Boone Capital Management LLC Sells 118,903 Shares of BioMarin Pharmaceutical Inc. $BMRN

Boone Capital Management LLC lowered its stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 26.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 328,546 shares of the biotechnology company’s stock after selling 118,903 shares during the quarter. BioMarin Pharmaceutical comprises approximately 5.8% of Boone Capital Management LLC’s investment portfolio, making the stock its 9th largest holding. Boone Capital Management LLC owned about 0.17% of BioMarin Pharmaceutical worth $17,794,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of BMRN. Quent Capital LLC acquired a new stake in BioMarin Pharmaceutical in the 3rd quarter worth approximately $28,000. Smartleaf Asset Management LLC increased its stake in BioMarin Pharmaceutical by 92.5% during the 3rd quarter. Smartleaf Asset Management LLC now owns 749 shares of the biotechnology company’s stock valued at $40,000 after purchasing an additional 360 shares in the last quarter. Parallel Advisors LLC increased its stake in BioMarin Pharmaceutical by 62.2% during the 3rd quarter. Parallel Advisors LLC now owns 769 shares of the biotechnology company’s stock valued at $42,000 after purchasing an additional 295 shares in the last quarter. Employees Retirement System of Texas purchased a new position in shares of BioMarin Pharmaceutical in the second quarter worth $58,000. Finally, Jones Financial Companies Lllp lifted its stake in shares of BioMarin Pharmaceutical by 88.1% during the third quarter. Jones Financial Companies Lllp now owns 1,401 shares of the biotechnology company’s stock worth $75,000 after buying an additional 656 shares during the period. 98.71% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at BioMarin Pharmaceutical

In other BioMarin Pharmaceutical news, EVP Gregory R. Friberg sold 6,326 shares of the business’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $60.38, for a total value of $381,963.88. Following the completion of the transaction, the executive vice president directly owned 37,578 shares of the company’s stock, valued at approximately $2,268,959.64. The trade was a 14.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Charles Greg Guyer sold 16,486 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $60.46, for a total value of $996,743.56. Following the completion of the sale, the executive vice president owned 79,953 shares in the company, valued at approximately $4,833,958.38. This represents a 17.09% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.85% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. HC Wainwright dropped their price objective on shares of BioMarin Pharmaceutical from $60.00 to $55.00 and set a “neutral” rating on the stock in a report on Wednesday, February 25th. Canaccord Genuity Group lifted their price target on BioMarin Pharmaceutical from $98.00 to $104.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. Sanford C. Bernstein boosted their price target on BioMarin Pharmaceutical from $90.00 to $94.00 and gave the company an “outperform” rating in a research note on Wednesday, February 25th. Jefferies Financial Group reissued a “buy” rating and issued a $103.00 price objective on shares of BioMarin Pharmaceutical in a report on Thursday. Finally, Loop Capital set a $105.00 price objective on BioMarin Pharmaceutical in a research note on Monday, March 2nd. Seventeen analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, BioMarin Pharmaceutical has a consensus rating of “Moderate Buy” and an average target price of $90.00.

BioMarin Pharmaceutical Price Performance

NASDAQ:BMRN opened at $58.51 on Friday. The firm’s fifty day moving average is $58.96 and its two-hundred day moving average is $56.33. The firm has a market cap of $11.25 billion, a price-to-earnings ratio of 32.87, a PEG ratio of 0.57 and a beta of 0.25. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.50 and a current ratio of 5.21. BioMarin Pharmaceutical Inc. has a one year low of $50.76 and a one year high of $73.18.

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.