SummitTX Capital L.P. Grows Stake in BioMarin Pharmaceutical Inc. $BMRN

SummitTX Capital L.P. grew its stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 129.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 90,632 shares of the biotechnology company’s stock after acquiring an additional 51,180 shares during the quarter. SummitTX Capital L.P.’s holdings in BioMarin Pharmaceutical were worth $5,120,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. NewEdge Advisors LLC boosted its stake in BioMarin Pharmaceutical by 11.5% in the 1st quarter. NewEdge Advisors LLC now owns 3,769 shares of the biotechnology company’s stock worth $266,000 after purchasing an additional 388 shares in the last quarter. Empowered Funds LLC grew its position in BioMarin Pharmaceutical by 207.4% during the 1st quarter. Empowered Funds LLC now owns 12,023 shares of the biotechnology company’s stock valued at $850,000 after purchasing an additional 8,112 shares during the last quarter. Focus Partners Wealth increased its stake in BioMarin Pharmaceutical by 70.2% during the 1st quarter. Focus Partners Wealth now owns 11,817 shares of the biotechnology company’s stock valued at $835,000 after purchasing an additional 4,876 shares in the last quarter. Sivia Capital Partners LLC raised its holdings in BioMarin Pharmaceutical by 33.0% in the second quarter. Sivia Capital Partners LLC now owns 4,439 shares of the biotechnology company’s stock worth $244,000 after buying an additional 1,102 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in BioMarin Pharmaceutical by 23.5% in the second quarter. Invesco Ltd. now owns 618,835 shares of the biotechnology company’s stock worth $34,017,000 after buying an additional 117,617 shares during the last quarter. Hedge funds and other 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 the business’s 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 directly owned 51,818 shares in the company, valued at approximately $2,790,399.30. The trade was a 5.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.68% of the company’s stock.

Analyst Upgrades and Downgrades

BMRN has been the topic of several analyst reports. The Goldman Sachs Group began coverage on shares of BioMarin Pharmaceutical in a research note on Monday, May 11th. They issued a “neutral” rating and a $69.00 target price on the stock. Morgan Stanley decreased their price objective on shares of BioMarin Pharmaceutical from $120.00 to $119.00 and set an “overweight” rating for the company in a report on Tuesday, May 5th. Sanford C. Bernstein lowered their price objective 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. Bank of America cut their target price on BioMarin Pharmaceutical from $85.00 to $80.00 and set a “buy” rating on the stock in a research note on Tuesday, May 19th. Finally, Citigroup lifted their target price on BioMarin Pharmaceutical from $75.00 to $76.00 and gave the stock a “buy” rating in a report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $88.26.

BioMarin Pharmaceutical Price Performance

BMRN opened at $60.27 on Tuesday. The company’s 50-day simple moving average is $56.75 and its two-hundred day simple moving average is $56.82. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.20 and a current ratio of 5.81. The stock has a market capitalization of $11.65 billion, a P/E ratio of 43.99, a P/E/G ratio of 0.45 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.

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.