Perpetual Ltd has significantly reduced its stake in BioMarin Pharmaceutical Inc. (NASDAQ: BMRN), decreasing its holdings by 65.1% during the third quarter of 2023. According to the firm’s latest 13F filing with the U.S. Securities and Exchange Commission, Perpetual Ltd now owns 4,874 shares of the biotechnology company after selling 9,106 shares in that quarter. The value of these holdings was approximately $264,000 at the end of the reporting period.
This decision comes amidst a shifting landscape in investment positions within BioMarin, as several hedge funds and institutional investors have recently adjusted their stakes in the company. AQR Capital Management LLC, for instance, increased its position by 90.7% in the second quarter, now holding 5,580,573 shares valued at $306.4 million after purchasing an additional 2,654,768 shares.
Similarly, Norges Bank has established a new position in BioMarin valued at $112.4 million, while Viking Global Investors LP raised its stake by 13.8%, now owning 12,288,611 shares worth around $675.5 million. Additionally, Goldman Sachs Group Inc. increased its holdings by an impressive 212.7%, resulting in ownership of 1,592,963 shares valued at approximately $112.6 million.
The shares of BioMarin Pharmaceutical opened at $59.28 on Tuesday, reflecting a decrease of 3.1%. The company maintains a market capitalization of $11.39 billion and has a price-to-earnings ratio of 22.29. Financial ratios indicate a healthy position, with a debt-to-equity ratio of 0.10, a quick ratio of 3.10, and a current ratio of 4.83. The stock has fluctuated within a 52-week range of $50.76 to $73.51.
Analysts Adjust Price Targets for BioMarin
Investment analysts are actively revising their price targets for BioMarin. HC Wainwright recently raised its price target from $55.00 to $60.00, maintaining a “neutral” rating. Conversely, Leerink Partners downgraded the company from an “outperform” to a “market perform” rating, reducing its target from $82.00 to $60.00.
Additionally, Royal Bank of Canada reiterated a “sector perform” rating with a price target of $66.00. Weiss Ratings has reissued a “sell (d)” rating for the stock, while Raymond James Financial initiated coverage with an “outperform” rating and a price objective of $85.00.
Overall, out of twenty-five investment analysts, sixteen have rated BioMarin with a “Buy” rating, while eight have issued a “Hold” rating and one has assigned a “Sell” rating. According to data from MarketBeat.com, BioMarin currently holds an average rating of “Moderate Buy” with an average price target of $88.83.
About BioMarin Pharmaceutical Inc.
Headquartered in Novato, California, BioMarin Pharmaceutical Inc. specializes in the development and commercialization of therapies aimed at addressing rare genetic and metabolic diseases. The company focuses on unmet medical needs through innovative approaches including enzyme replacement therapy, small molecule pharmacological chaperones, and gene therapy technologies. BioMarin’s commercial portfolio includes several approved therapies targeting inherited disorders, underscoring its commitment to improving patient outcomes in this niche medical field.
As market dynamics continue to evolve, stakeholders will be watching the trends in investment and analyst ratings closely to gauge the future direction of BioMarin Pharmaceutical Inc.
