Peregrine Capital Management LLC Acquires New Holdings in BioMarin Pharmaceutical Inc. $BMRN

Peregrine Capital Management LLC bought a new position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 146,923 shares of the biotechnology company’s stock, valued at approximately $8,300,000. Peregrine Capital Management LLC owned approximately 0.08% of BioMarin Pharmaceutical as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Norges Bank bought a new stake in shares of BioMarin Pharmaceutical in the 4th quarter valued at about $447,572,000. Vestal Point Capital LP raised its stake in shares of BioMarin Pharmaceutical by 261.4% during the 4th quarter. Vestal Point Capital LP now owns 3,000,000 shares of the biotechnology company’s stock worth $178,290,000 after acquiring an additional 2,170,000 shares in the last quarter. Capital Research Global Investors lifted its position in BioMarin Pharmaceutical by 547.5% during 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 acquiring an additional 2,145,717 shares during the last quarter. Viking Global Investors LP lifted its position in BioMarin Pharmaceutical by 13.8% during 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 acquiring an additional 1,488,552 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in BioMarin Pharmaceutical by 48.0% in the fourth 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 in the last quarter. 98.71% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at BioMarin Pharmaceutical

In related news, EVP Gregory R. Friberg sold 3,281 shares of the firm’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 completion of the transaction, the executive vice president owned 51,818 shares in the company, valued at $2,790,399.30. This trade represents a 5.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.85% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

BMRN has been the topic of several analyst reports. Wall Street Zen lowered shares of BioMarin Pharmaceutical from a “buy” rating to a “hold” rating in a report on Saturday, June 6th. Canaccord Genuity Group lowered their price objective on BioMarin Pharmaceutical from $116.00 to $111.00 and set a “buy” rating for the company in a research report on Friday, May 22nd. HC Wainwright restated a “neutral” rating on shares of BioMarin Pharmaceutical in a research note on Monday, June 22nd. Wolfe Research restated an “outperform” rating on shares of BioMarin Pharmaceutical in a research note on Monday, March 16th. Finally, Barclays upped their target price on BioMarin Pharmaceutical from $80.00 to $105.00 and gave the company an “overweight” rating in a research report on Tuesday, March 3rd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $88.67.

BioMarin Pharmaceutical Trading Down 0.8%

NASDAQ BMRN opened at $57.22 on Wednesday. The company has a fifty day simple moving average of $54.56 and a two-hundred day simple moving average of $56.59. The stock has a market cap of $11.06 billion, a P/E ratio of 41.77, a P/E/G ratio of 0.44 and a beta of 0.25. 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.