Bank of New York Mellon Corp Sells 631,362 Shares of BioMarin Pharmaceutical Inc. $BMRN

Bank of New York Mellon Corp decreased its position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 35.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,144,892 shares of the biotechnology company’s stock after selling 631,362 shares during the period. Bank of New York Mellon Corp owned 0.59% of BioMarin Pharmaceutical worth $64,675,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Activest Wealth Management acquired a new position in shares of BioMarin Pharmaceutical during the 4th quarter worth about $26,000. CIBC Private Wealth Group LLC increased its position in BioMarin Pharmaceutical by 38.2% in the 4th quarter. CIBC Private Wealth Group LLC now owns 648 shares of the biotechnology company’s stock worth $39,000 after buying an additional 179 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in BioMarin Pharmaceutical in the 3rd quarter worth approximately $40,000. Parallel Advisors LLC lifted its holdings in shares of BioMarin Pharmaceutical by 62.2% during the third quarter. Parallel Advisors LLC now owns 769 shares of the biotechnology company’s stock worth $42,000 after buying an additional 295 shares during the last quarter. Finally, V Square Quantitative Management LLC acquired a new position in shares of BioMarin Pharmaceutical during the fourth quarter worth approximately $45,000. 98.71% of the stock is currently owned by institutional investors.

BioMarin Pharmaceutical Stock Performance

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

Insiders Place Their Bets

In other BioMarin Pharmaceutical news, EVP Gregory R. Friberg sold 3,281 shares of BioMarin Pharmaceutical stock in a transaction 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 completion of the transaction, the executive vice president 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 document filed with the SEC, which can be accessed through this hyperlink. 0.68% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have recently issued reports on BMRN. 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 price objective on the stock. Bank of America cut their target price on shares of BioMarin Pharmaceutical from $85.00 to $80.00 and set a “buy” rating for the company in a research note on Tuesday, May 19th. HC Wainwright reissued a “neutral” rating on shares of BioMarin Pharmaceutical in a report on Tuesday, July 14th. Citigroup raised their price target on shares of BioMarin Pharmaceutical from $75.00 to $76.00 and gave the stock a “buy” rating in a research report on Thursday, July 16th. Finally, Wall Street Zen downgraded shares of BioMarin Pharmaceutical from a “buy” rating to a “hold” rating in a report on Saturday, June 6th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $88.26.

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.