Braidwell LP Buys Shares of 528,000 BioMarin Pharmaceutical Inc. $BMRN

Braidwell LP purchased a new stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) in the third quarter, HoldingsChannel.com reports. The fund purchased 528,000 shares of the biotechnology company’s stock, valued at approximately $28,596,000.

Several other institutional investors have also modified their holdings of the company. Financiere des Professionnels Fonds d investissement inc. purchased a new stake in BioMarin Pharmaceutical during the third quarter worth $1,047,000. Jump Financial LLC increased its position in shares of BioMarin Pharmaceutical by 530.3% in the second quarter. Jump Financial LLC now owns 291,217 shares of the biotechnology company’s stock valued at $16,008,000 after buying an additional 245,017 shares in the last quarter. AQR Capital Management LLC increased its position in shares of BioMarin Pharmaceutical by 90.7% in the second quarter. AQR Capital Management LLC now owns 5,580,573 shares of the biotechnology company’s stock valued at $306,429,000 after buying an additional 2,654,768 shares in the last quarter. Federated Hermes Inc. raised its stake in shares of BioMarin Pharmaceutical by 292.6% during the 3rd quarter. Federated Hermes Inc. now owns 278,315 shares of the biotechnology company’s stock worth $15,074,000 after buying an additional 207,430 shares during the last quarter. Finally, Mediolanum International Funds Ltd raised its stake in shares of BioMarin Pharmaceutical by 56.2% during the 3rd quarter. Mediolanum International Funds Ltd now owns 137,675 shares of the biotechnology company’s stock worth $7,437,000 after buying an additional 49,534 shares during the last quarter. Hedge funds and other institutional investors own 98.71% of the company’s stock.

Insider Buying and Selling

In other news, EVP Gregory R. Friberg sold 6,326 shares of the business’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $60.38, for a total value of $381,963.88. Following the completion of the transaction, the executive vice president owned 37,578 shares of the company’s stock, valued at $2,268,959.64. The trade was a 14.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Charles Greg Guyer sold 16,486 shares of the company’s stock in a transaction that occurred 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 directly owned 79,953 shares in the company, valued at $4,833,958.38. The trade was a 17.09% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.85% of the company’s stock.

BioMarin Pharmaceutical Price Performance

NASDAQ:BMRN opened at $58.51 on Friday. BioMarin Pharmaceutical Inc. has a 12-month low of $50.76 and a 12-month high of $73.18. The firm has a market cap of $11.25 billion, a price-to-earnings ratio of 32.87, a price-to-earnings-growth ratio of 0.57 and a beta of 0.25. The company’s 50-day moving average is $58.96 and its two-hundred day moving average is $56.33. The company has a current ratio of 5.21, a quick ratio of 3.50 and a debt-to-equity ratio of 0.10.

Analysts Set New Price Targets

BMRN has been the topic of a number of research reports. Canaccord Genuity Group increased their price objective on shares of BioMarin Pharmaceutical from $98.00 to $104.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Sanford C. Bernstein lifted their target price on shares of BioMarin Pharmaceutical from $90.00 to $94.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 25th. Wells Fargo & Company upped their price target on shares of BioMarin Pharmaceutical from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, February 18th. Piper Sandler lowered their price target on shares of BioMarin Pharmaceutical from $122.00 to $84.00 and set an “overweight” rating on the stock in a research report on Friday, February 6th. Finally, Loop Capital set a $105.00 price objective on BioMarin Pharmaceutical in a research report on Monday, March 2nd. Seventeen research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, BioMarin Pharmaceutical presently has an average rating of “Moderate Buy” and an average target price of $90.00.

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.