Sofinnova Investments Inc. Acquires New Shares in BioMarin Pharmaceutical Inc. $BMRN

Sofinnova Investments Inc. acquired a new stake in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) in the fourth quarter, according to its most recent filing with the SEC. The fund acquired 697,133 shares of the biotechnology company’s stock, valued at approximately $41,431,000. BioMarin Pharmaceutical makes up 1.7% of Sofinnova Investments Inc.’s holdings, making the stock its 16th largest holding. Sofinnova Investments Inc. owned approximately 0.36% of BioMarin Pharmaceutical as of its most recent filing with the SEC.

Other hedge funds have also recently made changes to their positions in the company. Activest Wealth Management purchased a new position in shares of BioMarin Pharmaceutical during the 4th quarter valued at $26,000. CIBC Private Wealth Group LLC lifted its stake in shares of BioMarin Pharmaceutical by 38.2% in the 4th quarter. CIBC Private Wealth Group LLC now owns 648 shares of the biotechnology company’s stock valued at $39,000 after acquiring an additional 179 shares during the last quarter. Smartleaf Asset Management LLC lifted its stake in shares of BioMarin Pharmaceutical by 92.5% in the 3rd quarter. Smartleaf Asset Management LLC now owns 749 shares of the biotechnology company’s stock valued at $40,000 after acquiring an additional 360 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of BioMarin Pharmaceutical in the 3rd quarter valued at about $40,000. Finally, Parallel Advisors LLC lifted its stake in shares of BioMarin Pharmaceutical by 62.2% in the 3rd quarter. Parallel Advisors LLC now owns 769 shares of the biotechnology company’s stock valued at $42,000 after acquiring an additional 295 shares during the last quarter. 98.71% of the stock is currently owned by hedge funds and other institutional investors.

BioMarin Pharmaceutical Trading Down 0.5%

Shares of BioMarin Pharmaceutical stock opened at $55.65 on Tuesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 5.81 and a quick ratio of 4.20. BioMarin Pharmaceutical Inc. has a 1-year low of $49.26 and a 1-year high of $66.28. The company’s fifty day simple moving average is $54.35 and its 200-day simple moving average is $56.43. The stock has a market capitalization of $10.76 billion, a PE ratio of 40.62, a P/E/G ratio of 0.43 and a beta of 0.25.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Wells Fargo & Company increased their target price on shares of BioMarin Pharmaceutical from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, February 18th. Weiss Ratings downgraded shares of BioMarin Pharmaceutical from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday. Morgan Stanley decreased their target price 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. Loop Capital set a $105.00 price target on shares of BioMarin Pharmaceutical in a report on Monday, March 2nd. Finally, Bank of America cut their price target 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. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, BioMarin Pharmaceutical currently has a consensus rating of “Moderate Buy” and a consensus price target of $88.67.

Insider Buying and Selling at BioMarin Pharmaceutical

In related news, EVP Gregory R. Friberg sold 3,281 shares of BioMarin Pharmaceutical 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 transaction, the executive vice president owned 51,818 shares in the company, valued at approximately $2,790,399.30. The trade was a 5.95% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.85% of the company’s stock.

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.