Hudson Bay Capital Management LP Increases Position in BioMarin Pharmaceutical Inc. $BMRN

Hudson Bay Capital Management LP increased its holdings in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 31.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 693,894 shares of the biotechnology company’s stock after acquiring an additional 167,474 shares during the period. Hudson Bay Capital Management LP owned about 0.36% of BioMarin Pharmaceutical worth $37,581,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of BMRN. Dodge & Cox boosted its position in BioMarin Pharmaceutical by 1.0% in the second quarter. Dodge & Cox now owns 15,108,310 shares of the biotechnology company’s stock worth $830,504,000 after purchasing an additional 153,070 shares during the last quarter. Viking Global Investors LP grew its stake in BioMarin Pharmaceutical by 13.8% in the 2nd quarter. Viking Global Investors LP now owns 12,288,611 shares of the biotechnology company’s stock valued at $675,505,000 after purchasing an additional 1,488,552 shares during the period. AQR Capital Management LLC increased its position in shares of BioMarin Pharmaceutical by 6.3% during the 3rd quarter. AQR Capital Management LLC now owns 5,932,109 shares of the biotechnology company’s stock valued at $321,283,000 after purchasing an additional 351,536 shares during the last quarter. Capital Research Global Investors increased its position in shares of BioMarin Pharmaceutical by 547.5% during the 3rd quarter. Capital Research Global Investors now owns 2,537,596 shares of the biotechnology company’s stock valued at $137,436,000 after purchasing an additional 2,145,717 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of BioMarin Pharmaceutical by 42.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,245,186 shares of the biotechnology company’s stock worth $121,597,000 after purchasing an additional 671,566 shares during the period. 98.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on BMRN. Bank of America cut their price target on shares of BioMarin Pharmaceutical from $97.00 to $85.00 and set a “buy” rating on the stock in a report on Wednesday, March 11th. Piper Sandler lowered their price objective on shares of BioMarin Pharmaceutical from $122.00 to $84.00 and set an “overweight” rating on the stock in a research report on Friday, February 6th. Truist Financial boosted their target price on shares of BioMarin Pharmaceutical from $80.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, December 23rd. Oppenheimer reduced their target price on shares of BioMarin Pharmaceutical from $98.00 to $95.00 and set an “outperform” rating for the company in a research report on Tuesday, February 24th. Finally, Barclays raised their price target on shares of BioMarin Pharmaceutical from $80.00 to $105.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 3rd. Seventeen equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $90.00.

BioMarin Pharmaceutical Stock Performance

BioMarin Pharmaceutical stock opened at $55.43 on Thursday. The firm’s 50 day simple moving average is $58.74 and its 200 day simple moving average is $56.29. The company has a current ratio of 5.21, a quick ratio of 3.50 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $10.66 billion, a PE ratio of 31.14, a price-to-earnings-growth ratio of 0.55 and a beta of 0.25. BioMarin Pharmaceutical Inc. has a 1-year low of $50.76 and a 1-year high of $73.18.

Insiders Place Their Bets

In other news, EVP Gregory R. Friberg sold 6,326 shares of the company’s stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $60.38, for a total value of $381,963.88. Following the transaction, the executive vice president owned 37,578 shares of the company’s stock, valued at approximately $2,268,959.64. This represents a 14.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Charles Greg Guyer sold 16,486 shares of the stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $60.46, for a total value of $996,743.56. Following the completion of the sale, the executive vice president owned 79,953 shares in the company, valued at $4,833,958.38. This trade represents a 17.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.85% of the stock is owned by insiders.

BioMarin Pharmaceutical Profile

BioMarin Pharmaceutical Inc is a biopharmaceutical company specializing in the development and commercialization of therapies for rare genetic and metabolic diseases. The company focuses on addressing unmet medical needs by leveraging enzyme replacement therapy, small molecule pharmacological chaperones and gene therapy technologies. Headquartered in Novato, California, BioMarin operates research and development facilities in the United States and Europe.

The company’s commercial portfolio includes several approved therapies targeting inherited disorders.