Essential Partners LLC Decreases Position in BioMarin Pharmaceutical Inc. $BMRN

Essential Partners LLC trimmed its position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 50.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 8,777 shares of the biotechnology company’s stock after selling 8,843 shares during the period. Essential Partners LLC’s holdings in BioMarin Pharmaceutical were worth $496,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Viking Global Investors LP lifted its position in shares of BioMarin Pharmaceutical by 13.8% in the second quarter. Viking Global Investors LP now owns 12,288,611 shares of the biotechnology company’s stock valued at $675,505,000 after acquiring an additional 1,488,552 shares in the last quarter. Norges Bank purchased a new stake in shares of BioMarin Pharmaceutical during the fourth quarter worth approximately $447,572,000. AQR Capital Management LLC increased its position in shares of BioMarin Pharmaceutical by 12.7% during the fourth quarter. AQR Capital Management LLC now owns 6,686,916 shares of the biotechnology company’s stock worth $395,197,000 after purchasing an additional 754,807 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in BioMarin Pharmaceutical by 14.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,802,930 shares of the biotechnology company’s stock valued at $214,804,000 after purchasing an additional 481,176 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in BioMarin Pharmaceutical by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 3,674,089 shares of the biotechnology company’s stock valued at $218,395,000 after acquiring an additional 131,969 shares in the last quarter. 98.71% of the stock is currently owned by hedge funds and other institutional investors.

BioMarin Pharmaceutical Stock Performance

Shares of BioMarin Pharmaceutical stock opened at $60.58 on Friday. The firm’s fifty day simple moving average is $57.35 and its 200-day simple moving average is $56.85. BioMarin Pharmaceutical Inc. has a 12 month low of $49.26 and a 12 month high of $66.28. The stock has a market capitalization of $11.71 billion, a price-to-earnings ratio of 44.22, a PEG ratio of 0.47 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 brokerages have issued reports on BMRN. HC Wainwright restated a “neutral” rating on shares of BioMarin Pharmaceutical in a report on Tuesday, July 14th. Bank of America decreased their price objective 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. Wall Street Zen lowered BioMarin Pharmaceutical from a “buy” rating to a “hold” rating in a research note on Saturday, June 6th. Morgan Stanley reduced their target price on shares of BioMarin Pharmaceutical from $120.00 to $119.00 and set an “overweight” rating on the stock in a report on Tuesday, May 5th. Finally, The Goldman Sachs Group assumed coverage on shares of BioMarin Pharmaceutical in a research report on Monday, May 11th. They issued a “neutral” rating and a $69.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $88.26.

Insider Buying and Selling

In other news, EVP Gregory R. Friberg sold 3,281 shares of the company’s stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $53.85, for a total value of $176,681.85. Following the completion of the sale, the executive vice president directly owned 51,818 shares of the company’s stock, valued at approximately $2,790,399.30. This represents a 5.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.68% of the company’s stock.

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.