Westpac Banking Corp Reduces Stake in BioMarin Pharmaceutical Inc. $BMRN

Westpac Banking Corp cut its position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 49.3% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 12,997 shares of the biotechnology company’s stock after selling 12,624 shares during the quarter. Westpac Banking Corp’s holdings in BioMarin Pharmaceutical were worth $734,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of BMRN. Viking Global Investors LP increased its position in shares of BioMarin Pharmaceutical by 13.8% in the second quarter. Viking Global Investors LP now owns 12,288,611 shares of the biotechnology company’s stock valued at $675,505,000 after buying an additional 1,488,552 shares in the last quarter. Norges Bank purchased a new stake in shares of BioMarin Pharmaceutical in the 4th quarter worth about $447,572,000. AQR Capital Management LLC boosted its position in shares of BioMarin Pharmaceutical by 12.7% in the 4th quarter. AQR Capital Management LLC now owns 6,686,916 shares of the biotechnology company’s stock worth $395,197,000 after buying an additional 754,807 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in BioMarin Pharmaceutical by 14.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,802,930 shares of the biotechnology company’s stock valued at $214,804,000 after acquiring an additional 481,176 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in BioMarin Pharmaceutical by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 3,674,089 shares of the biotechnology company’s stock valued at $218,395,000 after acquiring an additional 131,969 shares during the last quarter. 98.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on BMRN shares. Truist Financial upgraded shares of BioMarin Pharmaceutical to a “strong-buy” rating in a research report on Wednesday, March 25th. Bank of America lowered their price target on shares of BioMarin Pharmaceutical from $85.00 to $80.00 and set a “buy” rating on the stock in a research report on Tuesday, May 19th. Canaccord Genuity Group dropped their price objective on shares of BioMarin Pharmaceutical from $116.00 to $111.00 and set a “buy” rating for the company in a research note on Friday, May 22nd. Sanford C. Bernstein cut their price objective on BioMarin Pharmaceutical from $94.00 to $82.00 and set an “outperform” rating for the company in a research report on Tuesday, May 5th. Finally, Weiss Ratings raised BioMarin Pharmaceutical from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, June 26th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $88.26.

BioMarin Pharmaceutical Trading Down 1.4%

Shares of BMRN stock opened at $58.40 on Thursday. The company has a market capitalization of $11.29 billion, a price-to-earnings ratio of 42.63, a PEG ratio of 0.45 and a beta of 0.24. The company has a current ratio of 5.81, a quick ratio of 4.20 and a debt-to-equity ratio of 0.23. The firm has a 50-day moving average price of $56.27 and a 200 day moving average price of $56.82. BioMarin Pharmaceutical Inc. has a twelve month low of $49.26 and a twelve month high of $66.28.

Insider Buying and Selling at BioMarin Pharmaceutical

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 shares were sold at an average price of $53.85, for a total value of $176,681.85. Following the completion of the transaction, the executive vice president owned 51,818 shares of the company’s stock, 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 SEC, which is available at the SEC website. 0.68% of the stock is currently owned by corporate insiders.

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.