Bank of New York Mellon Corp Has $64.67 Million Stake in BioMarin Pharmaceutical Inc. $BMRN

Bank of New York Mellon Corp reduced its stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 35.5% during the 1st quarter, Holdings Channel.com reports. The firm owned 1,144,892 shares of the biotechnology company’s stock after selling 631,362 shares during the quarter. Bank of New York Mellon Corp’s holdings in BioMarin Pharmaceutical were worth $64,675,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. State of Michigan Retirement System boosted its position in BioMarin Pharmaceutical by 1.8% in the 1st quarter. State of Michigan Retirement System now owns 46,200 shares of the biotechnology company’s stock valued at $2,610,000 after buying an additional 800 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of BioMarin Pharmaceutical by 3.8% during the first quarter. Principal Financial Group Inc. now owns 428,607 shares of the biotechnology company’s stock worth $24,212,000 after acquiring an additional 15,549 shares during the last quarter. Chicago Partners Investment Group LLC lifted its stake in shares of BioMarin Pharmaceutical by 2.4% during the first quarter. Chicago Partners Investment Group LLC now owns 12,183 shares of the biotechnology company’s stock valued at $660,000 after acquiring an additional 290 shares during the period. J. Safra Sarasin Holding AG lifted its stake in shares of BioMarin Pharmaceutical by 41.7% during the first quarter. J. Safra Sarasin Holding AG now owns 43,719 shares of the biotechnology company’s stock valued at $2,470,000 after acquiring an additional 12,859 shares during the period. Finally, Citizens Financial Group Inc. RI bought a new position in BioMarin Pharmaceutical in the first quarter valued at about $278,000. Institutional investors and hedge funds own 98.71% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on BMRN. HC Wainwright reiterated a “neutral” rating on shares of BioMarin Pharmaceutical in a research report on Tuesday, July 14th. UBS Group reaffirmed a “neutral” rating on shares of BioMarin Pharmaceutical in a research note on Tuesday, July 14th. Royal Bank Of Canada lowered their price target on shares of BioMarin Pharmaceutical from $66.00 to $62.00 and set a “sector perform” rating for the company in a research report on Tuesday, July 7th. Wall Street Zen downgraded shares of BioMarin Pharmaceutical from a “buy” rating to a “hold” rating in a research note on Saturday, June 6th. Finally, Sanford C. Bernstein cut their price objective on shares of BioMarin Pharmaceutical from $94.00 to $82.00 and set an “outperform” rating on the stock in a report on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $88.26.

BioMarin Pharmaceutical Stock Performance

Shares of BMRN stock opened at $58.40 on Thursday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.20 and a current ratio of 5.81. BioMarin Pharmaceutical Inc. has a 52 week low of $49.26 and a 52 week high of $66.28. The company’s 50 day moving average price is $56.27 and its two-hundred day moving average price is $56.82. The company has a market capitalization of $11.29 billion, a P/E ratio of 42.63, a price-to-earnings-growth ratio of 0.45 and a beta of 0.24.

Insider Activity

In related news, EVP Gregory R. Friberg sold 3,281 shares of the firm’s stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $53.85, for a total transaction of $176,681.85. Following 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 SEC, which is available at this hyperlink. 0.68% of the stock is owned by corporate insiders.

BioMarin Pharmaceutical Company 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.