Torray Investment Partners LLC Buys Shares of 78,170 BioMarin Pharmaceutical Inc. $BMRN

Key Points

• Torray Investment Partners opened a new position in BioMarin Pharmaceutical, buying 78,170 shares valued at about $4.4 million in the first quarter.
• BioMarin remains heavily owned by institutions, with institutional investors holding 98.71% of the stock and several firms recently adding to or starting positions.
• Analysts currently have a Moderate Buy consensus on BMRN, with a consensus price target of $88.50, even as some firms have trimmed targets or shifted to more cautious ratings.

Torray Investment Partners LLC purchased a new stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 78,170 shares of the biotechnology company's stock, valued at approximately $4,416,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of BMRN. Activest Wealth Management bought a new stake in shares of BioMarin Pharmaceutical in the fourth quarter worth $26,000. CIBC Private Wealth Group LLC lifted its holdings 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 valued at $39,000 after acquiring an additional 179 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in BioMarin Pharmaceutical in the third quarter valued at about $40,000. Parallel Advisors LLC boosted its position in BioMarin Pharmaceutical by 62.2% in the third quarter. Parallel Advisors LLC now owns 769 shares of the biotechnology company's stock worth $42,000 after purchasing an additional 295 shares during the last quarter. Finally, V Square Quantitative Management LLC purchased a new position in BioMarin Pharmaceutical in the fourth quarter worth about $45,000. 98.71% of the stock is owned by institutional investors.

BioMarin Pharmaceutical Stock Performance

Shares of NASDAQ BMRN traded down $0.85 during trading on Friday, hitting $59.12. The company had a trading volume of 1,512,228 shares, compared to its average volume of 1,735,207. BioMarin Pharmaceutical Inc. has a 12 month low of $49.26 and a 12 month high of $66.28. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.20 and a current ratio of 5.81. The firm has a market capitalization of $11.43 billion, a P/E ratio of 43.15, a price-to-earnings-growth ratio of 0.46 and a beta of 0.24. The stock has a 50 day simple moving average of $55.39 and a 200 day simple moving average of $56.88.

Wall Street Analyst Weigh In

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 set a "neutral" rating and a $69.00 price target for the company. Royal Bank Of Canada dropped their price objective on shares of BioMarin Pharmaceutical from $66.00 to $62.00 and set a "sector perform" rating on the stock in a report on Tuesday. Canaccord Genuity Group cut their target price on shares of BioMarin Pharmaceutical from $116.00 to $111.00 and set a "buy" rating for the company in a research report on Friday, May 22nd. Wall Street Zen cut shares of BioMarin Pharmaceutical from a "buy" rating to a "hold" rating in a report on Saturday, June 6th. Finally, HC Wainwright reiterated a "neutral" rating on shares of BioMarin Pharmaceutical in a research report on Monday, June 22nd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $88.50.

Insider Transactions 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 sale, the executive vice president owned 51,818 shares in the company, valued at approximately $2,790,399.30. This trade represents a 5.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.85% of the company's stock.

BioMarin Pharmaceutical Profile

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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