Rhenman & Partners Asset Management AB Acquires 37,000 Shares of BioMarin Pharmaceutical Inc. $BMRN

Rhenman & Partners Asset Management AB raised its stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 24.7% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 186,650 shares of the biotechnology company’s stock after purchasing an additional 37,000 shares during the period. Rhenman & Partners Asset Management AB’s holdings in BioMarin Pharmaceutical were worth $10,109,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Quent Capital LLC bought a new position in shares of BioMarin Pharmaceutical in the third quarter valued at approximately $28,000. Smartleaf Asset Management LLC raised its position in BioMarin Pharmaceutical by 92.5% in the 3rd quarter. Smartleaf Asset Management LLC now owns 749 shares of the biotechnology company’s stock valued at $40,000 after buying an additional 360 shares during the last quarter. Employees Retirement System of Texas bought a new position in BioMarin Pharmaceutical during the 2nd quarter valued at $58,000. Jones Financial Companies Lllp boosted its holdings in BioMarin Pharmaceutical by 88.1% during the 3rd quarter. Jones Financial Companies Lllp now owns 1,401 shares of the biotechnology company’s stock worth $75,000 after acquiring an additional 656 shares during the last quarter. Finally, Hantz Financial Services Inc. grew its stake in shares of BioMarin Pharmaceutical by 47.3% in the 3rd quarter. Hantz Financial Services Inc. now owns 1,555 shares of the biotechnology company’s stock worth $84,000 after acquiring an additional 499 shares in the last quarter. 98.71% of the stock is owned by institutional investors.

BioMarin Pharmaceutical Stock Performance

Shares of BMRN stock opened at $61.12 on Friday. The firm’s 50 day moving average is $58.92 and its 200 day moving average is $56.27. The stock has a market capitalization of $11.75 billion, a P/E ratio of 34.34, a PEG ratio of 0.53 and a beta of 0.25. BioMarin Pharmaceutical Inc. has a 12 month low of $50.76 and a 12 month high of $73.51. The company has a current ratio of 5.21, a quick ratio of 3.50 and a debt-to-equity ratio of 0.10.

Insider Activity

In other BioMarin Pharmaceutical news, EVP Gregory R. Friberg sold 6,326 shares of the stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $60.38, for a total transaction of $381,963.88. Following the sale, the executive vice president owned 37,578 shares in the company, valued at $2,268,959.64. This represents a 14.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.85% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on BMRN. Truist Financial raised their price target on shares of BioMarin Pharmaceutical from $80.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, December 23rd. Loop Capital set a $105.00 price objective on shares of BioMarin Pharmaceutical in a research note on Monday, March 2nd. Stifel Nicolaus set a $68.00 target price on shares of BioMarin Pharmaceutical in a research report on Tuesday, February 24th. Barclays upped their target price on BioMarin Pharmaceutical from $80.00 to $105.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Guggenheim decreased their price target on BioMarin Pharmaceutical from $106.00 to $86.00 and set a “buy” rating for the company in a research report on Wednesday, February 25th. Fifteen investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, BioMarin Pharmaceutical currently has an average rating of “Moderate Buy” and a consensus price target of $89.64.

BioMarin Pharmaceutical 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.