Polar Asset Management Partners Inc. Acquires New Position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Polar Asset Management Partners Inc. bought a new position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 14,900 shares of the biotechnology company’s stock, valued at approximately $979,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC increased its position in shares of BioMarin Pharmaceutical by 12.9% during the fourth quarter. Exchange Traded Concepts LLC now owns 18,817 shares of the biotechnology company’s stock worth $1,237,000 after acquiring an additional 2,154 shares during the period. Fifth Third Bancorp grew its stake in BioMarin Pharmaceutical by 13.9% during the 4th quarter. Fifth Third Bancorp now owns 1,351 shares of the biotechnology company’s stock worth $89,000 after purchasing an additional 165 shares in the last quarter. Blue Trust Inc. increased its holdings in BioMarin Pharmaceutical by 27.5% during the 4th quarter. Blue Trust Inc. now owns 1,095 shares of the biotechnology company’s stock worth $77,000 after purchasing an additional 236 shares during the period. Pacer Advisors Inc. raised its position in BioMarin Pharmaceutical by 5.5% in the 4th quarter. Pacer Advisors Inc. now owns 37,423 shares of the biotechnology company’s stock valued at $2,460,000 after purchasing an additional 1,938 shares in the last quarter. Finally, R Squared Ltd purchased a new position in shares of BioMarin Pharmaceutical in the 4th quarter valued at about $121,000. Hedge funds and other institutional investors own 98.71% of the company’s stock.

Wall Street Analysts Forecast Growth

BMRN has been the subject of a number of analyst reports. Bank of America boosted their price objective on BioMarin Pharmaceutical from $99.00 to $103.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. Cantor Fitzgerald reiterated an “overweight” rating and set a $90.00 price target on shares of BioMarin Pharmaceutical in a report on Thursday, February 20th. Oppenheimer upgraded shares of BioMarin Pharmaceutical from a “market perform” rating to an “outperform” rating and set a $98.00 price objective on the stock in a report on Monday, February 24th. Piper Sandler lifted their price objective on shares of BioMarin Pharmaceutical from $122.00 to $126.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Finally, Citigroup dropped their target price on BioMarin Pharmaceutical from $82.00 to $78.00 and set a “neutral” rating on the stock in a report on Friday, May 2nd. Six analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, BioMarin Pharmaceutical currently has an average rating of “Moderate Buy” and an average price target of $93.45.

Insiders Place Their Bets

In other news, CAO Erin Burkhart sold 1,786 shares of the firm’s stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $59.31, for a total value of $105,927.66. Following the completion of the sale, the chief accounting officer now directly owns 14,173 shares of the company’s stock, valued at $840,600.63. This trade represents a 11.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last quarter, insiders sold 3,354 shares of company stock worth $216,269. 0.85% of the stock is owned by insiders.

BioMarin Pharmaceutical Price Performance

Shares of NASDAQ BMRN opened at $58.11 on Wednesday. The stock has a fifty day moving average price of $61.88 and a 200 day moving average price of $64.66. BioMarin Pharmaceutical Inc. has a 1-year low of $52.93 and a 1-year high of $94.85. The company has a debt-to-equity ratio of 0.11, a current ratio of 5.33 and a quick ratio of 2.62. The company has a market cap of $11.14 billion, a PE ratio of 26.41, a P/E/G ratio of 0.61 and a beta of 0.27.

About BioMarin Pharmaceutical

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.