Wesbanco Bank Inc. Purchases 19,000 Shares of BioMarin Pharmaceutical Inc. $BMRN

Key Points

• Wesbanco Bank Inc. increased its holdings in BioMarin Pharmaceutical by 118.8%, acquiring an additional 19,000 shares, bringing its total to 35,000 shares valued at approximately $1.9 million.
• BioMarin Pharmaceutical's stock recently dropped 3.3%, with current trading at $54.09 and a market capitalization of $10.39 billion.
• Wall Street analysts have a generally positive outlook on BioMarin, with 18 analysts rating it as a Buy and an average target price of $92.04.

Wesbanco Bank Inc. increased its stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) by 118.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,000 shares of the biotechnology company's stock after purchasing an additional 19,000 shares during the quarter. Wesbanco Bank Inc.'s holdings in BioMarin Pharmaceutical were worth $1,924,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Rise Advisors LLC purchased a new stake in shares of BioMarin Pharmaceutical during the first quarter worth about $30,000. Farther Finance Advisors LLC increased its position in BioMarin Pharmaceutical by 95.9% during the first quarter. Farther Finance Advisors LLC now owns 431 shares of the biotechnology company's stock worth $29,000 after buying an additional 211 shares during the period. MassMutual Private Wealth & Trust FSB boosted 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 valued at $37,000 after buying an additional 218 shares in the last quarter. Brooklyn Investment Group increased its stake in BioMarin Pharmaceutical by 2,250.0% during the first quarter. Brooklyn Investment Group now owns 564 shares of the biotechnology company's stock worth $40,000 after acquiring an additional 540 shares during the last quarter. Finally, Vermillion & White Wealth Management Group LLC bought a new position in BioMarin Pharmaceutical during the 4th quarter worth approximately $62,000. Hedge funds and other institutional investors own 98.71% of the company's stock.

Wall Street Analyst Weigh In

BMRN has been the subject of several recent analyst reports. HC Wainwright started coverage on BioMarin Pharmaceutical in a research report on Monday, September 8th. They issued a "neutral" rating and a $60.00 target price for the company. JPMorgan Chase & Co. raised their price objective on shares of BioMarin Pharmaceutical from $108.00 to $113.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Wedbush restated an "outperform" rating and set a $94.00 price objective on shares of BioMarin Pharmaceutical in a research report on Tuesday, August 5th. Wolfe Research set a $95.00 target price on shares of BioMarin Pharmaceutical and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Finally, Zacks Research cut shares of BioMarin Pharmaceutical from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 13th. Fourteen equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $92.60.

BioMarin Pharmaceutical Stock Down 0.5%

NASDAQ BMRN traded down $0.26 on Friday, hitting $54.89. The stock had a trading volume of 653,007 shares, compared to its average volume of 1,917,697. The stock has a market cap of $10.54 billion, a price-to-earnings ratio of 16.30, a price-to-earnings-growth ratio of 0.69 and a beta of 0.35. The business's fifty day moving average price is $57.67 and its 200 day moving average price is $60.06. BioMarin Pharmaceutical Inc. has a 52-week low of $52.93 and a 52-week high of $73.51. The company has a debt-to-equity ratio of 0.10, a current ratio of 5.56 and a quick ratio of 3.60.

BioMarin Pharmaceutical Company 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.