Louisiana State Employees Retirement System Makes New Investment in BioMarin Pharmaceutical Inc. $BMRN

Louisiana State Employees Retirement System bought a new position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 55,700 shares of the biotechnology company’s stock, valued at approximately $3,146,000.

A number of other hedge funds and other institutional investors have also modified their holdings of BMRN. Viking Global Investors LP raised 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 worth $675,505,000 after purchasing an additional 1,488,552 shares during the last quarter. Norges Bank bought a new position in BioMarin Pharmaceutical in the 4th quarter valued at $447,572,000. AQR Capital Management LLC boosted its position in 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 valued at $395,197,000 after buying an additional 754,807 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of 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 buying an additional 131,969 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in shares of BioMarin Pharmaceutical by 48.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,321,754 shares of the biotechnology company’s stock worth $197,405,000 after acquiring an additional 1,076,568 shares during the last quarter. Institutional investors and hedge funds own 98.71% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Wolfe Research reaffirmed an “outperform” rating on shares of BioMarin Pharmaceutical in a research note on Monday, March 16th. Citigroup assumed coverage on BioMarin Pharmaceutical in a research report on Tuesday, May 19th. They issued a “buy” rating and a $75.00 price objective for the company. Loop Capital set a $105.00 target price on shares of BioMarin Pharmaceutical in a research report on Monday, March 2nd. Truist Financial upgraded shares of BioMarin Pharmaceutical to a “strong-buy” rating in a research report on Wednesday, March 25th. Finally, The Goldman Sachs Group started coverage on shares of BioMarin Pharmaceutical in a research note on Monday, May 11th. They set a “neutral” rating and a $69.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, BioMarin Pharmaceutical currently has an average rating of “Moderate Buy” and a consensus target price of $88.67.

Insider Transactions at BioMarin Pharmaceutical

In other BioMarin Pharmaceutical 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 of the company’s stock, valued at approximately $2,790,399.30. This represents a 5.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.85% of the company’s stock.

BioMarin Pharmaceutical Stock Performance

Shares of BMRN stock opened at $59.00 on Monday. The company has a debt-to-equity ratio of 0.23, a current ratio of 5.81 and a quick ratio of 4.20. The stock has a market cap of $11.40 billion, a PE ratio of 43.06, a price-to-earnings-growth ratio of 0.45 and a beta of 0.25. The stock has a 50-day moving average of $54.43 and a 200-day moving average of $56.53. BioMarin Pharmaceutical Inc. has a one year low of $49.26 and a one year high of $66.28.

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.