55,700 Shares in BioMarin Pharmaceutical Inc. $BMRN Bought by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System bought a new position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) during the 1st quarter, HoldingsChannel reports. The institutional investor bought 55,700 shares of the biotechnology company’s stock, valued at approximately $3,146,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BMRN. CIBC Private Wealth Group LLC raised its position in shares of BioMarin Pharmaceutical by 38.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 648 shares of the biotechnology company’s stock worth $39,000 after purchasing an additional 179 shares during the period. Northwestern Mutual Investment Management Company LLC grew its position in shares of BioMarin Pharmaceutical by 0.4% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 42,982 shares of the biotechnology company’s stock valued at $2,554,000 after purchasing an additional 183 shares during the period. Nisa Investment Advisors LLC increased its stake in BioMarin Pharmaceutical by 7.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 2,741 shares of the biotechnology company’s stock worth $163,000 after purchasing an additional 195 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in BioMarin Pharmaceutical by 3.4% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 7,151 shares of the biotechnology company’s stock worth $387,000 after buying an additional 235 shares during the period. Finally, Davis Investment Partners LLC raised its holdings in BioMarin Pharmaceutical by 3.1% during the 4th quarter. Davis Investment Partners LLC now owns 8,031 shares of the biotechnology company’s stock worth $477,000 after buying an additional 243 shares during the period. 98.71% of the stock is owned by institutional investors and hedge funds.

BioMarin Pharmaceutical Price Performance

Shares of BMRN opened at $59.00 on Monday. The company has a quick ratio of 4.20, a current ratio of 5.81 and a debt-to-equity ratio of 0.23. BioMarin Pharmaceutical Inc. has a twelve month low of $49.26 and a twelve month high of $66.28. The stock has a market capitalization of $11.40 billion, a P/E ratio of 43.06, a P/E/G ratio of 0.45 and a beta of 0.25. The company has a 50 day moving average of $54.43 and a 200-day moving average of $56.53.

Analysts Set New Price Targets

A number of research analysts have weighed in on BMRN shares. Wall Street Zen lowered shares of BioMarin Pharmaceutical from a “buy” rating to a “hold” rating in a research note on Saturday, June 6th. Loop Capital set a $105.00 price objective on shares of BioMarin Pharmaceutical in a report on Monday, March 2nd. HC Wainwright reaffirmed a “neutral” rating on shares of BioMarin Pharmaceutical in a research report on Monday, June 22nd. Wolfe Research reiterated an “outperform” rating on shares of BioMarin Pharmaceutical in a report on Monday, March 16th. Finally, Sanford C. Bernstein dropped their price target on BioMarin Pharmaceutical from $94.00 to $82.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 5th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $88.67.

Insider Buying and Selling

In related news, EVP Gregory R. Friberg sold 3,281 shares of the stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $53.85, for a total transaction of $176,681.85. Following the completion of the transaction, the executive vice president owned 51,818 shares in the company, valued at approximately $2,790,399.30. This represents a 5.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.85% of the company’s stock.

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.