Torray Investment Partners LLC Makes New $4.42 Million Investment in BioMarin Pharmaceutical Inc. $BMRN

Torray Investment Partners LLC purchased a new stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 78,170 shares of the biotechnology company’s stock, valued at approximately $4,416,000.

Several other large investors have also made changes to their positions in BMRN. Braidwell LP bought a new stake in BioMarin Pharmaceutical during the 3rd quarter valued at approximately $28,596,000. Assenagon Asset Management S.A. boosted its stake in BioMarin Pharmaceutical by 312.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,419,067 shares of the biotechnology company’s stock worth $84,335,000 after purchasing an additional 1,074,929 shares during the period. Perpetual Ltd boosted its stake in BioMarin Pharmaceutical by 425.7% in the 4th quarter. Perpetual Ltd now owns 25,621 shares of the biotechnology company’s stock worth $1,523,000 after purchasing an additional 20,747 shares during the period. Paragon Capital Management Inc. purchased a new stake in BioMarin Pharmaceutical during the 4th quarter valued at approximately $1,191,000. Finally, Hudson Bay Capital Management LP grew its holdings in BioMarin Pharmaceutical by 31.8% during the 3rd quarter. Hudson Bay Capital Management LP now owns 693,894 shares of the biotechnology company’s stock valued at $37,581,000 after buying an additional 167,474 shares in the last quarter. 98.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at BioMarin Pharmaceutical

In other news, EVP Gregory R. Friberg sold 3,281 shares of the business’s stock in a transaction that occurred on Thursday, May 7th. The stock was 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 of the company’s stock, valued at approximately $2,790,399.30. The trade was a 5.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.85% of the company’s stock.

Analysts Set New Price Targets

BMRN has been the topic of several research analyst reports. Sanford C. Bernstein lowered their target price on shares of BioMarin Pharmaceutical from $94.00 to $82.00 and set an “outperform” rating on the stock in a report on Tuesday, May 5th. Bank of America cut their target price on shares of BioMarin Pharmaceutical from $85.00 to $80.00 and set a “buy” rating for the company in a research note on Tuesday, May 19th. Citigroup began coverage on shares of BioMarin Pharmaceutical in a report on Tuesday, May 19th. They issued a “buy” rating and a $75.00 price target on the stock. HC Wainwright reiterated a “neutral” rating on shares of BioMarin Pharmaceutical in a research note on Monday, June 22nd. Finally, Royal Bank Of Canada dropped their price target on BioMarin Pharmaceutical from $66.00 to $62.00 and set a “sector perform” rating for the company in a research note on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $88.50.

BioMarin Pharmaceutical Trading Down 1.4%

BMRN stock traded down $0.85 during midday trading on Friday, reaching $59.12. 1,512,228 shares of the company traded hands, compared to its average volume of 1,735,207. The firm has a market capitalization of $11.43 billion, a price-to-earnings ratio of 43.15, a P/E/G ratio of 0.46 and a beta of 0.24. BioMarin Pharmaceutical Inc. has a 52-week low of $49.26 and a 52-week high of $66.28. The business has a 50 day moving average of $55.39 and a 200-day moving average of $56.88. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.20 and a current ratio of 5.81.

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.