Rafferty Asset Management LLC Reduces Stock Holdings in BioMarin Pharmaceutical Inc. $BMRN

Key Points

• Rafferty Asset Management LLC has reduced its stake in BioMarin Pharmaceutical Inc. by 35.4%, holding approximately $9.49 million in shares as of the latest SEC filing.
• Institutional investors own 98.71% of BioMarin's stock, with significant increases in shareholdings reported from firms such as NewEdge Advisors LLC and AQR Capital Management.
• Analysts have set new price targets for BioMarin, with Wolfe Research targeting $95.00 and UBS Group raising theirs to $114.00, reflecting positive sentiment towards the company's stock.

Rafferty Asset Management LLC lowered its holdings in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 35.4% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 134,218 shares of the biotechnology company's stock after selling 73,621 shares during the quarter. Rafferty Asset Management LLC owned approximately 0.07% of BioMarin Pharmaceutical worth $9,488,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Farther Finance Advisors LLC raised its holdings in shares of BioMarin Pharmaceutical by 95.9% in 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 in the last quarter. LRI Investments LLC raised its stake in shares of BioMarin Pharmaceutical by 856.9% during the 4th quarter. LRI Investments LLC now owns 488 shares of the biotechnology company's stock worth $32,000 after acquiring an additional 437 shares in the last quarter. 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 acquiring an additional 218 shares in the last quarter. Brooklyn Investment Group raised its stake in shares of BioMarin Pharmaceutical by 2,250.0% during the 1st quarter. Brooklyn Investment Group now owns 564 shares of the biotechnology company's stock worth $40,000 after acquiring an additional 540 shares in the last quarter. Finally, Vermillion & White Wealth Management Group LLC bought a new position in shares of BioMarin Pharmaceutical during the 4th quarter worth approximately $62,000. Institutional investors own 98.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on BMRN shares. JPMorgan Chase & Co. boosted their price objective on shares of BioMarin Pharmaceutical from $108.00 to $113.00 and gave the stock an "overweight" rating in a research note on Monday, July 14th. Wolfe Research set a $95.00 price objective on shares of BioMarin Pharmaceutical and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. Morgan Stanley reduced their price objective on shares of BioMarin Pharmaceutical from $97.00 to $96.00 and set an "overweight" rating for the company in a research note on Tuesday, July 22nd. Guggenheim boosted their price objective on shares of BioMarin Pharmaceutical from $101.00 to $106.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Finally, Wall Street Zen upgraded shares of BioMarin Pharmaceutical from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 9th. Eighteen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $93.17.

BioMarin Pharmaceutical Stock Performance

NASDAQ:BMRN traded up $0.59 during trading hours on Monday, hitting $58.27. 1,269,740 shares of the company were exchanged, compared to its average volume of 2,402,382. The stock has a market capitalization of $11.19 billion, a price-to-earnings ratio of 17.29, a PEG ratio of 0.74 and a beta of 0.35. BioMarin Pharmaceutical Inc. has a 52-week low of $52.93 and a 52-week high of $93.04. The company has a debt-to-equity ratio of 0.10, a current ratio of 5.56 and a quick ratio of 3.60. The company's 50 day moving average price is $57.77 and its 200-day moving average price is $61.13.

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.