Korea Investment CORP Purchases 131,600 Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Korea Investment CORP grew its position in shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 362.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 167,903 shares of the biotechnology company’s stock after purchasing an additional 131,600 shares during the quarter. Korea Investment CORP owned approximately 0.09% of BioMarin Pharmaceutical worth $11,036,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Prudential Financial Inc. raised its position in BioMarin Pharmaceutical by 131.7% in the 4th quarter. Prudential Financial Inc. now owns 144,082 shares of the biotechnology company’s stock worth $9,426,000 after purchasing an additional 81,887 shares during the period. Vanguard Group Inc. grew its stake in shares of BioMarin Pharmaceutical by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 19,372,185 shares of the biotechnology company’s stock valued at $1,273,334,000 after buying an additional 93,531 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in shares of BioMarin Pharmaceutical in the fourth quarter worth about $4,387,000. Sector Gamma AS lifted its stake in shares of BioMarin Pharmaceutical by 14.2% in the 4th quarter. Sector Gamma AS now owns 217,348 shares of the biotechnology company’s stock valued at $14,286,000 after acquiring an additional 27,000 shares during the last quarter. Finally, Blueshift Asset Management LLC purchased a new stake in BioMarin Pharmaceutical during the 4th quarter valued at about $349,000. 98.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Piper Sandler boosted their price objective on BioMarin Pharmaceutical from $122.00 to $126.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Scotiabank upped their price target on shares of BioMarin Pharmaceutical from $78.00 to $80.00 and gave the company a “sector perform” rating in a report on Thursday, February 20th. Oppenheimer raised shares of BioMarin Pharmaceutical from a “market perform” rating to an “outperform” rating and set a $98.00 price target on the stock in a report on Monday, February 24th. UBS Group upped their price objective on shares of BioMarin Pharmaceutical from $109.00 to $113.00 and gave the company a “buy” rating in a research note on Thursday, February 20th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $70.00 target price on shares of BioMarin Pharmaceutical in a research note on Thursday, February 20th. Seven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $94.00.

Insider Buying and Selling at BioMarin Pharmaceutical

In other news, CAO Erin Burkhart sold 1,344 shares of the stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $68.38, for a total transaction of $91,902.72. Following the sale, the chief accounting officer now owns 13,105 shares in the company, valued at $896,119.90. This represents a 9.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.85% of the stock is owned by company insiders.

BioMarin Pharmaceutical Stock Performance

Shares of BMRN opened at $71.44 on Monday. The company has a quick ratio of 2.62, a current ratio of 5.33 and a debt-to-equity ratio of 0.11. The stock has a market cap of $13.63 billion, a P/E ratio of 32.47, a P/E/G ratio of 0.61 and a beta of 0.33. The business’s 50 day moving average price is $67.46 and its 200-day moving average price is $67.51. BioMarin Pharmaceutical Inc. has a 52 week low of $60.63 and a 52 week high of $94.85.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its earnings results on Wednesday, February 19th. The biotechnology company reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.18. BioMarin Pharmaceutical had a return on equity of 9.91% and a net margin of 14.96%. The firm had revenue of $747.31 million for the quarter, compared to analysts’ expectations of $711.05 million. Equities research analysts anticipate that BioMarin Pharmaceutical Inc. will post 3.15 earnings per share for the current fiscal year.

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.