Primecap Management Company
recently revealed that they own 5.9% of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) in a Schedule 13G/A disclosure that was filed with the SEC on Tuesday, February 27th. The investor owns 10,245,305 shares of the stock valued at $861,015,432. The disclosure is available through Edgar at this link.
provided the following explanation of their ownership:
Several other hedge funds have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its position in BioMarin Pharmaceutical by 1.3% during the second quarter. Dimensional Fund Advisors LP now owns 190,569 shares of the biotechnology company’s stock worth $17,307,000 after acquiring an additional 2,422 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in BioMarin Pharmaceutical by 13.6% during the second quarter. The Manufacturers Life Insurance Company now owns 6,798 shares of the biotechnology company’s stock worth $617,000 after acquiring an additional 812 shares during the last quarter. APG Asset Management N.V. boosted its position in BioMarin Pharmaceutical by 34.7% during the third quarter. APG Asset Management N.V. now owns 72,580 shares of the biotechnology company’s stock worth $6,755,000 after acquiring an additional 18,700 shares during the last quarter. BB&T Corp boosted its position in BioMarin Pharmaceutical by 14.4% during the third quarter. BB&T Corp now owns 14,613 shares of the biotechnology company’s stock worth $1,360,000 after acquiring an additional 1,835 shares during the last quarter. Finally, Pictet Asset Management Ltd. boosted its position in BioMarin Pharmaceutical by 17.0% during the third quarter. Pictet Asset Management Ltd. now owns 1,134,622 shares of the biotechnology company’s stock worth $105,599,000 after acquiring an additional 164,788 shares during the last quarter. Institutional investors and hedge funds own 98.77% of the company’s stock.
In other news, CEO Jean Jacques Bienaime sold 10,000 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $84.63, for a total value of $846,300.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP George Eric Davis sold 30,000 shares of the firm’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $90.66, for a total transaction of $2,719,800.00. Following the completion of the transaction, the executive vice president now directly owns 112,942 shares in the company, valued at approximately $10,239,321.72. The disclosure for this sale can be found here. In the last three months, insiders sold 100,750 shares of company stock worth $9,005,888. Insiders own 1.85% of the company’s stock.
Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) traded up $0.99 during mid-day trading on Tuesday, hitting $84.04. 847,600 shares of the stock were exchanged, compared to its average volume of 1,349,596. BioMarin Pharmaceutical Inc. has a fifty-two week low of $78.50 and a fifty-two week high of $100.51. The company has a debt-to-equity ratio of 0.41, a quick ratio of 3.81 and a current ratio of 4.91. The stock has a market cap of $14,890.00, a P/E ratio of -92.35 and a beta of 1.71.
A number of analysts recently issued reports on the stock. Royal Bank of Canada restated a “hold” rating and set a $94.00 target price on shares of BioMarin Pharmaceutical in a research report on Tuesday. Wedbush raised shares of BioMarin Pharmaceutical from a “neutral” rating to an “outperform” rating and set a $110.00 price target on the stock in a research note on Thursday, December 14th. Leerink Swann cut their price target on shares of BioMarin Pharmaceutical from $142.00 to $132.00 and set an “outperform” rating on the stock in a research note on Friday. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of BioMarin Pharmaceutical in a research note on Sunday. Finally, SunTrust Banks increased their price target on shares of BioMarin Pharmaceutical to $130.00 and gave the stock a “buy” rating in a research note on Monday, December 11th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $111.32.
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About BioMarin Pharmaceutical
BioMarin Pharmaceutical Inc is a biotechnology company. The Company develops and commercializes pharmaceuticals for various diseases and medical conditions. As of December 31, 2016, the Company’s therapy portfolio consisted of five products, and multiple clinical and pre-clinical product candidates. Its commercial products include Aldurazyme (laronidase) for Mucopolysaccharidosis I (MPS I), Firdapse (amifampridine phosphate) for Lambert Eaton Myasthenic Syndrome (LEMS), Kuvan (sapropterin dihydrochloride) for phenylketonuria (PKU), Naglazyme (galsulfase) for Mucopolysaccharidosis VI (MPS VI) and Vimizim (elosulfase alpha) for Mucopolysaccharidosis IV Type A (MPS IV A).
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