Pictet Asset Management Holding SA Sells 89,961 Shares of BioMarin Pharmaceutical Inc. $BMRN

Pictet Asset Management Holding SA lessened its holdings in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 7.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,193,661 shares of the biotechnology company’s stock after selling 89,961 shares during the period. Pictet Asset Management Holding SA’s holdings in BioMarin Pharmaceutical were worth $67,104,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. NewEdge Advisors LLC increased its position in BioMarin Pharmaceutical by 11.5% during the first quarter. NewEdge Advisors LLC now owns 3,769 shares of the biotechnology company’s stock worth $266,000 after buying an additional 388 shares during the last quarter. Empowered Funds LLC lifted its position in shares of BioMarin Pharmaceutical by 207.4% in the first quarter. Empowered Funds LLC now owns 12,023 shares of the biotechnology company’s stock worth $850,000 after buying an additional 8,112 shares during the last quarter. Focus Partners Wealth lifted its position in shares of BioMarin Pharmaceutical by 70.2% in the first quarter. Focus Partners Wealth now owns 11,817 shares of the biotechnology company’s stock worth $835,000 after buying an additional 4,876 shares during the last quarter. Sivia Capital Partners LLC boosted its stake in shares of BioMarin Pharmaceutical by 33.0% during the 2nd quarter. Sivia Capital Partners LLC now owns 4,439 shares of the biotechnology company’s stock worth $244,000 after acquiring an additional 1,102 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in shares of BioMarin Pharmaceutical by 23.5% during the 2nd quarter. Invesco Ltd. now owns 618,835 shares of the biotechnology company’s stock worth $34,017,000 after acquiring an additional 117,617 shares in the last quarter. 98.71% of the stock is currently owned by institutional investors.

Insider Transactions at BioMarin Pharmaceutical

In related news, EVP Gregory R. Friberg sold 3,281 shares of the company’s 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 directly owned 51,818 shares in the company, valued at $2,790,399.30. This represents a 5.95% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.85% of the company’s stock.

BioMarin Pharmaceutical Stock Down 2.3%

BMRN opened at $57.67 on Tuesday. BioMarin Pharmaceutical Inc. has a 1-year low of $49.26 and a 1-year high of $66.28. The company has a current ratio of 5.81, a quick ratio of 4.20 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $11.15 billion, a price-to-earnings ratio of 42.09, a P/E/G ratio of 0.45 and a beta of 0.25. The business has a 50 day moving average of $54.51 and a 200-day moving average of $56.56.

Analysts Set New Price Targets

A number of research analysts recently weighed in on BMRN shares. Royal Bank Of Canada reissued a “sector perform” rating and issued a $66.00 price objective on shares of BioMarin Pharmaceutical in a research note on Tuesday, May 5th. Jefferies Financial Group reaffirmed a “buy” rating and set a $103.00 target price on shares of BioMarin Pharmaceutical in a research report on Thursday, March 12th. Truist Financial upgraded BioMarin Pharmaceutical to a “strong-buy” rating in a report on Wednesday, March 25th. The Goldman Sachs Group assumed coverage on shares of BioMarin Pharmaceutical in a research report on Monday, May 11th. They issued a “neutral” rating and a $69.00 price target on the stock. Finally, Barclays boosted their price objective 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. Two 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 company. Based on data from MarketBeat.com, BioMarin Pharmaceutical presently has an average rating of “Moderate Buy” and an average price target of $88.67.

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.