Principal Financial Group Inc. Increases Stake in BioMarin Pharmaceutical Inc. $BMRN

Principal Financial Group Inc. boosted its stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 3.8% during the 1st quarter, Holdings Channel reports. The firm owned 428,607 shares of the biotechnology company’s stock after acquiring an additional 15,549 shares during the quarter. Principal Financial Group Inc.’s holdings in BioMarin Pharmaceutical were worth $24,212,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the stock. CIBC Private Wealth Group LLC raised its holdings in shares of BioMarin Pharmaceutical by 38.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 648 shares of the biotechnology company’s stock worth $39,000 after buying an additional 179 shares during the last quarter. Northwestern Mutual Investment Management Company LLC lifted its stake in shares of BioMarin Pharmaceutical by 0.4% during the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 42,982 shares of the biotechnology company’s stock worth $2,554,000 after buying an additional 183 shares during the period. Nisa Investment Advisors LLC grew its holdings in shares of BioMarin Pharmaceutical by 7.7% during the fourth quarter. Nisa Investment Advisors LLC now owns 2,741 shares of the biotechnology company’s stock valued at $163,000 after buying an additional 195 shares during the last quarter. Caerus Investment Advisors LLC grew its holdings in shares of BioMarin Pharmaceutical by 2.8% during the fourth quarter. Caerus Investment Advisors LLC now owns 10,236 shares of the biotechnology company’s stock valued at $608,000 after buying an additional 278 shares during the last quarter. Finally, Chicago Partners Investment Group LLC increased its position in shares of BioMarin Pharmaceutical by 2.4% in the 1st 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. Institutional investors and hedge funds own 98.71% of the company’s stock.

BioMarin Pharmaceutical Trading Down 0.8%

BioMarin Pharmaceutical stock opened at $59.11 on Tuesday. The firm has a market cap of $11.42 billion, a PE ratio of 43.15, a P/E/G ratio of 0.45 and a beta of 0.24. BioMarin Pharmaceutical Inc. has a 12 month low of $49.26 and a 12 month high of $66.28. The stock’s 50 day simple moving average is $56.05 and its two-hundred day simple moving average is $56.83. The company has a current ratio of 5.81, a quick ratio of 4.20 and a debt-to-equity ratio of 0.23.

Insider Activity

In related news, EVP Gregory R. Friberg sold 3,281 shares of the 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 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 filing with the SEC, which is available at this hyperlink. 0.68% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have commented on BMRN shares. UBS Group reaffirmed a “neutral” rating on shares of BioMarin Pharmaceutical in a research report on Tuesday, July 14th. Wall Street Zen lowered BioMarin Pharmaceutical from a “buy” rating to a “hold” rating in a report on Saturday, June 6th. Royal Bank Of Canada dropped their target price on BioMarin Pharmaceutical from $66.00 to $62.00 and set a “sector perform” rating on the stock in a research report on Tuesday, July 7th. Morgan Stanley decreased their price objective 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, Bank of America dropped their price objective on shares of BioMarin Pharmaceutical from $85.00 to $80.00 and set a “buy” rating on the stock in a report on Tuesday, May 19th. One research 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. According to data from MarketBeat.com, BioMarin Pharmaceutical has a consensus rating of “Moderate Buy” and a consensus price target of $88.26.

About BioMarin Pharmaceutical

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.