New York State Teachers Retirement System Has $5.96 Million Stake in BioMarin Pharmaceutical Inc. $BMRN

New York State Teachers Retirement System reduced its position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 11.5% in the 1st quarter, HoldingsChannel.com reports. The firm owned 105,455 shares of the biotechnology company’s stock after selling 13,687 shares during the quarter. New York State Teachers Retirement System’s holdings in BioMarin Pharmaceutical were worth $5,957,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Activest Wealth Management acquired a new position in BioMarin Pharmaceutical in the 4th quarter valued at $26,000. CIBC Private Wealth Group LLC boosted its position in shares of BioMarin Pharmaceutical by 38.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 648 shares of the biotechnology company’s stock valued at $39,000 after acquiring an additional 179 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in shares of BioMarin Pharmaceutical in the third quarter valued at about $40,000. Parallel Advisors LLC grew its stake in shares of BioMarin Pharmaceutical by 62.2% in the third quarter. Parallel Advisors LLC now owns 769 shares of the biotechnology company’s stock valued at $42,000 after acquiring an additional 295 shares in the last quarter. Finally, V Square Quantitative Management LLC bought a new position in BioMarin Pharmaceutical during the fourth quarter worth about $45,000. 98.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on BMRN shares. Citigroup initiated coverage on shares of BioMarin Pharmaceutical in a report on Tuesday, May 19th. They issued a “buy” rating and a $75.00 price objective for the company. Sanford C. Bernstein lowered their target price on shares of BioMarin Pharmaceutical from $94.00 to $82.00 and set an “outperform” rating on the stock in a report on Tuesday, May 5th. Royal Bank Of Canada dropped their price target on shares of BioMarin Pharmaceutical from $66.00 to $62.00 and set a “sector perform” rating for the company in a research report on Tuesday. Wall Street Zen downgraded BioMarin Pharmaceutical from a “buy” rating to a “hold” rating in a research report on Saturday, June 6th. Finally, Jefferies Financial Group restated a “buy” rating and set a $103.00 price objective on shares of BioMarin Pharmaceutical in a research note on Thursday, March 12th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $88.50.

BioMarin Pharmaceutical Stock Performance

Shares of BioMarin Pharmaceutical stock opened at $60.35 on Wednesday. The company has a 50 day moving average of $55.04 and a 200-day moving average of $56.82. BioMarin Pharmaceutical Inc. has a 1-year low of $49.26 and a 1-year high of $66.28. The company has a current ratio of 5.81, a quick ratio of 4.20 and a debt-to-equity ratio of 0.23. The company has a market cap of $11.66 billion, a PE ratio of 44.05, a price-to-earnings-growth ratio of 0.45 and a beta of 0.24.

Insiders Place Their Bets

In other BioMarin Pharmaceutical news, EVP Gregory R. Friberg sold 3,281 shares of the company’s stock in a transaction on 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 directly owned 51,818 shares in the company, valued at $2,790,399.30. This represents a 5.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.85% of the stock is owned by insiders.

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.