Nuveen LLC Acquires New Stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Key Points

• Nuveen LLC acquired a new stake in BioMarin Pharmaceutical Inc. during the first quarter, purchasing approximately 2.6 million shares valued at about $184.5 million, which represents around 1.36% of the company's total shares.
• BioMarin Pharmaceutical has seen significant increases in investments from several other hedge funds, with Dodge & Cox growing its position by 6.1% in the last quarter, now owning over $969 million worth of shares.
• Analysts have varied ratings on BioMarin Pharmaceutical, with targets ranging from $78.00 to $114.00, reflecting differing expectations about the stock's future performance.

Nuveen LLC acquired a new stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm acquired 2,609,639 shares of the biotechnology company's stock, valued at approximately $184,475,000. Nuveen LLC owned about 1.36% of BioMarin Pharmaceutical at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Dodge & Cox grew its position in BioMarin Pharmaceutical by 6.1% in the 4th quarter. Dodge & Cox now owns 14,746,235 shares of the biotechnology company's stock valued at $969,270,000 after buying an additional 847,917 shares during the last quarter. Capital Research Global Investors grew its position in BioMarin Pharmaceutical by 23.8% in 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 buying an additional 2,496,817 shares during the last quarter. Northern Trust Corp grew its position in BioMarin Pharmaceutical by 16.2% in the 4th quarter. Northern Trust Corp now owns 1,725,039 shares of the biotechnology company's stock valued at $113,387,000 after buying an additional 240,681 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of BioMarin Pharmaceutical by 7.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,532,314 shares of the biotechnology company's stock worth $108,319,000 after purchasing an additional 108,806 shares in the last quarter. Finally, AQR Capital Management LLC boosted its position in shares of 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 worth $84,371,000 after purchasing an additional 685,099 shares in the last quarter. 98.71% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CAO Erin Burkhart sold 1,786 shares of the business's stock in a transaction dated 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 owned 14,173 shares of the company's stock, valued at approximately $840,600.63. The trade was a 11.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.85% of the company's stock.

BioMarin Pharmaceutical Trading Down 0.9%

Shares of BMRN stock opened at $56.80 on Tuesday. The firm has a 50-day moving average price of $57.29 and a 200 day moving average price of $61.70. BioMarin Pharmaceutical Inc. has a twelve month low of $52.93 and a twelve month high of $94.85. The company has a market capitalization of $10.91 billion, a price-to-earnings ratio of 16.85, a PEG ratio of 0.74 and a beta of 0.18. The company has a current ratio of 5.56, a quick ratio of 3.60 and a debt-to-equity ratio of 0.10.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on BMRN shares. UBS Group boosted their target price on shares of BioMarin Pharmaceutical from $113.00 to $114.00 and gave the stock a "buy" rating in a research report on Tuesday, August 5th. The Goldman Sachs Group decreased their target price on shares of BioMarin Pharmaceutical from $124.00 to $104.00 and set a "buy" rating on the stock in a research report on Monday, May 5th. JPMorgan Chase & Co. boosted their target price on shares of BioMarin Pharmaceutical from $108.00 to $113.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Citigroup decreased their target price on shares of 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, Morgan Stanley decreased their target price on shares of 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 analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $93.17.

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.

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