Capital Research Global Investors Buys 2,145,717 Shares of BioMarin Pharmaceutical Inc. $BMRN

Capital Research Global Investors raised its stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 547.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,537,596 shares of the biotechnology company’s stock after buying an additional 2,145,717 shares during the period. Capital Research Global Investors’ holdings in BioMarin Pharmaceutical were worth $137,436,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. WINTON GROUP Ltd boosted its stake in shares of BioMarin Pharmaceutical by 2,835.0% in the 3rd quarter. WINTON GROUP Ltd now owns 123,474 shares of the biotechnology company’s stock worth $6,687,000 after buying an additional 119,267 shares during the last quarter. Schroder Investment Management Group increased its position in BioMarin Pharmaceutical by 85.8% during the third quarter. Schroder Investment Management Group now owns 171,462 shares of the biotechnology company’s stock valued at $9,286,000 after acquiring an additional 79,181 shares during the last quarter. Vinva Investment Management Ltd lifted its holdings in BioMarin Pharmaceutical by 216.5% in the third quarter. Vinva Investment Management Ltd now owns 98,403 shares of the biotechnology company’s stock valued at $5,316,000 after acquiring an additional 67,309 shares during the period. Parallel Advisors LLC boosted its position in BioMarin Pharmaceutical by 62.2% in the third quarter. Parallel Advisors LLC now owns 769 shares of the biotechnology company’s stock worth $42,000 after purchasing an additional 295 shares during the last quarter. Finally, Korea Investment CORP boosted its position in BioMarin Pharmaceutical by 115.2% in the third quarter. Korea Investment CORP now owns 519,903 shares of the biotechnology company’s stock worth $28,158,000 after purchasing an additional 278,300 shares during the last quarter. 98.71% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related 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 completion of 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 position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.85% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Bank of America reduced their price target on shares of BioMarin Pharmaceutical from $97.00 to $85.00 and set a “buy” rating for the company in a research report on Wednesday. Wells Fargo & Company raised their price objective on shares of BioMarin Pharmaceutical from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, February 18th. Oppenheimer cut 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. Piper Sandler reduced their target price on shares of BioMarin Pharmaceutical from $122.00 to $84.00 and set an “overweight” rating for the company in a report on Friday, February 6th. Finally, HC Wainwright decreased their price target on shares of BioMarin Pharmaceutical from $60.00 to $55.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 25th. Sixteen analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $89.43.

BioMarin Pharmaceutical Stock Performance

Shares of NASDAQ BMRN opened at $60.32 on Thursday. The stock has a market cap of $11.60 billion, a PE ratio of 33.89, a price-to-earnings-growth ratio of 0.53 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. The firm has a fifty day moving average price of $58.99 and a 200-day moving average price of $56.32. The company has a debt-to-equity ratio of 0.10, a current ratio of 5.21 and a quick ratio of 3.50.

About BioMarin Pharmaceutical

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.