Korea Investment CORP Boosts Stake in BioMarin Pharmaceutical Inc. $BMRN

Korea Investment CORP raised its stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 115.2% during the third quarter, Holdings Channel.com reports. The institutional investor owned 519,903 shares of the biotechnology company’s stock after buying an additional 278,300 shares during the period. Korea Investment CORP’s holdings in BioMarin Pharmaceutical were worth $28,158,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of BMRN. AQR Capital Management LLC raised its holdings in shares of BioMarin Pharmaceutical by 90.7% in the second quarter. AQR Capital Management LLC now owns 5,580,573 shares of the biotechnology company’s stock worth $306,429,000 after acquiring an additional 2,654,768 shares during the last quarter. Norges Bank acquired a new stake in shares of BioMarin Pharmaceutical during the second quarter valued at $112,352,000. Viking Global Investors LP increased its position in BioMarin Pharmaceutical by 13.8% during 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 in the last quarter. LSV Asset Management increased its position in BioMarin Pharmaceutical by 2,445.5% during the 3rd quarter. LSV Asset Management now owns 845,500 shares of the biotechnology company’s stock worth $45,792,000 after purchasing an additional 812,284 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in BioMarin Pharmaceutical by 42.7% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,245,186 shares of the biotechnology company’s stock valued at $121,597,000 after purchasing an additional 671,566 shares during the last quarter. Hedge funds and other institutional investors own 98.71% of the company’s stock.

Insider Buying and Selling at BioMarin Pharmaceutical

In other news, EVP Gregory R. Friberg sold 6,326 shares of the stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $60.38, for a total transaction of $381,963.88. Following the transaction, the executive vice president directly owned 37,578 shares in the company, valued at $2,268,959.64. This represents a 14.41% 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 currently owned by insiders.

BioMarin Pharmaceutical Stock Down 0.4%

BMRN opened at $60.88 on Tuesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 5.21 and a quick ratio of 3.50. The stock has a market capitalization of $11.71 billion, a price-to-earnings ratio of 34.20, a price-to-earnings-growth ratio of 0.53 and a beta of 0.25. The business has a 50-day moving average of $58.93 and a two-hundred day moving average of $56.27. BioMarin Pharmaceutical Inc. has a 12 month low of $50.76 and a 12 month high of $73.18.

Wall Street Analysts Forecast Growth

BMRN has been the topic of a number of recent research reports. Piper Sandler reduced their target price on shares of BioMarin Pharmaceutical from $122.00 to $84.00 and set an “overweight” rating on the stock in a report on Friday, February 6th. HC Wainwright cut their price objective on shares of BioMarin Pharmaceutical from $60.00 to $55.00 and set a “neutral” rating for the company in a research report on Wednesday, February 25th. Wells Fargo & Company upped their price objective on shares of BioMarin Pharmaceutical from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, February 18th. Weiss Ratings restated a “sell (d)” rating on shares of BioMarin Pharmaceutical in a research report on Monday, December 29th. Finally, Truist Financial lifted their target price on shares of BioMarin Pharmaceutical from $80.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, December 23rd. Fifteen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $89.64.

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.