BioMarin Pharmaceutical Inc. $BMRN Shares Sold by Hsbc Holdings PLC

Hsbc Holdings PLC cut its stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 70.4% in the first quarter, Holdings Channel.com reports. The firm owned 148,182 shares of the biotechnology company’s stock after selling 352,814 shares during the quarter. Hsbc Holdings PLC’s holdings in BioMarin Pharmaceutical were worth $8,361,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in BioMarin Pharmaceutical during the fourth quarter worth approximately $447,572,000. Vestal Point Capital LP grew its holdings 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 buying an additional 2,170,000 shares in the last quarter. Viking Global Investors LP increased its stake in shares of 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 acquiring an additional 1,488,552 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of BioMarin Pharmaceutical by 48.0% in the 4th 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. Finally, Assenagon Asset Management S.A. raised its holdings in shares of 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 worth $84,335,000 after acquiring an additional 1,074,929 shares during the period. Institutional investors and hedge funds own 98.71% of the company’s stock.

BioMarin Pharmaceutical Trading Down 1.4%

Shares of BMRN stock opened at $58.40 on Thursday. BioMarin Pharmaceutical Inc. has a 1-year low of $49.26 and a 1-year high of $66.28. The firm has a market cap of $11.29 billion, a PE ratio of 42.63, a price-to-earnings-growth ratio of 0.45 and a beta of 0.24. The company has a 50-day moving average of $56.27 and a two-hundred day moving average of $56.82. 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 at BioMarin Pharmaceutical

In related news, EVP Gregory R. Friberg sold 3,281 shares of the stock in a transaction that occurred 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 completion of the transaction, the executive vice president owned 51,818 shares of the company’s stock, valued at approximately $2,790,399.30. This trade represents a 5.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.68% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on BMRN shares. Weiss Ratings raised shares of BioMarin Pharmaceutical from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, June 26th. Sanford C. Bernstein reduced their target price on shares of BioMarin Pharmaceutical from $94.00 to $82.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 5th. UBS Group reiterated a “neutral” rating on shares of BioMarin Pharmaceutical in a report on Tuesday, July 14th. Morgan Stanley dropped their price target on shares of BioMarin Pharmaceutical from $120.00 to $119.00 and set an “overweight” rating for the company in a research note on Tuesday, May 5th. Finally, The Goldman Sachs Group initiated coverage on shares of BioMarin Pharmaceutical in a report on Monday, May 11th. They set a “neutral” rating and a $69.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat, BioMarin Pharmaceutical has a consensus rating of “Moderate Buy” and an average price target of $88.26.

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.