OP Asset Management Ltd Invests $3.17 Million in BioMarin Pharmaceutical Inc. $BMRN

OP Asset Management Ltd acquired a new position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 56,060 shares of the biotechnology company’s stock, valued at approximately $3,167,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. CIBC Private Wealth Group LLC increased its stake in shares of BioMarin Pharmaceutical by 38.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 648 shares of the biotechnology company’s stock valued at $39,000 after purchasing an additional 179 shares during the period. Northwestern Mutual Investment Management Company LLC boosted its position in shares of BioMarin Pharmaceutical by 0.4% during the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 42,982 shares of the biotechnology company’s stock worth $2,554,000 after buying an additional 183 shares during the period. Nisa Investment Advisors LLC grew its holdings in 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 buying an additional 195 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in BioMarin Pharmaceutical by 3.4% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 7,151 shares of the biotechnology company’s stock worth $387,000 after buying an additional 235 shares in the last quarter. Finally, Davis Investment Partners LLC increased its position in BioMarin Pharmaceutical by 3.1% in the 4th 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 period. 98.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Canaccord Genuity Group cut their target price on BioMarin Pharmaceutical from $116.00 to $111.00 and set a “buy” rating on the stock in a research note on Friday, May 22nd. Weiss Ratings raised BioMarin Pharmaceutical from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday. Wolfe Research restated an “outperform” rating on shares of BioMarin Pharmaceutical in a research note on Monday, March 16th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $103.00 price objective on shares of BioMarin Pharmaceutical in a report on Thursday, March 12th. Finally, Wall Street Zen lowered shares of BioMarin Pharmaceutical from a “buy” rating to a “hold” rating in a research report on Saturday, June 6th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, BioMarin Pharmaceutical presently has an average rating of “Moderate Buy” and a consensus price target of $88.67.

BioMarin Pharmaceutical Stock Up 2.9%

NASDAQ BMRN opened at $59.00 on Friday. BioMarin Pharmaceutical Inc. has a 12 month low of $49.26 and a 12 month high of $66.28. The company has a market capitalization of $11.40 billion, a P/E ratio of 43.06, a PEG ratio of 0.45 and a beta of 0.25. The company’s 50 day simple moving average is $54.43 and its 200 day simple moving average is $56.51. The company has a debt-to-equity ratio of 0.23, a current ratio of 5.81 and a quick ratio of 4.20.

Insider Activity

In related news, EVP Gregory R. Friberg sold 3,281 shares of the company’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 sale, the executive vice president owned 51,818 shares in the company, valued at approximately $2,790,399.30. This represents a 5.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.85% of the stock is 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.