Legal & General Group Plc Sells 306,003 Shares of BioMarin Pharmaceutical Inc. $BMRN

Legal & General Group Plc cut its position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 33.6% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 603,581 shares of the biotechnology company’s stock after selling 306,003 shares during the period. Legal & General Group Plc’s holdings in BioMarin Pharmaceutical were worth $35,871,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Activest Wealth Management bought a new position in BioMarin Pharmaceutical during the fourth quarter valued at approximately $26,000. Smartleaf Asset Management LLC boosted its stake in BioMarin Pharmaceutical by 92.5% during the third quarter. Smartleaf Asset Management LLC now owns 749 shares of the biotechnology company’s stock valued at $40,000 after buying an additional 360 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in BioMarin Pharmaceutical during the third quarter valued at approximately $40,000. Parallel Advisors LLC boosted its stake in BioMarin Pharmaceutical by 62.2% during the third quarter. Parallel Advisors LLC now owns 769 shares of the biotechnology company’s stock valued at $42,000 after buying an additional 295 shares during the last quarter. Finally, V Square Quantitative Management LLC bought a new position in BioMarin Pharmaceutical during the fourth quarter valued at approximately $45,000. 98.71% of the stock is owned by institutional investors.

Insider Activity at BioMarin Pharmaceutical

In related news, EVP Charles Greg Guyer sold 16,486 shares of the firm’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 transaction of $996,743.56. Following the completion of the sale, the executive vice president directly owned 79,953 shares of the company’s stock, valued at approximately $4,833,958.38. This trade represents a 17.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Gregory R. Friberg sold 3,281 shares of the firm’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 value of $176,681.85. Following the sale, the executive vice president directly owned 51,818 shares of the company’s stock, valued at $2,790,399.30. This represents a 5.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.85% of the stock is owned by company insiders.

BioMarin Pharmaceutical Price Performance

NASDAQ:BMRN opened at $57.29 on Friday. The firm has a market capitalization of $11.07 billion, a price-to-earnings ratio of 41.82, a PEG ratio of 0.43 and a beta of 0.23. BioMarin Pharmaceutical Inc. has a 1 year low of $49.26 and a 1 year high of $66.28. The business has a 50 day simple moving average of $54.22 and a 200-day simple moving average of $56.30. The company has a debt-to-equity ratio of 0.23, a current ratio of 5.81 and a quick ratio of 4.20.

Analysts Set New Price Targets

BMRN has been the subject of a number of research reports. Stifel Nicolaus set a $68.00 price target on BioMarin Pharmaceutical in a research note on Tuesday, February 24th. Citigroup began coverage on BioMarin Pharmaceutical in a research note on Tuesday, May 19th. They issued a “buy” rating and a $75.00 price objective for the company. Loop Capital set a $105.00 price objective on BioMarin Pharmaceutical in a research note on Monday, March 2nd. Canaccord Genuity Group lowered their price objective on BioMarin Pharmaceutical from $116.00 to $111.00 and set a “buy” rating for the company in a research note on Friday, May 22nd. Finally, Guggenheim lowered their price objective on BioMarin Pharmaceutical from $106.00 to $86.00 and set a “buy” rating for the company in a research note on Wednesday, February 25th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $88.67.

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.