Mirae Asset Global Investments Co. Ltd. increased its stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN – Free Report) by 96.0% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 201,765 shares of the biotechnology company’s stock after acquiring an additional 98,818 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned 0.11% of BioMarin Pharmaceutical worth $19,620,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Edge Capital Group LLC acquired a new stake in BioMarin Pharmaceutical in the first quarter valued at approximately $309,000. Robeco Institutional Asset Management B.V. grew its position in BioMarin Pharmaceutical by 15.3% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 34,905 shares of the biotechnology company’s stock valued at $3,394,000 after purchasing an additional 4,640 shares during the period. Westpac Banking Corp increased its stake in BioMarin Pharmaceutical by 29.0% during the 1st quarter. Westpac Banking Corp now owns 17,454 shares of the biotechnology company’s stock valued at $1,697,000 after purchasing an additional 3,923 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in BioMarin Pharmaceutical by 15.7% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 16,748 shares of the biotechnology company’s stock worth $1,629,000 after buying an additional 2,275 shares during the last quarter. Finally, abrdn plc lifted its stake in shares of BioMarin Pharmaceutical by 87.3% in the first quarter. abrdn plc now owns 33,016 shares of the biotechnology company’s stock valued at $3,210,000 after buying an additional 15,387 shares in the last quarter. Institutional investors and hedge funds own 92.70% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities research analysts recently weighed in on the stock. Royal Bank of Canada restated a “sector perform” rating and issued a $100.00 target price on shares of BioMarin Pharmaceutical in a report on Tuesday. 500.com restated a “reiterates” rating on shares of BioMarin Pharmaceutical in a report on Friday, June 30th. SpectralCast reaffirmed a “reiterates” rating on shares of BioMarin Pharmaceutical in a research report on Thursday, April 27th. Wedbush lowered their price target on BioMarin Pharmaceutical from $73.00 to $70.00 and set a “neutral” rating for the company in a research report on Tuesday. Finally, Truist Financial raised their price objective on BioMarin Pharmaceutical from $125.00 to $140.00 and gave the company a “buy” rating in a research note on Friday, June 30th. One analyst has rated the stock with a sell rating, seven have given a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $115.62.
BioMarin Pharmaceutical Trading Up 0.9 %
Insider Activity at BioMarin Pharmaceutical
In other BioMarin Pharmaceutical news, CEO Jean Jacques Bienaime sold 30,000 shares of BioMarin Pharmaceutical stock in a transaction dated Wednesday, May 10th. The stock was sold at an average price of $94.85, for a total transaction of $2,845,500.00. Following the completion of the transaction, the chief executive officer now owns 426,213 shares of the company’s stock, valued at approximately $40,426,303.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.84% of the stock is currently owned by corporate insiders.
BioMarin Pharmaceutical Company Profile
BioMarin Pharmaceutical Inc develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. Its commercial products include Vimizim, an enzyme replacement therapy for the treatment of mucopolysaccharidosis (MPS) IV type A, a lysosomal storage disorder; Naglazyme, a recombinant form of N-acetylgalactosamine 4-sulfatase for patients with MPS VI; and Kuvan, a proprietary synthetic oral form of 6R-BH4 that is used to treat patients with phenylketonuria (PKU), an inherited metabolic disease.
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