abrdn plc Acquires 168,121 Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

abrdn plc grew its stake in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 31.9% during the 4th quarter, HoldingsChannel reports. The fund owned 695,802 shares of the biotechnology company’s stock after buying an additional 168,121 shares during the period. abrdn plc’s holdings in BioMarin Pharmaceutical were worth $45,735,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in the stock. nVerses Capital LLC purchased a new stake in BioMarin Pharmaceutical during the 3rd quarter worth about $28,000. TD Private Client Wealth LLC increased its position in shares of BioMarin Pharmaceutical by 57.4% during the third quarter. TD Private Client Wealth LLC now owns 510 shares of the biotechnology company’s stock valued at $36,000 after buying an additional 186 shares during the period. Meeder Asset Management Inc. lifted its holdings in shares of BioMarin Pharmaceutical by 920.8% in the third quarter. Meeder Asset Management Inc. now owns 735 shares of the biotechnology company’s stock worth $52,000 after buying an additional 663 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of BioMarin Pharmaceutical by 56.1% in the third quarter. GAMMA Investing LLC now owns 782 shares of the biotechnology company’s stock valued at $55,000 after acquiring an additional 281 shares during the period. Finally, True Wealth Design LLC grew its stake in BioMarin Pharmaceutical by 13,400.0% during the third quarter. True Wealth Design LLC now owns 810 shares of the biotechnology company’s stock valued at $57,000 after acquiring an additional 804 shares in the last quarter. 98.71% of the stock is owned by institutional investors.

Insider Activity

In related news, EVP Charles Greg Guyer sold 5,278 shares of the company’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $66.37, for a total transaction of $350,300.86. Following the completion of the sale, the executive vice president now directly owns 68,909 shares in the company, valued at $4,573,490.33. This represents a 7.11 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 1.85% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on BMRN shares. William Blair downgraded shares of BioMarin Pharmaceutical from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 30th. Royal Bank of Canada restated a “sector perform” rating and set a $80.00 target price on shares of BioMarin Pharmaceutical in a research report on Wednesday, October 30th. Wedbush raised BioMarin Pharmaceutical to a “strong-buy” rating in a report on Monday, November 4th. Canaccord Genuity Group cut their price objective on BioMarin Pharmaceutical from $93.00 to $84.00 and set a “hold” rating for the company in a report on Wednesday, October 30th. Finally, UBS Group upped their price objective on shares of BioMarin Pharmaceutical from $104.00 to $106.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Seven research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $94.20.

BioMarin Pharmaceutical Price Performance

BMRN opened at $62.87 on Wednesday. The company has a debt-to-equity ratio of 0.11, a current ratio of 4.27 and a quick ratio of 2.62. The stock’s 50 day simple moving average is $65.10 and its 200 day simple moving average is $72.67. The firm has a market cap of $11.98 billion, a price-to-earnings ratio of 37.65, a PEG ratio of 0.55 and a beta of 0.28. BioMarin Pharmaceutical Inc. has a 1 year low of $60.63 and a 1 year high of $94.85.

BioMarin Pharmaceutical 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.