73.51.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.