Rubric Capital Management LP Makes New $24.89 Million Investment in BioMarin Pharmaceutical Inc. $BMRN

Rubric Capital Management LP purchased a new position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) in the 1st quarter, HoldingsChannel.com reports. The firm purchased 440,560 shares of the biotechnology company’s stock, valued at approximately $24,887,000.

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

Insider Activity

In other 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 transaction of $176,681.85. Following the completion of the sale, the executive vice president owned 51,818 shares in the company, valued at approximately $2,790,399.30. This represents a 5.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.68% of the company’s stock.

BioMarin Pharmaceutical Trading Up 1.6%

BioMarin Pharmaceutical stock opened at $60.27 on Tuesday. 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 has a market capitalization of $11.65 billion, a price-to-earnings ratio of 43.99, a PEG ratio of 0.45 and a beta of 0.24. BioMarin Pharmaceutical Inc. has a one year low of $49.26 and a one year high of $66.28. The company’s fifty day moving average price is $56.75 and its two-hundred day moving average price is $56.82.

Wall Street Analyst Weigh In

BMRN has been the topic of a number of recent analyst reports. Bank of America dropped their price target on shares of BioMarin Pharmaceutical from $85.00 to $80.00 and set a “buy” rating on the stock in a research report on Tuesday, May 19th. Wall Street Zen cut shares of BioMarin Pharmaceutical from a “buy” rating to a “hold” rating in a report on Saturday, June 6th. HC Wainwright reiterated a “neutral” rating on shares of BioMarin Pharmaceutical in a research note on Tuesday, July 14th. Morgan Stanley dropped their target price on BioMarin Pharmaceutical from $120.00 to $119.00 and set an “overweight” rating on the stock in a report on Tuesday, May 5th. Finally, Royal Bank Of Canada cut their target price on BioMarin Pharmaceutical from $66.00 to $62.00 and set a “sector perform” rating for the company in a research report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $88.26.

About BioMarin Pharmaceutical

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.