Redmile Group LLC Acquires Shares of 173,859 BioMarin Pharmaceutical Inc. $BMRN

Redmile Group LLC acquired a new position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 173,859 shares of the biotechnology company’s stock, valued at approximately $9,821,000. BioMarin Pharmaceutical makes up about 0.7% of Redmile Group LLC’s investment portfolio, making the stock its 23rd biggest position.

Several other large investors also recently made changes to their positions in BMRN. Perpetual Ltd raised its stake in shares of BioMarin Pharmaceutical by 425.7% in the fourth quarter. Perpetual Ltd now owns 25,621 shares of the biotechnology company’s stock worth $1,523,000 after acquiring an additional 20,747 shares during the last quarter. Paragon Capital Management Inc. bought a new stake in shares of BioMarin Pharmaceutical during the fourth quarter valued at approximately $1,191,000. Swedbank AB increased its holdings in shares of BioMarin Pharmaceutical by 70.6% in the fourth quarter. Swedbank AB now owns 796,737 shares of the biotechnology company’s stock valued at $47,350,000 after purchasing an additional 329,794 shares in the last quarter. LSV Asset Management increased its holdings in shares of BioMarin Pharmaceutical by 4.3% in the fourth quarter. LSV Asset Management now owns 882,200 shares of the biotechnology company’s stock valued at $52,429,000 after purchasing an additional 36,700 shares in the last quarter. Finally, C WorldWide Group Holding A S raised its position in BioMarin Pharmaceutical by 12.6% in the 4th quarter. C WorldWide Group Holding A S now owns 267,851 shares of the biotechnology company’s stock worth $15,918,000 after purchasing an additional 30,000 shares during the last quarter. Institutional investors own 98.71% of the company’s stock.

Insider Buying and Selling

In other BioMarin Pharmaceutical 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 completion of the sale, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.68% of the company’s stock.

BioMarin Pharmaceutical Trading Up 3.0%

BMRN opened at $62.07 on Wednesday. The firm has a 50 day simple moving average of $56.99 and a 200 day simple moving average of $56.83. BioMarin Pharmaceutical Inc. has a fifty-two week low of $49.26 and a fifty-two week high of $66.28. The company has a market cap of $12.00 billion, a price-to-earnings ratio of 45.31, a price-to-earnings-growth ratio of 0.46 and a beta of 0.24. The company has a debt-to-equity ratio of 0.23, a current ratio of 5.81 and a quick ratio of 4.20.

Analyst Upgrades and Downgrades

Several research firms have issued reports on BMRN. Wall Street Zen downgraded BioMarin Pharmaceutical from a “buy” rating to a “hold” rating in a report on Saturday, June 6th. The Goldman Sachs Group initiated coverage on BioMarin Pharmaceutical in a research note on Monday, May 11th. They issued a “neutral” rating and a $69.00 target price for the company. Sanford C. Bernstein cut their price target on BioMarin Pharmaceutical from $94.00 to $82.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 5th. HC Wainwright reaffirmed a “neutral” rating on shares of BioMarin Pharmaceutical in a research note on Tuesday, July 14th. Finally, Weiss Ratings upgraded BioMarin Pharmaceutical from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, June 26th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $88.26.

BioMarin Pharmaceutical Company 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.