BioMarin Pharmaceutical Inc. $BMRN Shares Acquired by Fifth Third Bancorp

Fifth Third Bancorp increased its position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 7,695.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 62,991 shares of the biotechnology company’s stock after buying an additional 62,183 shares during the period. Fifth Third Bancorp’s holdings in BioMarin Pharmaceutical were worth $3,558,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Torray Investment Partners LLC acquired a new position in BioMarin Pharmaceutical during the 1st quarter worth approximately $4,416,000. Sequoia Financial Advisors LLC raised its holdings in shares of BioMarin Pharmaceutical by 79.0% in the 1st quarter. Sequoia Financial Advisors LLC now owns 7,491 shares of the biotechnology company’s stock valued at $423,000 after purchasing an additional 3,307 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of BioMarin Pharmaceutical by 4.3% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 12,200 shares of the biotechnology company’s stock valued at $689,000 after purchasing an additional 500 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its position in shares of BioMarin Pharmaceutical by 3.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 39,417 shares of the biotechnology company’s stock worth $2,227,000 after purchasing an additional 1,277 shares during the last quarter. Finally, Collaborative Fund Advisors LLC purchased a new stake in shares of BioMarin Pharmaceutical during the 1st quarter worth $2,051,000. Institutional investors and hedge funds own 98.71% of the company’s stock.

Analyst Upgrades and Downgrades

BMRN has been the topic of several recent analyst reports. Truist Financial raised BioMarin Pharmaceutical to a “strong-buy” rating in a report on Wednesday, March 25th. Canaccord Genuity Group decreased their price target on BioMarin Pharmaceutical from $116.00 to $111.00 and set a “buy” rating for the company in a report on Friday, May 22nd. UBS Group reaffirmed a “neutral” rating on shares of BioMarin Pharmaceutical in a research report on Tuesday, July 14th. Sanford C. Bernstein dropped their price objective on BioMarin Pharmaceutical from $94.00 to $82.00 and set an “outperform” rating on the stock in a report on Tuesday, May 5th. Finally, The Goldman Sachs Group assumed coverage on BioMarin Pharmaceutical in a report on Monday, May 11th. They issued a “neutral” rating and a $69.00 price objective on the stock. One research 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 company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $88.26.

Insider Buying and Selling at BioMarin Pharmaceutical

In related news, EVP Gregory R. Friberg sold 3,281 shares of the company’s stock in a transaction dated 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 sale, the executive vice president directly owned 51,818 shares of the company’s stock, valued at $2,790,399.30. This represents a 5.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.85% of the company’s stock.

BioMarin Pharmaceutical Price Performance

Shares of NASDAQ:BMRN opened at $59.59 on Monday. BioMarin Pharmaceutical Inc. has a 12 month low of $49.26 and a 12 month high of $66.28. The firm has a market capitalization of $11.52 billion, a P/E ratio of 43.50, a P/E/G ratio of 0.45 and a beta of 0.24. The company has a debt-to-equity ratio of 0.23, a current ratio of 5.81 and a quick ratio of 4.20. The company’s fifty day moving average price is $55.92 and its 200 day moving average price is $56.83.

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.