Corebridge Financial Inc. Reduces Holdings in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Corebridge Financial Inc. decreased its stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 4.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 215,638 shares of the biotechnology company’s stock after selling 9,486 shares during the period. Corebridge Financial Inc.’s holdings in BioMarin Pharmaceutical were worth $14,174,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in BioMarin Pharmaceutical by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 19,372,185 shares of the biotechnology company’s stock valued at $1,273,334,000 after acquiring an additional 93,531 shares in the last quarter. KLP Kapitalforvaltning AS bought a new stake in shares of BioMarin Pharmaceutical during the fourth quarter valued at approximately $4,387,000. Sector Gamma AS grew its stake in BioMarin Pharmaceutical by 14.2% in the fourth quarter. Sector Gamma AS now owns 217,348 shares of the biotechnology company’s stock worth $14,286,000 after purchasing an additional 27,000 shares during the period. Blueshift Asset Management LLC purchased a new stake in BioMarin Pharmaceutical in the fourth quarter worth $349,000. Finally, Teacher Retirement System of Texas raised its holdings in BioMarin Pharmaceutical by 121.2% in the fourth quarter. Teacher Retirement System of Texas now owns 112,660 shares of the biotechnology company’s stock worth $7,405,000 after purchasing an additional 61,737 shares in the last quarter. Hedge funds and other institutional investors own 98.71% of the company’s stock.

Insider Transactions at BioMarin Pharmaceutical

In related news, CAO Erin Burkhart sold 1,295 shares of the company’s stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $71.52, for a total value of $92,618.40. Following the completion of the transaction, the chief accounting officer now owns 16,955 shares of the company’s stock, valued at approximately $1,212,621.60. This represents a 7.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 1.85% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. UBS Group boosted their target price on shares of BioMarin Pharmaceutical from $109.00 to $113.00 and gave the company a “buy” rating in a report on Thursday, February 20th. Royal Bank of Canada reissued a “sector perform” rating and set a $70.00 price objective on shares of BioMarin Pharmaceutical in a research note on Thursday, February 20th. Citigroup raised their target price on shares of BioMarin Pharmaceutical from $81.00 to $82.00 and gave the company a “neutral” rating in a research note on Thursday, February 20th. Scotiabank boosted their price target on BioMarin Pharmaceutical from $78.00 to $80.00 and gave the stock a “sector perform” rating in a research report on Thursday, February 20th. Finally, Piper Sandler lifted their price objective on BioMarin Pharmaceutical from $122.00 to $126.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. Seven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, BioMarin Pharmaceutical currently has an average rating of “Moderate Buy” and a consensus target price of $94.00.

BioMarin Pharmaceutical Price Performance

NASDAQ BMRN opened at $71.53 on Wednesday. The business’s fifty day moving average is $66.83 and its 200 day moving average is $67.78. BioMarin Pharmaceutical Inc. has a fifty-two week low of $60.63 and a fifty-two week high of $94.85. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.62 and a current ratio of 5.33. The company has a market capitalization of $13.65 billion, a PE ratio of 32.51, a price-to-earnings-growth ratio of 0.61 and a beta of 0.33.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings data on Wednesday, February 19th. The biotechnology company reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.54 by $0.18. The firm had revenue of $747.31 million for the quarter, compared to analysts’ expectations of $711.05 million. BioMarin Pharmaceutical had a return on equity of 9.91% and a net margin of 14.96%. Sell-side analysts predict that BioMarin Pharmaceutical Inc. will post 3.15 earnings per share for the current year.

BioMarin Pharmaceutical Company 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.