Persistent Asset Partners Ltd Trims Position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Key Points

• Persistent Asset Partners Ltd reduced its stake in BioMarin Pharmaceutical by 55%, now holding 12,083 shares valued at approximately $854,000.
• Multiple hedge funds have significantly adjusted their positions in BioMarin, with Nuveen LLC acquiring a new position worth about $184 million in Q1.
• Analyst ratings for BioMarin vary, with targets ranging from $78.00 to $114.00, and an overall average price target of $93.17 reflecting a "Moderate Buy" recommendation.

Persistent Asset Partners Ltd cut its holdings in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 55.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 12,083 shares of the biotechnology company's stock after selling 14,773 shares during the period. Persistent Asset Partners Ltd's holdings in BioMarin Pharmaceutical were worth $854,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in BMRN. Nuveen LLC purchased a new position in shares of BioMarin Pharmaceutical during the first quarter valued at approximately $184,475,000. Capital Research Global Investors increased its stake in shares of BioMarin Pharmaceutical by 23.8% during the fourth 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 period. Soleus Capital Management L.P. purchased a new position in shares of BioMarin Pharmaceutical during the fourth quarter valued at approximately $65,822,000. Dodge & Cox increased its stake in shares of BioMarin Pharmaceutical by 6.1% during the fourth 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 period. Finally, AQR Capital Management LLC increased its stake in shares of BioMarin Pharmaceutical by 114.5% during the fourth quarter. AQR Capital Management LLC now owns 1,283,599 shares of the biotechnology company's stock valued at $84,371,000 after buying an additional 685,099 shares during the period. 98.71% of the stock is owned by hedge funds and other institutional investors.

BioMarin Pharmaceutical Stock Down 0.9%

Shares of BMRN opened at $56.80 on Tuesday. The company has a 50-day simple moving average of $57.29 and a 200-day simple moving average of $61.70. The firm has a market capitalization of $10.91 billion, a P/E ratio of 16.85, a P/E/G 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. BioMarin Pharmaceutical Inc. has a 52 week low of $52.93 and a 52 week high of $94.85.

Analysts Set New Price Targets

BMRN has been the topic of several recent research reports. Wolfe Research set a $95.00 price target on BioMarin Pharmaceutical and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. Wedbush reaffirmed an "outperform" rating and issued a $94.00 price target on shares of BioMarin Pharmaceutical in a research note on Tuesday, August 5th. Citigroup reduced their price target on BioMarin Pharmaceutical from $82.00 to $78.00 and set a "neutral" rating on the stock in a research note on Friday, May 2nd. UBS Group upped their price target on BioMarin Pharmaceutical from $113.00 to $114.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Finally, Wall Street Zen raised BioMarin Pharmaceutical from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Six research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, BioMarin Pharmaceutical currently has an average rating of "Moderate Buy" and an average price target of $93.17.

Insiders Place Their Bets

In other news, CAO Erin Burkhart sold 1,786 shares of the 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 directly owned 14,173 shares of the company's stock, valued at $840,600.63. This represents a 11.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.85% of the company's stock.

BioMarin Pharmaceutical Company 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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