Wealth Enhancement Advisory Services LLC Increases Stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Wealth Enhancement Advisory Services LLC lifted its position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 92.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 44,584 shares of the biotechnology company's stock after purchasing an additional 21,383 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in BioMarin Pharmaceutical were worth $3,152,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of BMRN. Farther Finance Advisors LLC increased its stake in shares of BioMarin Pharmaceutical by 95.9% in the first quarter. Farther Finance Advisors LLC now owns 431 shares of the biotechnology company's stock worth $29,000 after purchasing an additional 211 shares in the last quarter. LRI Investments LLC increased its stake in shares of BioMarin Pharmaceutical by 856.9% in the fourth quarter. LRI Investments LLC now owns 488 shares of the biotechnology company's stock worth $32,000 after purchasing an additional 437 shares in the last quarter. SBI Securities Co. Ltd. purchased a new stake in shares of BioMarin Pharmaceutical in the fourth quarter worth $36,000. MassMutual Private Wealth & Trust FSB increased its stake in shares of BioMarin Pharmaceutical by 71.2% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 524 shares of the biotechnology company's stock worth $37,000 after purchasing an additional 218 shares in the last quarter. Finally, CIBC Private Wealth Group LLC increased its stake in shares of BioMarin Pharmaceutical by 64.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 596 shares of the biotechnology company's stock worth $41,000 after purchasing an additional 233 shares in the last quarter. 98.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently weighed in on BMRN. The Goldman Sachs Group cut their target price on shares of BioMarin Pharmaceutical from $124.00 to $104.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Wall Street Zen raised shares of BioMarin Pharmaceutical from a "buy" rating to a "strong-buy" rating in a research note on Friday, April 25th. Finally, Citigroup cut their target price on shares of BioMarin Pharmaceutical from $82.00 to $78.00 and set a "neutral" rating for the company in a research note on Friday, May 2nd. Six research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $93.45.

Insider Transactions at BioMarin Pharmaceutical

In related news, CAO Erin Burkhart sold 1,786 shares of the firm's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $59.31, for a total value of $105,927.66. Following the transaction, the chief accounting officer now owns 14,173 shares of the company's stock, valued at $840,600.63. This trade represents a 11.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.85% of the company's stock.

BioMarin Pharmaceutical Price Performance

BioMarin Pharmaceutical stock opened at $55.17 on Friday. The firm has a 50-day moving average price of $58.39 and a 200-day moving average price of $63.25. The firm has a market capitalization of $10.58 billion, a PE ratio of 20.51, a price-to-earnings-growth ratio of 0.74 and a beta of 0.19. The company has a current ratio of 5.52, a quick ratio of 3.49 and a debt-to-equity ratio of 0.10. BioMarin Pharmaceutical Inc. has a 12-month low of $52.93 and a 12-month high of $94.85.

About BioMarin Pharmaceutical

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.

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 and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.