Wesbanco Bank Inc. Invests $1.13 Million in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Wesbanco Bank Inc. purchased a new stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 16,000 shares of the biotechnology company's stock, valued at approximately $1,131,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Vestal Point Capital LP grew its stake in BioMarin Pharmaceutical by 115.0% in the 4th quarter. Vestal Point Capital LP now owns 860,000 shares of the biotechnology company's stock valued at $56,528,000 after acquiring an additional 460,000 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of BioMarin Pharmaceutical by 2.0% in the fourth quarter. Rhumbline Advisers now owns 556,255 shares of the biotechnology company's stock worth $36,563,000 after acquiring an additional 11,025 shares during the last quarter. Empowered Funds LLC acquired a new position in BioMarin Pharmaceutical in the fourth quarter valued at $257,000. Sumitomo Mitsui Trust Group Inc. increased its stake in BioMarin Pharmaceutical by 3.1% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 470,043 shares of the biotechnology company's stock valued at $30,896,000 after purchasing an additional 13,946 shares during the last quarter. Finally, Smartleaf Asset Management LLC increased its stake in BioMarin Pharmaceutical by 111.2% in the fourth quarter. Smartleaf Asset Management LLC now owns 885 shares of the biotechnology company's stock valued at $58,000 after purchasing an additional 466 shares during the last quarter. Hedge funds and other institutional investors own 98.71% of the company's stock.

BioMarin Pharmaceutical Stock Down 0.6%

NASDAQ:BMRN traded down $0.32 during trading hours on Wednesday, hitting $57.16. 1,849,139 shares of the company's stock traded hands, compared to its average volume of 1,849,104. BioMarin Pharmaceutical Inc. has a twelve month low of $52.93 and a twelve month high of $94.85. The firm has a market cap of $10.96 billion, a P/E ratio of 25.98, a P/E/G ratio of 0.61 and a beta of 0.19. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.62 and a current ratio of 5.33. The stock's fifty day moving average price is $59.20 and its two-hundred day moving average price is $64.16.

Insider Activity at BioMarin Pharmaceutical

In related news, CAO Erin Burkhart sold 1,786 shares of the business's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $59.31, for a total transaction of $105,927.66. Following the transaction, the chief accounting officer now directly owns 14,173 shares in the company, valued at $840,600.63. The trade was a 11.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Over the last quarter, insiders have sold 3,354 shares of company stock valued at $216,269. 0.85% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on BMRN. Oppenheimer raised BioMarin Pharmaceutical from a "market perform" rating to an "outperform" rating and set a $98.00 price target for the company in a research report on Monday, February 24th. Scotiabank increased their price target on BioMarin Pharmaceutical from $78.00 to $80.00 and gave the company a "sector perform" rating in a report on Thursday, February 20th. UBS Group increased their price target on BioMarin Pharmaceutical from $109.00 to $113.00 and gave the company a "buy" rating in a report on Thursday, February 20th. Citigroup reduced their price target on BioMarin Pharmaceutical from $82.00 to $78.00 and set a "neutral" rating for the company in a report on Friday, May 2nd. Finally, Piper Sandler increased their price target on BioMarin Pharmaceutical from $122.00 to $126.00 and gave the company an "overweight" rating in a report on Thursday, February 20th. Six analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $93.45.

BioMarin Pharmaceutical 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.