BioMarin Pharmaceutical Inc. $BMRN Shares Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA reduced its holdings in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 7.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,193,661 shares of the biotechnology company’s stock after selling 89,961 shares during the quarter. Pictet Asset Management Holding SA owned 0.62% of BioMarin Pharmaceutical worth $67,104,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. NewEdge Advisors LLC increased its holdings in shares of BioMarin Pharmaceutical by 11.5% in the first 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 in the last quarter. Empowered Funds LLC grew its holdings in shares of BioMarin Pharmaceutical by 207.4% in the 1st quarter. Empowered Funds LLC now owns 12,023 shares of the biotechnology company’s stock worth $850,000 after acquiring an additional 8,112 shares during the last quarter. Focus Partners Wealth grew its holdings in shares of BioMarin Pharmaceutical by 70.2% in the 1st quarter. Focus Partners Wealth now owns 11,817 shares of the biotechnology company’s stock worth $835,000 after acquiring an additional 4,876 shares during the last quarter. Sivia Capital Partners LLC raised its position in shares of BioMarin Pharmaceutical by 33.0% during the second quarter. Sivia Capital Partners LLC now owns 4,439 shares of the biotechnology company’s stock worth $244,000 after purchasing an additional 1,102 shares during the period. Finally, Invesco Ltd. raised its position in shares of BioMarin Pharmaceutical by 23.5% during the second quarter. Invesco Ltd. now owns 618,835 shares of the biotechnology company’s stock worth $34,017,000 after purchasing an additional 117,617 shares during the period. 98.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on BMRN. Wall Street Zen cut BioMarin Pharmaceutical from a “buy” rating to a “hold” rating in a research note on Saturday, June 6th. Morgan Stanley reduced their price objective on shares of BioMarin Pharmaceutical from $120.00 to $119.00 and set an “overweight” rating for the company in a research note on Tuesday, May 5th. Barclays raised their target price on shares of BioMarin Pharmaceutical from $80.00 to $105.00 and gave the stock an “overweight” rating in a report on Tuesday, March 3rd. Citigroup began coverage on shares of BioMarin Pharmaceutical in a research report on Tuesday, May 19th. They issued a “buy” rating and a $75.00 target price on the stock. Finally, HC Wainwright restated a “neutral” rating on shares of BioMarin Pharmaceutical in a research report on Monday, June 22nd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $88.67.

BioMarin Pharmaceutical Trading Down 2.3%

NASDAQ BMRN opened at $57.67 on Tuesday. 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 1-year low of $49.26 and a 1-year high of $66.28. The firm’s fifty day simple moving average is $54.51 and its 200-day simple moving average is $56.56. The company has a market capitalization of $11.15 billion, a PE ratio of 42.09, a price-to-earnings-growth ratio of 0.45 and a beta of 0.25.

Insiders Place Their Bets

In other news, EVP Gregory R. Friberg sold 3,281 shares of the firm’s stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $53.85, for a total transaction of $176,681.85. Following the completion of the sale, the executive vice president directly owned 51,818 shares of the company’s stock, valued at $2,790,399.30. This trade represents a 5.95% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.85% of the stock is currently owned by insiders.

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.