Hsbc Holdings PLC Reduces Stock Holdings in BioMarin Pharmaceutical Inc. $BMRN

Hsbc Holdings PLC lowered its holdings in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 70.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 148,182 shares of the biotechnology company’s stock after selling 352,814 shares during the quarter. Hsbc Holdings PLC owned 0.08% of BioMarin Pharmaceutical worth $8,361,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Activest Wealth Management acquired a new position in BioMarin Pharmaceutical in the fourth quarter valued at approximately $26,000. CIBC Private Wealth Group LLC increased its holdings in shares of BioMarin Pharmaceutical by 38.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 648 shares of the biotechnology company’s stock valued at $39,000 after purchasing an additional 179 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in shares of BioMarin Pharmaceutical in the 3rd quarter valued at $40,000. Parallel Advisors LLC lifted its stake in shares of 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 purchasing an additional 295 shares during the period. Finally, V Square Quantitative Management LLC purchased a new stake in BioMarin Pharmaceutical during the fourth quarter worth $45,000. 98.71% of the stock is currently owned by institutional investors and hedge funds.

BioMarin Pharmaceutical Price Performance

NASDAQ:BMRN opened at $58.40 on Thursday. The stock has a 50 day moving average of $56.27 and a two-hundred day moving average of $56.82. BioMarin Pharmaceutical Inc. has a 12 month low of $49.26 and a 12 month high of $66.28. The firm has a market cap of $11.29 billion, a P/E ratio of 42.63, a price-to-earnings-growth ratio of 0.45 and a beta of 0.24. The company has a current ratio of 5.81, a quick ratio of 4.20 and a debt-to-equity ratio of 0.23.

Wall Street Analysts Forecast Growth

BMRN has been the subject of a number of recent analyst reports. Sanford C. Bernstein cut their price objective on shares of BioMarin Pharmaceutical from $94.00 to $82.00 and set an “outperform” rating for the company in a report on Tuesday, May 5th. UBS Group restated a “neutral” rating on shares of BioMarin Pharmaceutical in a research report on Tuesday, July 14th. Truist Financial upgraded BioMarin Pharmaceutical to a “strong-buy” rating in a research note on Wednesday, March 25th. HC Wainwright reaffirmed a “neutral” rating on shares of BioMarin Pharmaceutical in a report on Tuesday, July 14th. Finally, Weiss Ratings upgraded BioMarin Pharmaceutical from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, June 26th. One 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 stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $88.26.

Insider Activity at BioMarin Pharmaceutical

In related news, EVP Gregory R. Friberg sold 3,281 shares of the stock in a transaction on 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 transaction, the executive vice president directly owned 51,818 shares of the company’s stock, valued at approximately $2,790,399.30. This represents a 5.95% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.68% of the company’s stock.

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.