BioMarin Pharmaceutical Inc. $BMRN Shares Sold by Westpac Banking Corp

Westpac Banking Corp cut its holdings in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 49.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 12,997 shares of the biotechnology company’s stock after selling 12,624 shares during the quarter. Westpac Banking Corp’s holdings in BioMarin Pharmaceutical were worth $734,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Activest Wealth Management purchased a new stake in BioMarin Pharmaceutical in the 4th quarter valued at about $26,000. CIBC Private Wealth Group LLC lifted its holdings in shares of BioMarin Pharmaceutical by 38.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 648 shares of the biotechnology company’s stock worth $39,000 after acquiring an additional 179 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in shares of BioMarin Pharmaceutical in the third quarter worth approximately $40,000. Parallel Advisors LLC boosted its position in shares of BioMarin Pharmaceutical by 62.2% in the third quarter. Parallel Advisors LLC now owns 769 shares of the biotechnology company’s stock worth $42,000 after acquiring an additional 295 shares during the last quarter. Finally, V Square Quantitative Management LLC purchased a new stake in BioMarin Pharmaceutical in the fourth quarter valued at approximately $45,000. 98.71% of the stock is owned by institutional investors and hedge funds.

BioMarin Pharmaceutical Stock Down 1.4%

BMRN opened at $58.40 on Thursday. The firm has a 50 day moving average price of $56.27 and a 200 day moving average price of $56.82. The company has a market cap of $11.29 billion, a PE ratio of 42.63, a price-to-earnings-growth ratio of 0.45 and a beta of 0.24. BioMarin Pharmaceutical Inc. has a 1 year low of $49.26 and a 1 year high of $66.28. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.20 and a current ratio of 5.81.

Wall Street Analyst Weigh In

BMRN has been the subject of several research analyst reports. Truist Financial raised shares of BioMarin Pharmaceutical to a “strong-buy” rating in a research report on Wednesday, March 25th. Canaccord Genuity Group lowered their price objective on shares of BioMarin Pharmaceutical from $116.00 to $111.00 and set a “buy” rating for the company in a research note on Friday, May 22nd. UBS Group restated a “neutral” rating on shares of BioMarin Pharmaceutical in a report on Tuesday, July 14th. Wall Street Zen lowered BioMarin Pharmaceutical from a “buy” rating to a “hold” rating in a research report on Saturday, June 6th. Finally, Sanford C. Bernstein cut their target price on BioMarin Pharmaceutical from $94.00 to $82.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 5th. 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’s stock. According to MarketBeat, BioMarin Pharmaceutical presently has an average rating of “Moderate Buy” and a consensus price target of $88.26.

Insiders Place Their Bets

In other BioMarin Pharmaceutical news, EVP Gregory R. Friberg sold 3,281 shares of the business’s stock in a transaction that occurred 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 directly owned 51,818 shares in the company, valued at $2,790,399.30. The trade was a 5.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.68% of the stock is currently owned by company insiders.

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.