BioMarin Pharmaceutical Inc. $BMRN Shares Purchased by Fifth Third Bancorp

Fifth Third Bancorp boosted its holdings in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 7,695.9% during the 1st quarter, HoldingsChannel reports. The firm owned 62,991 shares of the biotechnology company’s stock after purchasing an additional 62,183 shares during the period. Fifth Third Bancorp’s holdings in BioMarin Pharmaceutical were worth $3,558,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. Norges Bank acquired a new stake in shares of BioMarin Pharmaceutical during the fourth quarter worth about $447,572,000. Vestal Point Capital LP increased its position in BioMarin Pharmaceutical by 261.4% in the 4th quarter. Vestal Point Capital LP now owns 3,000,000 shares of the biotechnology company’s stock valued at $178,290,000 after acquiring an additional 2,170,000 shares during the period. Viking Global Investors LP increased its position in BioMarin Pharmaceutical by 13.8% in the 2nd quarter. Viking Global Investors LP now owns 12,288,611 shares of the biotechnology company’s stock valued at $675,505,000 after acquiring an additional 1,488,552 shares during the period. Dimensional Fund Advisors LP raised its stake in BioMarin Pharmaceutical by 48.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,321,754 shares of the biotechnology company’s stock valued at $197,405,000 after acquiring an additional 1,076,568 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in BioMarin Pharmaceutical by 312.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,419,067 shares of the biotechnology company’s stock valued at $84,335,000 after acquiring an additional 1,074,929 shares during the last quarter. 98.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on BMRN shares. The Goldman Sachs Group started coverage on BioMarin Pharmaceutical in a research note on Monday, May 11th. They issued a “neutral” rating and a $69.00 target price on the stock. Weiss Ratings upgraded BioMarin Pharmaceutical from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, June 26th. Morgan Stanley decreased their price target on BioMarin Pharmaceutical from $120.00 to $119.00 and set an “overweight” rating for the company in a report on Tuesday, May 5th. Truist Financial upgraded shares of BioMarin Pharmaceutical to a “strong-buy” rating in a research report on Wednesday, March 25th. Finally, Wall Street Zen cut shares of BioMarin Pharmaceutical from a “buy” rating to a “hold” rating in a research note on Saturday, June 6th. 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. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $88.26.

Insider Buying and Selling at BioMarin Pharmaceutical

In related news, EVP Gregory R. Friberg sold 3,281 shares of the company’s stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $53.85, for a total transaction of $176,681.85. Following the transaction, the executive vice president owned 51,818 shares of the company’s stock, valued at $2,790,399.30. This represents a 5.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.85% of the stock is currently owned by company insiders.

BioMarin Pharmaceutical Stock Performance

NASDAQ BMRN opened at $59.59 on Monday. The stock has a market capitalization of $11.52 billion, a price-to-earnings ratio of 43.50, a PEG ratio of 0.45 and a beta of 0.24. The business’s 50 day moving average is $55.92 and its two-hundred day moving average is $56.83. BioMarin Pharmaceutical Inc. has a 12-month low of $49.26 and a 12-month high of $66.28. The company has a current ratio of 5.81, a quick ratio of 4.20 and a debt-to-equity ratio of 0.23.

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.