Peregrine Capital Management LLC Makes New Investment in BioMarin Pharmaceutical Inc. $BMRN

Peregrine Capital Management LLC acquired a new stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) in the 1st quarter, HoldingsChannel.com reports. The firm acquired 146,923 shares of the biotechnology company’s stock, valued at approximately $8,300,000.

Several other large investors have also made changes to their positions in BMRN. Continuum Advisory LLC lifted its position in BioMarin Pharmaceutical by 3.1% during the first quarter. Continuum Advisory LLC now owns 104,536 shares of the biotechnology company’s stock valued at $5,905,000 after purchasing an additional 3,116 shares during the period. Janney Montgomery Scott LLC grew its position in BioMarin Pharmaceutical by 21.8% during the 1st quarter. Janney Montgomery Scott LLC now owns 27,427 shares of the biotechnology company’s stock worth $1,549,000 after purchasing an additional 4,913 shares during the period. Louisiana State Employees Retirement System acquired a new stake in BioMarin Pharmaceutical during the 1st quarter worth about $3,146,000. Davis Investment Partners LLC raised its stake in shares of BioMarin Pharmaceutical by 31.7% during the 1st quarter. Davis Investment Partners LLC now owns 10,578 shares of the biotechnology company’s stock valued at $598,000 after buying an additional 2,547 shares during the last quarter. Finally, OP Asset Management Ltd purchased a new position in shares of BioMarin Pharmaceutical during the 1st quarter valued at about $3,167,000. 98.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on BMRN. Morgan Stanley lowered their target price on BioMarin Pharmaceutical from $120.00 to $119.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 5th. Wolfe Research reissued an “outperform” rating on shares of BioMarin Pharmaceutical in a report on Monday, March 16th. Truist Financial upgraded BioMarin Pharmaceutical to a “strong-buy” rating in a research report on Wednesday, March 25th. Wall Street Zen cut shares of BioMarin Pharmaceutical from a “buy” rating to a “hold” rating in a research note on Saturday, June 6th. Finally, Weiss Ratings raised shares of BioMarin Pharmaceutical from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $88.67.

BioMarin Pharmaceutical Price Performance

Shares of BioMarin Pharmaceutical stock opened at $57.22 on Wednesday. The firm has a market cap of $11.06 billion, a PE ratio of 41.77, a P/E/G ratio of 0.44 and a beta of 0.25. BioMarin Pharmaceutical Inc. has a twelve month low of $49.26 and a twelve month high of $66.28. The company has a quick ratio of 4.20, a current ratio of 5.81 and a debt-to-equity ratio of 0.23. The business has a 50-day moving average price of $54.56 and a 200 day moving average price of $56.59.

Insider Buying and Selling

In other news, EVP Gregory R. Friberg sold 3,281 shares of the business’s stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $53.85, for a total value of $176,681.85. Following the completion of the sale, the executive vice president directly owned 51,818 shares in the company, valued at $2,790,399.30. The trade was a 5.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.85% of the company’s stock.

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.