Pictet Asset Management Holding SA Raises Stake in BioMarin Pharmaceutical Inc. $BMRN

Key Points

• Pictet Asset Management increased its stake in BioMarin by 44.2% in Q4 to 1,283,622 shares (about 0.67% of the company), valued at roughly $76.4 million at quarter-end.
• Analyst sentiment is mixed but positive overall, with a MarketBeat consensus of "Moderate Buy" and a $90.92 target, while individual firms range from Truist's "strong-buy" and Morgan Stanley's $120 overweight to several lowered targets from BofA, Oppenheimer and HC Wainwright.
• Two executive VPs sold shares in late Feb–March, cutting their stakes by about 14–17%, even as institutional ownership remains very high at 98.71% (insiders own 0.85%).

Pictet Asset Management Holding SA lifted its position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 44.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,283,622 shares of the biotechnology company's stock after buying an additional 393,409 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.67% of BioMarin Pharmaceutical worth $76,427,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Concurrent Investment Advisors LLC purchased a new stake in shares of BioMarin Pharmaceutical during the fourth quarter worth about $340,000. Chicago Partners Investment Group LLC grew its holdings in shares of BioMarin Pharmaceutical by 36.7% during the fourth quarter. Chicago Partners Investment Group LLC now owns 11,893 shares of the biotechnology company's stock worth $669,000 after buying an additional 3,194 shares in the last quarter. M&T Bank Corp purchased a new stake in shares of BioMarin Pharmaceutical during the fourth quarter worth about $3,903,000. Evergreen Capital Management LLC grew its holdings in shares of BioMarin Pharmaceutical by 11.4% during the fourth quarter. Evergreen Capital Management LLC now owns 6,031 shares of the biotechnology company's stock worth $358,000 after buying an additional 618 shares in the last quarter. Finally, Krilogy Financial LLC grew its holdings in shares of BioMarin Pharmaceutical by 7.7% during the fourth quarter. Krilogy Financial LLC now owns 15,720 shares of the biotechnology company's stock worth $893,000 after buying an additional 1,126 shares in the last quarter. 98.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BMRN has been the subject of a number of recent research reports. Oppenheimer lowered their price target on shares of BioMarin Pharmaceutical from $98.00 to $95.00 and set an "outperform" rating for the company in a report on Tuesday, February 24th. Morgan Stanley began coverage on shares of BioMarin Pharmaceutical in a report on Monday. They issued an "overweight" rating and a $120.00 target price for the company. Truist Financial upgraded shares of BioMarin Pharmaceutical to a "strong-buy" rating in a report on Wednesday, March 25th. HC Wainwright lowered their target price on shares of BioMarin Pharmaceutical from $60.00 to $55.00 and set a "neutral" rating for the company in a report on Wednesday, February 25th. Finally, Bank of America lowered their target price on shares of BioMarin Pharmaceutical from $97.00 to $85.00 and set a "buy" rating for the company in a report on Wednesday, March 11th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $90.92.

BioMarin Pharmaceutical Price Performance

BioMarin Pharmaceutical stock opened at $53.30 on Wednesday. BioMarin Pharmaceutical Inc. has a 1 year low of $50.76 and a 1 year high of $66.28. The firm has a 50 day moving average price of $57.27 and a 200 day moving average price of $56.29. The company has a market cap of $10.30 billion, a price-to-earnings ratio of 29.94, a PEG ratio of 0.53 and a beta of 0.29. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.50 and a current ratio of 5.21.

Insider Buying and Selling

In other BioMarin Pharmaceutical news, EVP Charles Greg Guyer sold 16,486 shares of BioMarin Pharmaceutical stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $60.46, for a total transaction of $996,743.56. Following the transaction, the executive vice president directly owned 79,953 shares of the company's stock, valued at $4,833,958.38. The trade was a 17.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Gregory R. Friberg sold 6,326 shares of BioMarin Pharmaceutical stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $60.38, for a total transaction of $381,963.88. Following the transaction, the executive vice president directly owned 37,578 shares in the company, valued at approximately $2,268,959.64. This trade represents a 14.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.85% of the company's stock.

BioMarin Pharmaceutical Company Profile

BioMarin Pharmaceutical Inc is a biopharmaceutical company specializing in the development and commercialization of therapies for rare genetic and metabolic diseases. The company focuses on addressing unmet medical needs by leveraging enzyme replacement therapy, small molecule pharmacological chaperones and gene therapy technologies. Headquartered in Novato, California, BioMarin operates research and development facilities in the United States and Europe.

The company's commercial portfolio includes several approved therapies targeting inherited disorders.

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