Northwestern Mutual Wealth Management Co. Buys 930,390 Shares of BioMarin Pharmaceutical Inc. $BMRN

Northwestern Mutual Wealth Management Co. raised its stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 3,494.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 957,011 shares of the biotechnology company’s stock after acquiring an additional 930,390 shares during the quarter. Northwestern Mutual Wealth Management Co. owned approximately 0.50% of BioMarin Pharmaceutical worth $56,875,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Activest Wealth Management bought a new position in shares of BioMarin Pharmaceutical during the fourth quarter valued at $26,000. Quent Capital LLC bought a new position in shares of BioMarin Pharmaceutical during the third quarter valued at $28,000. Caitong International Asset Management Co. Ltd bought a new position in shares of BioMarin Pharmaceutical during the third quarter valued at $40,000. Smartleaf Asset Management LLC lifted its holdings in shares of 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 acquiring an additional 360 shares during the period. Finally, V Square Quantitative Management LLC bought a new position in shares of BioMarin Pharmaceutical during the fourth quarter valued at $45,000. 98.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

BMRN has been the subject of a number of analyst reports. Piper Sandler cut their price objective on BioMarin Pharmaceutical from $122.00 to $84.00 and set an “overweight” rating for the company in a report on Friday, February 6th. Bank of America cut their price objective on BioMarin Pharmaceutical from $97.00 to $85.00 and set a “buy” rating for the company in a report on Wednesday, March 11th. Guggenheim cut their price objective on BioMarin Pharmaceutical from $106.00 to $86.00 and set a “buy” rating for the company in a report on Wednesday, February 25th. Weiss Ratings cut BioMarin Pharmaceutical from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday. Finally, Stifel Nicolaus set a $68.00 price target on BioMarin Pharmaceutical in a report on Tuesday, February 24th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $89.91.

Insider Transactions at BioMarin Pharmaceutical

In related news, EVP Gregory R. Friberg sold 6,326 shares of BioMarin Pharmaceutical stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $60.38, for a total value of $381,963.88. Following the completion of the transaction, the executive vice president directly owned 37,578 shares of the company’s stock, valued at $2,268,959.64. The trade was a 14.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Charles Greg Guyer sold 16,486 shares of BioMarin Pharmaceutical stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $60.46, for a total value of $996,743.56. Following the completion of the transaction, the executive vice president directly owned 79,953 shares of the company’s stock, valued at $4,833,958.38. This represents a 17.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 26,093 shares of company stock valued at $1,555,389 over the last ninety days. 0.85% of the stock is currently owned by company insiders.

BioMarin Pharmaceutical Stock Performance

BioMarin Pharmaceutical stock opened at $51.81 on Monday. The stock has a 50-day simple moving average of $55.48 and a 200 day simple moving average of $56.31. The company has a quick ratio of 4.20, a current ratio of 5.81 and a debt-to-equity ratio of 0.23. BioMarin Pharmaceutical Inc. has a 12-month low of $50.76 and a 12-month high of $66.28. The stock has a market capitalization of $10.01 billion, a price-to-earnings ratio of 37.82, a P/E/G ratio of 0.39 and a beta of 0.23.

BioMarin Pharmaceutical 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.