Prudential PLC Takes Position in BioMarin Pharmaceutical Inc. $BMRN

Key Points

• Prudential PLC has acquired a new stake in BioMarin Pharmaceutical Inc., purchasing 6,366 shares valued at approximately $450,000 in the first quarter.
• Several other institutional investors significantly increased their holdings in BioMarin, with Vestal Point Capital LP raising their position by 115% to own 860,000 shares.
• Research analysts have a generally positive outlook on BioMarin, with a consensus rating of "Moderate Buy" and a target price of $93.17 despite varying price objectives from different firms.

Prudential PLC acquired a new position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 6,366 shares of the biotechnology company's stock, valued at approximately $450,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Resona Asset Management Co. Ltd. boosted its position in shares of BioMarin Pharmaceutical by 5.1% during the first quarter. Resona Asset Management Co. Ltd. now owns 77,264 shares of the biotechnology company's stock worth $5,467,000 after buying an additional 3,784 shares during the period. Callan Family Office LLC lifted its position in BioMarin Pharmaceutical by 164.7% in the first quarter. Callan Family Office LLC now owns 19,774 shares of the biotechnology company's stock worth $1,398,000 after purchasing an additional 12,304 shares during the period. HighTower Advisors LLC lifted its position in BioMarin Pharmaceutical by 10.4% in the first quarter. HighTower Advisors LLC now owns 45,770 shares of the biotechnology company's stock worth $3,235,000 after purchasing an additional 4,302 shares during the period. Motley Fool Wealth Management LLC lifted its position in BioMarin Pharmaceutical by 0.4% in the first quarter. Motley Fool Wealth Management LLC now owns 348,979 shares of the biotechnology company's stock worth $24,669,000 after purchasing an additional 1,251 shares during the period. Finally, Nuveen LLC acquired a new stake in BioMarin Pharmaceutical in the first quarter worth approximately $184,475,000. 98.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Wedbush restated an "outperform" rating and issued a $94.00 target price on shares of BioMarin Pharmaceutical in a research report on Tuesday, August 5th. Guggenheim upped their target price on BioMarin Pharmaceutical from $101.00 to $106.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Wall Street Zen upgraded BioMarin Pharmaceutical from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 9th. Citigroup cut their target price on BioMarin Pharmaceutical from $82.00 to $78.00 and set a "neutral" rating for the company in a research report on Friday, May 2nd. Finally, JPMorgan Chase & Co. upped their target price on BioMarin Pharmaceutical from $108.00 to $113.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Eighteen investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $93.17.

BioMarin Pharmaceutical Price Performance

Shares of NASDAQ:BMRN traded up $0.65 on Wednesday, reaching $57.96. 1,763,202 shares of the company traded hands, compared to its average volume of 1,940,665. BioMarin Pharmaceutical Inc. has a fifty-two week low of $52.93 and a fifty-two week high of $94.64. The company's 50 day moving average is $57.41 and its 200-day moving average is $61.47. The stock has a market capitalization of $11.13 billion, a PE ratio of 17.20, 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 current ratio of 5.56 and a quick ratio of 3.60.

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.