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

Capital Research Global Investors increased its position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 547.5% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,537,596 shares of the biotechnology company’s stock after purchasing an additional 2,145,717 shares during the quarter. Capital Research Global Investors owned approximately 1.32% of BioMarin Pharmaceutical worth $137,436,000 as of its most recent filing with the Securities & Exchange Commission.

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

Wall Street Analysts Forecast Growth

Several research firms recently commented on BMRN. Piper Sandler dropped 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. HC Wainwright lowered their target price on shares of BioMarin Pharmaceutical from $60.00 to $55.00 and set a “neutral” rating for the company in a report on Wednesday, February 25th. Leerink Partners cut BioMarin Pharmaceutical from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $82.00 to $60.00 in a research report on Wednesday, December 3rd. Guggenheim cut their price target on BioMarin Pharmaceutical from $106.00 to $86.00 and set a “buy” rating on the stock in a research note on Wednesday, February 25th. Finally, Wells Fargo & Company raised their price objective on BioMarin Pharmaceutical from $70.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, February 18th. Sixteen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, BioMarin Pharmaceutical presently has a consensus rating of “Moderate Buy” and a consensus price target of $89.43.

Insider Transactions at BioMarin Pharmaceutical

In other news, EVP Gregory R. Friberg sold 6,326 shares of the firm’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $60.38, for a total transaction of $381,963.88. Following the sale, the executive vice president owned 37,578 shares of the company’s stock, valued at $2,268,959.64. This trade represents a 14.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.85% of the company’s stock.

BioMarin Pharmaceutical Stock Down 0.9%

BioMarin Pharmaceutical stock opened at $60.32 on Thursday. BioMarin Pharmaceutical Inc. has a 12 month low of $50.76 and a 12 month high of $73.18. The stock has a fifty day simple moving average of $58.99 and a two-hundred day simple moving average of $56.32. The company has a current ratio of 5.21, a quick ratio of 3.50 and a debt-to-equity ratio of 0.10. The firm has a market cap of $11.60 billion, a price-to-earnings ratio of 33.89, a PEG ratio of 0.53 and a beta of 0.25.

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.