International Biotechnology Trust PLC raised its stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN – Get Rating) by 788.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 58,656 shares of the biotechnology company's stock after purchasing an additional 52,055 shares during the period. BioMarin Pharmaceutical accounts for about 1.6% of International Biotechnology Trust PLC's portfolio, making the stock its 20th biggest position. International Biotechnology Trust PLC's holdings in BioMarin Pharmaceutical were worth $4,971,000 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 added to or reduced their stakes in the stock. Kinneret Advisory LLC raised its position in BioMarin Pharmaceutical by 2.2% during the second quarter. Kinneret Advisory LLC now owns 5,213 shares of the biotechnology company's stock valued at $432,000 after purchasing an additional 110 shares during the period. Xponance Inc. raised its position in BioMarin Pharmaceutical by 3.2% during the third quarter. Xponance Inc. now owns 3,584 shares of the biotechnology company's stock valued at $304,000 after purchasing an additional 112 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in BioMarin Pharmaceutical by 0.8% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 14,473 shares of the biotechnology company's stock valued at $1,227,000 after purchasing an additional 117 shares during the period. AdvisorNet Financial Inc grew its stake in shares of BioMarin Pharmaceutical by 1.3% during the third quarter. AdvisorNet Financial Inc now owns 9,435 shares of the biotechnology company's stock valued at $800,000 after buying an additional 125 shares during the last quarter. Finally, CWM LLC grew its stake in shares of BioMarin Pharmaceutical by 19.1% during the third quarter. CWM LLC now owns 930 shares of the biotechnology company's stock valued at $79,000 after buying an additional 149 shares during the last quarter. 96.26% of the stock is currently owned by hedge funds and other institutional investors.
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Wall Street Analyst Weigh In
A number of research firms have recently commented on BMRN. Royal Bank of Canada upped their target price on BioMarin Pharmaceutical from $90.00 to $95.00 and gave the company a "sector perform" rating in a research note on Thursday, October 13th. Guggenheim upped their target price on BioMarin Pharmaceutical from $120.00 to $125.00 in a research note on Monday, January 9th. Credit Suisse Group cut their target price on BioMarin Pharmaceutical from $111.00 to $110.00 and set an "outperform" rating on the stock in a research note on Thursday, October 27th. Wedbush upped their target price on BioMarin Pharmaceutical from $74.00 to $83.00 and gave the company a "neutral" rating in a research note on Wednesday, January 11th. Finally, BMO Capital Markets began coverage on BioMarin Pharmaceutical in a research note on Monday. They set a "market perform" rating and a $107.00 target price on the stock. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $119.39.
BioMarin Pharmaceutical Stock Down 0.2 %
Shares of BMRN traded down $0.24 during midday trading on Wednesday, hitting $115.11. 106,889 shares of the company's stock traded hands, compared to its average volume of 1,620,476. BioMarin Pharmaceutical Inc. has a 1 year low of $70.73 and a 1 year high of $117.77. The firm's fifty day moving average is $106.76 and its 200-day moving average is $94.90. The company has a current ratio of 5.15, a quick ratio of 3.54 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $21.35 billion, a price-to-earnings ratio of 274.64 and a beta of 0.36.
Insider Activity
In other news, CEO Jean Jacques Bienaime sold 1,000 shares of the stock in a transaction on Tuesday, December 13th. The stock was sold at an average price of $106.89, for a total transaction of $106,890.00. Following the completion of the sale, the chief executive officer now owns 320,424 shares in the company, valued at approximately $34,250,121.36. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CFO Brian Mueller sold 5,379 shares of the firm's stock in a transaction on Wednesday, November 23rd. The stock was sold at an average price of $98.73, for a total value of $531,068.67. Following the completion of the transaction, the chief financial officer now owns 28,847 shares in the company, valued at approximately $2,848,064.31. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jean Jacques Bienaime sold 1,000 shares of the firm's stock in a transaction on Tuesday, December 13th. The stock was sold at an average price of $106.89, for a total value of $106,890.00. Following the completion of the transaction, the chief executive officer now owns 320,424 shares of the company's stock, valued at approximately $34,250,121.36. The disclosure for this sale can be found here. In the last quarter, insiders sold 88,880 shares of company stock worth $9,987,833. Insiders own 1.75% of the company's stock.
About BioMarin Pharmaceutical
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BioMarin Pharmaceutical, Inc engages in the development and commercialization of therapies for people with serious and life-threatening rare diseases and medical conditions. Its pipeline products include Valoctocogene roxaparvovec, Vosoritide, and BMN 307. The company was founded by John C. Klock, Christopher M.
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