Redmile Group LLC Makes New $9.82 Million Investment in BioMarin Pharmaceutical Inc. $BMRN

Redmile Group LLC acquired a new position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 173,859 shares of the biotechnology company’s stock, valued at approximately $9,821,000. BioMarin Pharmaceutical makes up about 0.7% of Redmile Group LLC’s investment portfolio, making the stock its 23rd biggest holding. Redmile Group LLC owned approximately 0.09% of BioMarin Pharmaceutical as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Viking Global Investors LP lifted its position in BioMarin Pharmaceutical by 13.8% in the second quarter. Viking Global Investors LP now owns 12,288,611 shares of the biotechnology company’s stock worth $675,505,000 after purchasing an additional 1,488,552 shares during the period. Norges Bank bought a new stake in BioMarin Pharmaceutical in the 4th quarter valued at $447,572,000. AQR Capital Management LLC increased its holdings in BioMarin Pharmaceutical by 12.7% in the 4th quarter. AQR Capital Management LLC now owns 6,686,916 shares of the biotechnology company’s stock valued at $395,197,000 after buying an additional 754,807 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of BioMarin Pharmaceutical by 14.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,802,930 shares of the biotechnology company’s stock valued at $214,804,000 after buying an additional 481,176 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of BioMarin Pharmaceutical by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 3,674,089 shares of the biotechnology company’s stock valued at $218,395,000 after buying an additional 131,969 shares in the last quarter. 98.71% of the stock is currently owned by institutional investors.

Insider Transactions at BioMarin Pharmaceutical

In other BioMarin Pharmaceutical news, EVP Gregory R. Friberg sold 3,281 shares of the business’s stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $53.85, for a total value of $176,681.85. Following the transaction, the executive vice president directly owned 51,818 shares in the company, valued at $2,790,399.30. The trade was a 5.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.68% of the stock is owned by corporate insiders.

BioMarin Pharmaceutical Stock Up 3.0%

BMRN opened at $62.07 on Wednesday. The firm’s 50-day simple moving average is $56.99 and its 200-day simple moving average is $56.83. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.20 and a current ratio of 5.81. BioMarin Pharmaceutical Inc. has a twelve month low of $49.26 and a twelve month high of $66.28. The firm has a market cap of $12.00 billion, a price-to-earnings ratio of 45.31, a PEG ratio of 0.46 and a beta of 0.24.

Analysts Set New Price Targets

Several brokerages have recently weighed in on BMRN. Citigroup lifted their target price on shares of BioMarin Pharmaceutical from $75.00 to $76.00 and gave the company a “buy” rating in a research report on Thursday, July 16th. Wall Street Zen lowered shares of BioMarin Pharmaceutical from a “buy” rating to a “hold” rating in a research report on Saturday, June 6th. Canaccord Genuity Group cut their price target on shares of BioMarin Pharmaceutical from $116.00 to $111.00 and set a “buy” rating for the company in a research note on Friday, May 22nd. Sanford C. Bernstein decreased their price objective on BioMarin Pharmaceutical from $94.00 to $82.00 and set an “outperform” rating on the stock in a report on Tuesday, May 5th. Finally, UBS Group reiterated a “neutral” rating on shares of BioMarin Pharmaceutical in a research note on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $88.26.

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.