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WealthTrust Asset Management LLC Makes New Investment in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

BioMarin Pharmaceutical logo with Medical background

WealthTrust Asset Management LLC purchased a new position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 10,832 shares of the biotechnology company's stock, valued at approximately $766,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Xponance Inc. lifted its stake in BioMarin Pharmaceutical by 0.6% during the first quarter. Xponance Inc. now owns 31,877 shares of the biotechnology company's stock worth $2,253,000 after purchasing an additional 202 shares during the period. State of Michigan Retirement System raised its stake in shares of BioMarin Pharmaceutical by 1.1% in the first quarter. State of Michigan Retirement System now owns 45,600 shares of the biotechnology company's stock valued at $3,223,000 after acquiring an additional 500 shares during the last quarter. Cerity Partners LLC raised its stake in shares of BioMarin Pharmaceutical by 203.7% in the first quarter. Cerity Partners LLC now owns 84,832 shares of the biotechnology company's stock valued at $5,997,000 after acquiring an additional 56,897 shares during the last quarter. Capital Insight Partners LLC bought a new position in shares of BioMarin Pharmaceutical in the first quarter valued at approximately $200,000. Finally, CFO4Life Group LLC bought a new position in shares of BioMarin Pharmaceutical in the first quarter valued at approximately $559,000. Institutional investors own 98.71% of the company's stock.

Insider Activity

In other news, CAO Erin Burkhart sold 1,786 shares of the business's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $59.31, for a total value of $105,927.66. Following the completion of the transaction, the chief accounting officer owned 14,173 shares of the company's stock, valued at $840,600.63. The trade was a 11.19% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.85% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of BioMarin Pharmaceutical from a "buy" rating to a "strong-buy" rating in a research note on Friday, April 25th. 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. Morgan Stanley assumed coverage on shares of BioMarin Pharmaceutical in a research note on Thursday, July 3rd. They issued an "overweight" rating and a $97.00 target price for the company. Finally, 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. Six research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $93.61.

Check Out Our Latest Report on BMRN

BioMarin Pharmaceutical Price Performance

Shares of BMRN stock opened at $58.10 on Friday. BioMarin Pharmaceutical Inc. has a 12-month low of $52.93 and a 12-month high of $94.85. The firm has a market capitalization of $11.14 billion, a price-to-earnings ratio of 21.60, a price-to-earnings-growth ratio of 0.81 and a beta of 0.17. The company has a quick ratio of 3.49, a current ratio of 5.52 and a debt-to-equity ratio of 0.10. The firm has a fifty day moving average of $57.43 and a 200-day moving average of $62.67.

BioMarin Pharmaceutical Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for BioMarin Pharmaceutical (NASDAQ:BMRN)

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.

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