Sumitomo Mitsui Trust Group Inc. Cuts Stock Holdings in BioMarin Pharmaceutical Inc. $BMRN

Key Points

• Sumitomo Mitsui Trust Group cut its BioMarin stake by 97.4% in Q4, selling 440,280 shares and leaving 11,700 shares valued at $695,000.
• Analysts give BioMarin a consensus rating of "Moderate Buy" with a consensus price target of $90, based on 1 Strong Buy, 16 Buy, 6 Hold and 1 Sell, while individual targets range roughly from $55 to $105.
• Company insiders also trimmed positions recently — two EVPs sold a combined ~22,812 shares — and insiders now own about 0.85% of the stock.

Sumitomo Mitsui Trust Group Inc. reduced its position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 97.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,700 shares of the biotechnology company's stock after selling 440,280 shares during the period. Sumitomo Mitsui Trust Group Inc.'s holdings in BioMarin Pharmaceutical were worth $695,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in BMRN. Financiere des Professionnels Fonds d investissement inc. purchased a new stake in shares of BioMarin Pharmaceutical during the 3rd quarter worth about $1,047,000. Federated Hermes Inc. increased its stake in shares of BioMarin Pharmaceutical by 292.6% in the 3rd quarter. Federated Hermes Inc. now owns 278,315 shares of the biotechnology company's stock valued at $15,074,000 after purchasing an additional 207,430 shares in the last quarter. Mediolanum International Funds Ltd increased its stake in shares of BioMarin Pharmaceutical by 56.2% in the 3rd quarter. Mediolanum International Funds Ltd now owns 137,675 shares of the biotechnology company's stock valued at $7,437,000 after purchasing an additional 49,534 shares in the last quarter. Rice Hall James & Associates LLC increased its stake in shares of BioMarin Pharmaceutical by 1,693.1% in the 3rd quarter. Rice Hall James & Associates LLC now owns 103,425 shares of the biotechnology company's stock valued at $5,601,000 after purchasing an additional 97,657 shares in the last quarter. Finally, Rakuten Investment Management Inc. acquired a new position in BioMarin Pharmaceutical in the 3rd quarter worth about $1,265,000. 98.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on BMRN. HC Wainwright lowered their price target on BioMarin Pharmaceutical from $60.00 to $55.00 and set a "neutral" rating on the stock in a research report on Wednesday, February 25th. Barclays boosted their price objective on BioMarin Pharmaceutical from $80.00 to $105.00 and gave the company an "overweight" rating in a research report on Tuesday, March 3rd. Jefferies Financial Group reiterated a "buy" rating and set a $103.00 target price on shares of BioMarin Pharmaceutical in a research report on Thursday, March 12th. Sanford C. Bernstein lifted their price target on shares of BioMarin Pharmaceutical from $90.00 to $94.00 and gave the company an "outperform" rating in a research note on Wednesday, February 25th. Finally, Bank of America dropped their price target on shares of BioMarin Pharmaceutical from $97.00 to $85.00 and set a "buy" rating on the stock in a research note on Wednesday, March 11th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, BioMarin Pharmaceutical currently has a consensus rating of "Moderate Buy" and a consensus price target of $90.00.

Insider Buying and Selling

In other BioMarin Pharmaceutical news, EVP Charles Greg Guyer sold 16,486 shares of BioMarin Pharmaceutical stock in a transaction 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 sale, the executive vice president owned 79,953 shares of the company's stock, valued at $4,833,958.38. The trade was a 17.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Gregory R. Friberg sold 6,326 shares of BioMarin Pharmaceutical stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $60.38, for a total transaction of $381,963.88. Following the sale, 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 position. The SEC filing for this sale provides additional information. Insiders own 0.85% of the company's stock.

BioMarin Pharmaceutical Price Performance

NASDAQ:BMRN opened at $54.64 on Monday. BioMarin Pharmaceutical Inc. has a 12 month low of $50.76 and a 12 month high of $66.28. The stock has a 50 day moving average of $58.06 and a two-hundred day moving average of $56.32. The company has a current ratio of 5.21, a quick ratio of 3.50 and a debt-to-equity ratio of 0.10. The firm has a market cap of $10.51 billion, a P/E ratio of 30.70, a price-to-earnings-growth ratio of 0.54 and a beta of 0.29.

About BioMarin Pharmaceutical

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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