Pallas Capital Advisors LLC raised its stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 702.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,733 shares of the biotechnology company's stock after acquiring an additional 22,527 shares during the quarter. Pallas Capital Advisors LLC's holdings in BioMarin Pharmaceutical were worth $1,819,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Farther Finance Advisors LLC increased its position in BioMarin Pharmaceutical by 95.9% during the 1st quarter. Farther Finance Advisors LLC now owns 431 shares of the biotechnology company's stock valued at $29,000 after purchasing an additional 211 shares during the period. LRI Investments LLC grew its position in BioMarin Pharmaceutical by 856.9% in the 4th quarter. LRI Investments LLC now owns 488 shares of the biotechnology company's stock valued at $32,000 after purchasing an additional 437 shares during the period. SBI Securities Co. Ltd. bought a new position in BioMarin Pharmaceutical during the 4th quarter valued at $36,000. MassMutual Private Wealth & Trust FSB raised its stake in shares of BioMarin Pharmaceutical by 71.2% during the 1st 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 during the period. Finally, CIBC Private Wealth Group LLC raised its stake in shares of BioMarin Pharmaceutical by 64.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 596 shares of the biotechnology company's stock worth $41,000 after purchasing an additional 233 shares during the period. Institutional investors own 98.71% of the company's stock.
Insider Buying and Selling
In other news, CAO Erin Burkhart sold 1,786 shares of BioMarin Pharmaceutical stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $59.31, for a total value of $105,927.66. Following the completion of the sale, the chief accounting officer now directly owns 14,173 shares of the company's stock, valued at approximately $840,600.63. The trade was a 11.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders have sold 3,354 shares of company stock worth $216,269. 0.85% of the stock is owned by corporate insiders.
BioMarin Pharmaceutical Price Performance
Shares of NASDAQ BMRN traded down $0.32 during midday trading on Wednesday, hitting $57.16. The stock had a trading volume of 1,849,139 shares, compared to its average volume of 1,849,104. The company has a market capitalization of $10.96 billion, a PE ratio of 25.98, a P/E/G ratio of 0.61 and a beta of 0.19. The stock has a 50 day simple moving average of $59.20 and a 200-day simple moving average of $64.16. BioMarin Pharmaceutical Inc. has a 1 year low of $52.93 and a 1 year high of $94.85. The company has a quick ratio of 2.62, a current ratio of 5.33 and a debt-to-equity ratio of 0.11.
Wall Street Analyst Weigh In
BMRN has been the topic of a number of recent analyst reports. Oppenheimer upgraded BioMarin Pharmaceutical from a "market perform" rating to an "outperform" rating and set a $98.00 target price on the stock in a research note on Monday, February 24th. Wall Street Zen raised BioMarin Pharmaceutical from a "buy" rating to a "strong-buy" rating in a report on Friday, April 25th. Bank of America boosted their price objective on BioMarin Pharmaceutical from $99.00 to $103.00 and gave the stock a "buy" rating in a report on Thursday, February 20th. Piper Sandler upped their target price on BioMarin Pharmaceutical from $122.00 to $126.00 and gave the stock an "overweight" rating in a research note on Thursday, February 20th. Finally, Scotiabank upped their target price on BioMarin Pharmaceutical from $78.00 to $80.00 and gave the stock a "sector perform" rating in a research note on Thursday, February 20th. Six research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $93.45.
Check Out Our Latest Research Report on BMRN
BioMarin Pharmaceutical Company Profile
(
Free Report)
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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