NorthCrest Asset Manangement LLC Purchases New Position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

NorthCrest Asset Manangement LLC acquired a new stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 4,885 shares of the biotechnology company's stock, valued at approximately $345,000.

Several other large investors have also bought and sold shares of BMRN. Norges Bank bought a new stake in BioMarin Pharmaceutical during the 4th quarter valued at approximately $234,645,000. Capital Research Global Investors boosted its position in BioMarin Pharmaceutical by 23.8% during the 4th quarter. Capital Research Global Investors now owns 12,991,772 shares of the biotechnology company's stock valued at $853,944,000 after acquiring an additional 2,496,817 shares in the last quarter. Soleus Capital Management L.P. bought a new stake in BioMarin Pharmaceutical during the 4th quarter valued at approximately $65,822,000. Dodge & Cox boosted its position in BioMarin Pharmaceutical by 6.1% during the 4th quarter. Dodge & Cox now owns 14,746,235 shares of the biotechnology company's stock valued at $969,270,000 after acquiring an additional 847,917 shares in the last quarter. Finally, AQR Capital Management LLC boosted its position in BioMarin Pharmaceutical by 114.5% during the 4th quarter. AQR Capital Management LLC now owns 1,283,599 shares of the biotechnology company's stock valued at $84,371,000 after acquiring an additional 685,099 shares in the last quarter. 98.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on BMRN shares. Bank of America lifted their price objective on BioMarin Pharmaceutical from $99.00 to $103.00 and gave the company a "buy" rating in a research report on Thursday, February 20th. Wall Street Zen raised BioMarin Pharmaceutical from a "buy" rating to a "strong-buy" rating in a research report on Friday, April 25th. Cantor Fitzgerald reissued an "overweight" rating and issued a $90.00 price target on shares of BioMarin Pharmaceutical in a research report on Thursday, February 20th. Citigroup dropped their price target 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. Finally, Piper Sandler boosted their price target on BioMarin Pharmaceutical from $122.00 to $126.00 and gave the stock an "overweight" rating in a research report on Thursday, February 20th. Six equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $93.45.

BioMarin Pharmaceutical Trading Down 1.9%

Shares of BioMarin Pharmaceutical stock opened at $56.22 on Monday. The company has a market capitalization of $10.78 billion, a P/E ratio of 25.55, a P/E/G ratio of 0.61 and a beta of 0.19. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.62 and a current ratio of 5.33. The company has a fifty day moving average of $59.10 and a 200 day moving average of $63.98. BioMarin Pharmaceutical Inc. has a fifty-two week low of $52.93 and a fifty-two week high of $94.85.

Insider Buying and Selling

In related news, CAO Erin Burkhart sold 1,786 shares of the company's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $59.31, for a total value of $105,927.66. Following the completion of the transaction, the chief accounting officer now owns 14,173 shares of the company's stock, valued at approximately $840,600.63. This represents a 11.19% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In the last quarter, insiders sold 3,354 shares of company stock valued at $216,269. Company 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.

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