Norges Bank Makes New $447.57 Million Investment in BioMarin Pharmaceutical Inc. $BMRN

Norges Bank bought a new position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 7,531,080 shares of the biotechnology company’s stock, valued at approximately $447,572,000. Norges Bank owned approximately 3.92% of BioMarin Pharmaceutical as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in BMRN. Activest Wealth Management bought a new position in BioMarin Pharmaceutical in the fourth quarter valued at approximately $26,000. Smartleaf Asset Management LLC increased its stake in BioMarin Pharmaceutical by 92.5% in the third quarter. Smartleaf Asset Management LLC now owns 749 shares of the biotechnology company’s stock valued at $40,000 after acquiring an additional 360 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in BioMarin Pharmaceutical in the third quarter valued at approximately $40,000. Parallel Advisors LLC increased its stake in BioMarin Pharmaceutical by 62.2% in the third quarter. Parallel Advisors LLC now owns 769 shares of the biotechnology company’s stock valued at $42,000 after acquiring an additional 295 shares during the last quarter. Finally, V Square Quantitative Management LLC bought a new position in BioMarin Pharmaceutical in the fourth quarter valued at approximately $45,000. Institutional investors and hedge funds own 98.71% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. The Goldman Sachs Group assumed coverage on shares of BioMarin Pharmaceutical in a research note on Monday, May 11th. They issued a “neutral” rating and a $69.00 price objective on the stock. Sanford C. Bernstein decreased their price objective on shares of BioMarin Pharmaceutical from $94.00 to $82.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 5th. Piper Sandler decreased 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 note on Friday, February 6th. Wall Street Zen raised shares of BioMarin Pharmaceutical from a “hold” rating to a “buy” rating in a research note on Saturday, May 23rd. Finally, Bank of America decreased their price objective on shares of BioMarin Pharmaceutical from $85.00 to $80.00 and set a “buy” rating on the stock in a research note on Tuesday, May 19th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $88.67.

BioMarin Pharmaceutical Stock Performance

Shares of BioMarin Pharmaceutical stock opened at $55.03 on Tuesday. BioMarin Pharmaceutical Inc. has a fifty-two week low of $49.26 and a fifty-two week high of $66.28. The company has a debt-to-equity ratio of 0.23, a current ratio of 5.81 and a quick ratio of 4.20. The firm has a market capitalization of $10.64 billion, a P/E ratio of 40.17, a P/E/G ratio of 0.43 and a beta of 0.23. The company’s 50 day moving average price is $54.22 and its two-hundred day moving average price is $56.33.

Insiders Place Their Bets

In other news, EVP Charles Greg Guyer sold 16,486 shares of BioMarin Pharmaceutical stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $60.46, for a total transaction of $996,743.56. Following the transaction, the executive vice president owned 79,953 shares in the company, valued at approximately $4,833,958.38. The trade was a 17.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Gregory R. Friberg sold 3,281 shares of BioMarin Pharmaceutical stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $53.85, for a total transaction of $176,681.85. Following the transaction, the executive vice president owned 51,818 shares in the company, valued at approximately $2,790,399.30. This trade represents a 5.95% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.85% of the stock is currently owned by insiders.

BioMarin Pharmaceutical Company 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.