Bull Harbor Capital LLC Acquires New Shares in BioMarin Pharmaceutical Inc. $BMRN

Bull Harbor Capital LLC acquired a new position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 19,207 shares of the biotechnology company’s stock, valued at approximately $1,085,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Norges Bank acquired a new position in BioMarin Pharmaceutical in the fourth quarter valued at about $447,572,000. Vestal Point Capital LP lifted its holdings in shares of BioMarin Pharmaceutical by 261.4% during the 4th quarter. Vestal Point Capital LP now owns 3,000,000 shares of the biotechnology company’s stock valued at $178,290,000 after purchasing an additional 2,170,000 shares in the last quarter. Viking Global Investors LP grew its position in shares of BioMarin Pharmaceutical by 13.8% in the 2nd quarter. Viking Global Investors LP now owns 12,288,611 shares of the biotechnology company’s stock valued at $675,505,000 after purchasing an additional 1,488,552 shares during the period. Dimensional Fund Advisors LP grew its position in shares of BioMarin Pharmaceutical by 48.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,321,754 shares of the biotechnology company’s stock valued at $197,405,000 after purchasing an additional 1,076,568 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its stake in BioMarin Pharmaceutical by 3,494.9% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 957,011 shares of the biotechnology company’s stock worth $56,875,000 after purchasing an additional 930,390 shares in the last quarter. 98.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on BMRN. Canaccord Genuity Group dropped their target price on shares of BioMarin Pharmaceutical from $116.00 to $111.00 and set a “buy” rating on the stock in a report on Friday, May 22nd. Morgan Stanley lowered 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 report on Tuesday, May 5th. Royal Bank Of Canada dropped their price objective on shares of BioMarin Pharmaceutical from $66.00 to $62.00 and set a “sector perform” rating on the stock in a report on Tuesday, July 7th. Sanford C. Bernstein cut their price objective on shares of BioMarin Pharmaceutical from $94.00 to $82.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 5th. Finally, Citigroup upped their target price on shares of BioMarin Pharmaceutical from $75.00 to $76.00 and gave the stock a “buy” rating in a research note on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $88.26.

BioMarin Pharmaceutical Stock Down 1.1%

Shares of BMRN stock opened at $61.37 on Thursday. The firm’s fifty day moving average price is $57.22 and its two-hundred day moving average price is $56.84. 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 has a market capitalization of $11.86 billion, a P/E ratio of 44.80, a PEG ratio of 0.47 and a beta of 0.24.

Insider Activity

In related news, EVP Gregory R. Friberg sold 3,281 shares of the company’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 sale, the executive vice president owned 51,818 shares in the company, valued at approximately $2,790,399.30. This represents a 5.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.68% of the company’s stock.

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.