Easterly Investment Partners LLC Takes $7.31 Million Position in BioMarin Pharmaceutical Inc. $BMRN

Easterly Investment Partners LLC acquired a new stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) in the fourth quarter, HoldingsChannel.com reports. The fund acquired 123,044 shares of the biotechnology company’s stock, valued at approximately $7,313,000.

A number of other hedge funds also recently made changes to their positions in the business. Viking Global Investors LP lifted its position in shares of BioMarin Pharmaceutical by 13.8% in the second quarter. Viking Global Investors LP now owns 12,288,611 shares of the biotechnology company’s stock valued at $675,505,000 after buying an additional 1,488,552 shares during the last quarter. Norges Bank acquired a new stake in shares of BioMarin Pharmaceutical in the fourth quarter valued at approximately $447,572,000. AQR Capital Management LLC lifted its position in shares of BioMarin Pharmaceutical by 6.3% in the third quarter. AQR Capital Management LLC now owns 5,932,109 shares of the biotechnology company’s stock valued at $321,283,000 after buying an additional 351,536 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of BioMarin Pharmaceutical by 3.7% in the fourth 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 last quarter. Finally, Capital Research Global Investors lifted its position in shares of BioMarin Pharmaceutical by 547.5% in the third quarter. Capital Research Global Investors now owns 2,537,596 shares of the biotechnology company’s stock valued at $137,436,000 after buying an additional 2,145,717 shares during the last quarter. 98.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently issued reports on BMRN shares. Bank of America cut their price objective on BioMarin Pharmaceutical from $85.00 to $80.00 and set a “buy” rating for the company in a research report on Tuesday, May 19th. Wolfe Research reissued an “outperform” rating on shares of BioMarin Pharmaceutical in a report on Monday, March 16th. Wells Fargo & Company lifted their price target on BioMarin Pharmaceutical from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, February 18th. Weiss Ratings raised BioMarin Pharmaceutical from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday. Finally, Canaccord Genuity Group dropped their price target on BioMarin Pharmaceutical from $116.00 to $111.00 and set a “buy” rating for the company in a report on Friday, May 22nd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, BioMarin Pharmaceutical presently has an average rating of “Moderate Buy” and a consensus price target of $88.67.

Insiders Place Their Bets

In related news, EVP Charles Greg Guyer sold 16,486 shares of the business’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $60.46, for a total transaction of $996,743.56. Following the sale, the executive vice president owned 79,953 shares in the company, valued at $4,833,958.38. The trade was a 17.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Gregory R. Friberg sold 3,281 shares of the business’s stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $53.85, for a total value of $176,681.85. Following the sale, the executive vice president owned 51,818 shares in the company, valued at $2,790,399.30. This represents a 5.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.85% of the company’s stock.

BioMarin Pharmaceutical Price Performance

Shares of NASDAQ BMRN opened at $57.29 on Monday. BioMarin Pharmaceutical Inc. has a fifty-two week low of $49.26 and a fifty-two week high of $66.28. The business has a fifty day moving average price of $54.22 and a two-hundred day moving average price of $56.33. 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 capitalization of $11.07 billion, a PE ratio of 41.82, a P/E/G ratio of 0.43 and a beta of 0.25.

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.