Industrial Alliance Investment Management Inc. Increases Stock Position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Posted by on Mar 16th, 2023

Industrial Alliance Investment Management Inc. grew its stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN – Get Rating) by 4.5% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 47,060 shares of the biotechnology company’s stock after buying an additional 2,030 shares during the period. Industrial Alliance Investment Management Inc.’s holdings in BioMarin Pharmaceutical were worth $3,989,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in BMRN. Raymond James Financial Services Advisors Inc. grew its stake in shares of BioMarin Pharmaceutical by 225.9% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 16,838 shares of the biotechnology company’s stock valued at $1,298,000 after buying an additional 11,672 shares during the period. American Century Companies Inc. grew its stake in shares of BioMarin Pharmaceutical by 64.6% during the 1st quarter. American Century Companies Inc. now owns 11,312 shares of the biotechnology company’s stock valued at $872,000 after buying an additional 4,440 shares during the period. Cetera Advisor Networks LLC grew its stake in shares of BioMarin Pharmaceutical by 38.3% during the 1st quarter. Cetera Advisor Networks LLC now owns 5,525 shares of the biotechnology company’s stock valued at $426,000 after buying an additional 1,530 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of BioMarin Pharmaceutical by 14.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 8,362 shares of the biotechnology company’s stock valued at $644,000 after buying an additional 1,055 shares during the period. Finally, Acadian Asset Management LLC grew its stake in shares of BioMarin Pharmaceutical by 395.4% during the 1st quarter. Acadian Asset Management LLC now owns 431 shares of the biotechnology company’s stock valued at $32,000 after buying an additional 344 shares during the period. 96.26% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Avian Securities cut shares of BioMarin Pharmaceutical to a “market perform” rating in a research report on Wednesday, February 22nd. StockNews.com assumed coverage on shares of BioMarin Pharmaceutical in a research report on Thursday. They set a “hold” rating for the company. Oppenheimer cut shares of BioMarin Pharmaceutical from an “outperform” rating to a “market perform” rating in a research report on Wednesday, February 22nd. Bank of America upped their price target on shares of BioMarin Pharmaceutical to $200.00 in a research report on Wednesday, January 4th. Finally, Evercore ISI upped their price target on shares of BioMarin Pharmaceutical to $130.00 in a research report on Friday, December 2nd. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, BioMarin Pharmaceutical currently has a consensus rating of “Moderate Buy” and an average price target of $120.11.

Insider Activity

In other news, CFO Brian Mueller sold 2,500 shares of the company’s stock in a transaction dated Friday, January 13th. The shares were sold at an average price of $114.50, for a total value of $286,250.00. Following the sale, the chief financial officer now owns 27,746 shares in the company, valued at approximately $3,176,917. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, EVP Jeffrey Robert Ajer sold 49,000 shares of the stock in a transaction dated Wednesday, January 25th. The shares were sold at an average price of $115.70, for a total transaction of $5,669,300.00. Following the sale, the executive vice president now owns 41,088 shares in the company, valued at $4,753,881.60. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Brian Mueller sold 2,500 shares of the stock in a transaction dated Friday, January 13th. The stock was sold at an average price of $114.50, for a total transaction of $286,250.00. Following the sale, the chief financial officer now owns 27,746 shares in the company, valued at approximately $3,176,917. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 115,500 shares of company stock worth $12,607,900. 1.75% of the stock is currently owned by corporate insiders.

BioMarin Pharmaceutical Stock Performance

Shares of BioMarin Pharmaceutical stock opened at $87.74 on Thursday. The firm has a market cap of $16.37 billion, a PE ratio of 118.57 and a beta of 0.39. The firm’s 50-day simple moving average is $106.62 and its 200-day simple moving average is $97.59. The company has a debt-to-equity ratio of 0.24, a quick ratio of 3.15 and a current ratio of 4.67. BioMarin Pharmaceutical Inc. has a 1 year low of $70.73 and a 1 year high of $117.77.

BioMarin Pharmaceutical Company Profile

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BioMarin Pharmaceutical, Inc engages in the development and commercialization of therapies for people with serious and life-threatening rare diseases and medical conditions. Its pipeline products include Valoctocogene roxaparvovec, Vosoritide, and BMN 307. The company was founded by John C. Klock, Christopher M.

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Institutional Ownership by Quarter for BioMarin Pharmaceutical (NASDAQ:BMRN)

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