SummitTX Capital L.P. Acquires 51,180 Shares of BioMarin Pharmaceutical Inc. $BMRN

Key Points

• SummitTX Capital increased its BioMarin Pharmaceutical stake by 129.7% in the first quarter, purchasing 51,180 additional shares for a total of 90,632 shares valued at approximately $5.12 million.
• BioMarin shares were trading at $60.27, up 1.6%, while institutional investors held 98.71% of the company’s stock. Analysts maintain a “Moderate Buy” consensus with an average price target of $88.26.
• Analyst opinions remain generally positive but varied, ranging from neutral ratings to buy and outperform recommendations; meanwhile, an executive sold 3,281 shares, and insiders own 0.68% of the company.

SummitTX Capital L.P. boosted its holdings in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 129.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 90,632 shares of the biotechnology company's stock after purchasing an additional 51,180 shares during the period. SummitTX Capital L.P.'s holdings in BioMarin Pharmaceutical were worth $5,120,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Activest Wealth Management purchased a new position in shares of BioMarin Pharmaceutical during the fourth quarter valued at approximately $26,000. CIBC Private Wealth Group LLC lifted its stake in BioMarin Pharmaceutical by 38.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 648 shares of the biotechnology company's stock worth $39,000 after acquiring an additional 179 shares during the period. Caitong International Asset Management Co. Ltd bought a new stake in BioMarin Pharmaceutical in the third quarter valued at $40,000. Parallel Advisors LLC increased its position in BioMarin Pharmaceutical by 62.2% during the 3rd quarter. Parallel Advisors LLC now owns 769 shares of the biotechnology company's stock valued at $42,000 after purchasing an additional 295 shares during the period. Finally, V Square Quantitative Management LLC bought a new position in BioMarin Pharmaceutical in the 4th quarter worth $45,000. Institutional investors own 98.71% of the company's stock.

BioMarin Pharmaceutical Trading Up 1.6%

Shares of NASDAQ BMRN opened at $60.27 on Tuesday. BioMarin Pharmaceutical Inc. has a 1 year low of $49.26 and a 1 year high of $66.28. The stock has a market cap of $11.65 billion, a P/E ratio of 43.99, a price-to-earnings-growth ratio of 0.45 and a beta of 0.24. The firm has a 50-day moving average of $56.75 and a 200 day moving average of $56.82. The company has a debt-to-equity ratio of 0.23, a current ratio of 5.81 and a quick ratio of 4.20.

Analysts Set New Price Targets

Several research firms have recently commented on BMRN. The Goldman Sachs Group began coverage on shares of BioMarin Pharmaceutical in a research report on Monday, May 11th. They issued a "neutral" rating and a $69.00 target price for the company. Weiss Ratings raised shares of BioMarin Pharmaceutical from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Friday, June 26th. Sanford C. Bernstein decreased their price target on shares of BioMarin Pharmaceutical from $94.00 to $82.00 and set an "outperform" rating for the company in a research note on Tuesday, May 5th. HC Wainwright restated a "neutral" rating on shares of BioMarin Pharmaceutical in a report on Tuesday, July 14th. Finally, Citigroup lifted their price objective on BioMarin Pharmaceutical from $75.00 to $76.00 and gave the company a "buy" rating in a research report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $88.26.

Insider Buying and Selling at BioMarin Pharmaceutical

In other BioMarin Pharmaceutical news, EVP Gregory R. Friberg sold 3,281 shares of the firm's stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $53.85, for a total transaction of $176,681.85. Following the completion of the transaction, the executive vice president owned 51,818 shares of the company's stock, valued at approximately $2,790,399.30. This trade represents a 5.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.68% of the company's stock.

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.

Want to see what other hedge funds are holding BMRN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.