Nomura Asset Management Co. Ltd. Trims Stock Position in BioMarin Pharmaceutical Inc. $BMRN

Nomura Asset Management Co. Ltd. lowered its stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 45.4% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 67,652 shares of the biotechnology company’s stock after selling 56,320 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in BioMarin Pharmaceutical were worth $4,021,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of BMRN. NewEdge Advisors LLC raised its stake in shares of BioMarin Pharmaceutical by 11.5% during the 1st quarter. NewEdge Advisors LLC now owns 3,769 shares of the biotechnology company’s stock valued at $266,000 after buying an additional 388 shares during the last quarter. Empowered Funds LLC raised its stake in shares of BioMarin Pharmaceutical by 207.4% during the 1st quarter. Empowered Funds LLC now owns 12,023 shares of the biotechnology company’s stock valued at $850,000 after buying an additional 8,112 shares during the last quarter. Focus Partners Wealth raised its stake in shares of BioMarin Pharmaceutical by 70.2% during the 1st quarter. Focus Partners Wealth now owns 11,817 shares of the biotechnology company’s stock valued at $835,000 after buying an additional 4,876 shares during the last quarter. Sivia Capital Partners LLC raised 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 valued at $244,000 after buying an additional 1,102 shares during the last quarter. Finally, Invesco Ltd. raised 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 valued at $34,017,000 after buying an additional 117,617 shares during the last quarter. Hedge funds and other institutional investors own 98.71% of the company’s stock.

Wall Street Analyst Weigh In

BMRN has been the subject of a number of recent research reports. Canaccord Genuity Group reduced their price objective on BioMarin Pharmaceutical from $116.00 to $111.00 and set a “buy” rating for the company in a research note on Friday, May 22nd. Truist Financial upgraded BioMarin Pharmaceutical to a “strong-buy” rating in a research note on Wednesday, March 25th. Oppenheimer reduced their price objective on BioMarin Pharmaceutical from $98.00 to $95.00 and set an “outperform” rating for the company in a research note on Tuesday, February 24th. Piper Sandler cut their price target on BioMarin Pharmaceutical from $122.00 to $84.00 and set an “overweight” rating for the company in a research note on Friday, February 6th. Finally, Morgan Stanley cut their price target on BioMarin Pharmaceutical from $120.00 to $119.00 and set an “overweight” rating for the company in a research note on Tuesday, May 5th. 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 company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $88.67.

Insider Activity

In related news, EVP Gregory R. Friberg sold 3,281 shares of BioMarin Pharmaceutical stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $53.85, for a total value of $176,681.85. Following the sale, the executive vice president directly owned 51,818 shares in the company, valued at approximately $2,790,399.30. The trade was a 5.95% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Charles Greg Guyer sold 16,486 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $60.46, for a total value 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. This represents a 17.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.85% of the company’s stock.

BioMarin Pharmaceutical Trading Up 3.3%

BMRN stock opened at $56.47 on Friday. The company has a current ratio of 5.81, a quick ratio of 4.20 and a debt-to-equity ratio of 0.23. BioMarin Pharmaceutical Inc. has a 12-month low of $49.26 and a 12-month high of $66.28. The stock has a market cap of $10.91 billion, a price-to-earnings ratio of 41.22, a PEG ratio of 0.41 and a beta of 0.25. The business’s 50-day moving average is $54.25 and its 200 day moving average is $56.33.

BioMarin Pharmaceutical 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.