Sofinnova Investments Inc. Purchases Shares of 697,133 BioMarin Pharmaceutical Inc. $BMRN

Sofinnova Investments Inc. purchased a new stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) during the fourth quarter, according to its most recent filing with the SEC. The fund purchased 697,133 shares of the biotechnology company’s stock, valued at approximately $41,431,000. BioMarin Pharmaceutical comprises about 1.7% of Sofinnova Investments Inc.’s portfolio, making the stock its 16th largest holding.

A number of other large investors have also recently made changes to their positions in the business. CIBC Private Wealth Group LLC increased its holdings in shares of BioMarin Pharmaceutical by 38.2% in the 4th quarter. CIBC Private Wealth Group LLC now owns 648 shares of the biotechnology company’s stock worth $39,000 after buying an additional 179 shares during the last quarter. Northwestern Mutual Investment Management Company LLC lifted its position in shares of BioMarin Pharmaceutical by 0.4% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 42,982 shares of the biotechnology company’s stock worth $2,554,000 after purchasing an additional 183 shares during the period. Nisa Investment Advisors LLC lifted its position in shares of BioMarin Pharmaceutical by 7.7% in the 4th quarter. Nisa Investment Advisors LLC now owns 2,741 shares of the biotechnology company’s stock worth $163,000 after purchasing an additional 195 shares during the period. EverSource Wealth Advisors LLC lifted its position in BioMarin Pharmaceutical by 3.4% during the third quarter. EverSource Wealth Advisors LLC now owns 7,151 shares of the biotechnology company’s stock valued at $387,000 after acquiring an additional 235 shares during the last quarter. Finally, Davis Investment Partners LLC lifted its position in BioMarin Pharmaceutical by 3.1% during the fourth quarter. Davis Investment Partners LLC now owns 8,031 shares of the biotechnology company’s stock valued at $477,000 after acquiring an additional 243 shares during the last quarter. 98.71% of the stock is currently owned by institutional investors.

BioMarin Pharmaceutical Price Performance

BioMarin Pharmaceutical stock opened at $55.65 on Tuesday. BioMarin Pharmaceutical Inc. has a 12-month low of $49.26 and a 12-month high of $66.28. The stock has a market cap of $10.76 billion, a P/E ratio of 40.62, a PEG ratio of 0.43 and a beta of 0.25. The company has a 50-day moving average price of $54.35 and a 200 day moving average price of $56.43. The company has a current ratio of 5.81, a quick ratio of 4.20 and a debt-to-equity ratio of 0.23.

Wall Street Analysts Forecast Growth

BMRN has been the subject of a number of analyst reports. Weiss Ratings cut shares of BioMarin Pharmaceutical from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday. HC Wainwright cut their price objective on shares of BioMarin Pharmaceutical from $55.00 to $50.00 and set a “neutral” rating on the stock in a research note on Monday, May 18th. Canaccord Genuity Group lowered their price target 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 target on shares of BioMarin Pharmaceutical from $120.00 to $119.00 and set an “overweight” rating on the stock in a report on Tuesday, May 5th. Finally, Guggenheim decreased their price objective on shares of BioMarin Pharmaceutical from $106.00 to $86.00 and set a “buy” rating on the stock in a report on Wednesday, February 25th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, BioMarin Pharmaceutical has a consensus rating of “Moderate Buy” and an average target price of $88.67.

Insider Buying and Selling at BioMarin Pharmaceutical

In other BioMarin Pharmaceutical news, EVP Gregory R. Friberg sold 3,281 shares of BioMarin Pharmaceutical stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $53.85, for a total transaction 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. This trade represents a 5.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.85% of the stock is currently owned by corporate insiders.

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.