PNC Financial Services Group Inc. Boosts Holdings in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

PNC Financial Services Group Inc. increased its stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 5.3% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 12,816 shares of the biotechnology company’s stock after purchasing an additional 650 shares during the period. PNC Financial Services Group Inc.’s holdings in BioMarin Pharmaceutical were worth $906,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in BMRN. Capital Research Global Investors boosted its position in shares of BioMarin Pharmaceutical by 23.8% during the 4th quarter. Capital Research Global Investors now owns 12,991,772 shares of the biotechnology company’s stock worth $853,944,000 after purchasing an additional 2,496,817 shares during the period. Soleus Capital Management L.P. purchased a new position in shares of BioMarin Pharmaceutical during the 4th quarter worth approximately $65,822,000. Dodge & Cox boosted its position in shares of BioMarin Pharmaceutical by 6.1% during the 4th quarter. Dodge & Cox now owns 14,746,235 shares of the biotechnology company’s stock worth $969,270,000 after purchasing an additional 847,917 shares during the period. AQR Capital Management LLC boosted its position in shares of BioMarin Pharmaceutical by 114.5% during the 4th quarter. AQR Capital Management LLC now owns 1,283,599 shares of the biotechnology company’s stock worth $84,371,000 after purchasing an additional 685,099 shares during the period. Finally, Marshall Wace LLP purchased a new position in shares of BioMarin Pharmaceutical during the 4th quarter worth approximately $44,735,000. Hedge funds and other institutional investors own 98.71% of the company’s stock.

Insider Buying and Selling

In related news, CAO Erin Burkhart sold 1,786 shares of BioMarin Pharmaceutical stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $59.31, for a total transaction of $105,927.66. Following the sale, the chief accounting officer directly owned 14,173 shares in the company, valued at $840,600.63. This trade represents a 11.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.85% of the stock is owned by corporate insiders.

BioMarin Pharmaceutical Price Performance

Shares of BMRN opened at $56.80 on Tuesday. BioMarin Pharmaceutical Inc. has a twelve month low of $52.93 and a twelve month high of $94.85. The firm’s fifty day simple moving average is $57.29 and its 200-day simple moving average is $61.70. The firm has a market capitalization of $10.91 billion, a price-to-earnings ratio of 16.85, a PEG ratio of 0.74 and a beta of 0.18. The company has a current ratio of 5.56, a quick ratio of 3.60 and a debt-to-equity ratio of 0.10.

Analysts Set New Price Targets

A number of research firms recently weighed in on BMRN. UBS Group increased their price objective on shares of BioMarin Pharmaceutical from $113.00 to $114.00 and gave the stock a “buy” rating in a research report on Tuesday, August 5th. Guggenheim increased their price objective on shares of BioMarin Pharmaceutical from $101.00 to $106.00 and gave the stock a “buy” rating in a research report on Wednesday, August 6th. Wolfe Research set a $95.00 price objective on shares of BioMarin Pharmaceutical and gave the stock an “outperform” rating in a research report on Tuesday, July 15th. Wall Street Zen upgraded shares of BioMarin Pharmaceutical from a “buy” rating to a “strong-buy” rating in a report on Saturday. Finally, Morgan Stanley reduced their target price on shares of BioMarin Pharmaceutical from $97.00 to $96.00 and set an “overweight” rating on the stock in a report on Tuesday, July 22nd. Six research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, BioMarin Pharmaceutical presently has an average rating of “Moderate Buy” and an average price target of $93.17.

BioMarin Pharmaceutical Profile

BioMarin Pharmaceutical Inc develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. Its commercial products include Vimizim, an enzyme replacement therapy for the treatment of mucopolysaccharidosis (MPS) IV type A, a lysosomal storage disorder; Naglazyme, a recombinant form of N-acetylgalactosamine 4-sulfatase for patients with MPS VI; and Kuvan, a proprietary synthetic oral form of 6R-BH4 that is used to treat patients with phenylketonuria (PKU), an inherited metabolic disease.