Summit Global Investments Buys New Shares in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Summit Global Investments acquired a new position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 49,488 shares of the biotechnology company's stock, valued at approximately $3,498,000.

Several other large investors also recently added to or reduced their stakes in the stock. GAMMA Investing LLC increased its stake in BioMarin Pharmaceutical by 17,853.7% during the first quarter. GAMMA Investing LLC now owns 221,189 shares of the biotechnology company's stock worth $15,636,000 after acquiring an additional 219,957 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its stake in BioMarin Pharmaceutical by 71.2% during the first 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 during the last quarter. California State Teachers Retirement System increased its stake in BioMarin Pharmaceutical by 2.7% during the fourth quarter. California State Teachers Retirement System now owns 273,761 shares of the biotechnology company's stock worth $17,994,000 after acquiring an additional 7,094 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in BioMarin Pharmaceutical by 295.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 23,201 shares of the biotechnology company's stock worth $1,525,000 after acquiring an additional 17,340 shares during the last quarter. Finally, Lansforsakringar Fondforvaltning AB publ bought a new stake in BioMarin Pharmaceutical during the fourth quarter worth approximately $4,367,000. 98.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

BMRN has been the subject of several recent analyst reports. Citigroup dropped 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. Wedbush restated an "outperform" rating and set a $94.00 target price on shares of BioMarin Pharmaceutical in a research report on Thursday, February 20th. Wall Street Zen upgraded BioMarin Pharmaceutical from a "buy" rating to a "strong-buy" rating in a research report on Friday, April 25th. Royal Bank of Canada restated a "sector perform" rating and set a $70.00 target price on shares of BioMarin Pharmaceutical in a research report on Thursday, February 20th. Finally, Oppenheimer upgraded BioMarin Pharmaceutical from a "market perform" rating to an "outperform" rating and set a $98.00 target price for the company in a research report on Monday, February 24th. Six research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $93.45.

BioMarin Pharmaceutical Stock Down 1.0%

BioMarin Pharmaceutical stock traded down $0.56 during mid-day trading on Friday, reaching $57.99. 2,312,260 shares of the company were exchanged, compared to its average volume of 1,873,876. The business has a fifty day moving average of $61.08 and a 200 day moving average of $64.49. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.62 and a current ratio of 5.33. The firm has a market cap of $11.12 billion, a P/E ratio of 26.36, a PEG ratio of 0.61 and a beta of 0.27. BioMarin Pharmaceutical Inc. has a 12-month low of $52.93 and a 12-month high of $94.85.

Insiders Place Their Bets

In other news, CAO Erin Burkhart sold 1,786 shares of the company's stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $59.31, for a total transaction of $105,927.66. Following the transaction, the chief accounting officer now directly owns 14,173 shares of the company's stock, valued at approximately $840,600.63. This represents a 11.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 3,354 shares of company stock worth $216,269 over the last 90 days. Company insiders own 0.85% of the company's stock.

BioMarin Pharmaceutical 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.