Perpetual Ltd has significantly reduced its position in BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) by 65.1% during the third quarter of 2023. According to Perpetual’s most recent 13F filing with the U.S. Securities and Exchange Commission (SEC), the firm now holds 4,874 shares of the biotechnology company, having sold 9,106 shares during the quarter. At the end of this reporting period, Perpetual Ltd’s holdings in BioMarin were valued at approximately $264,000.
The movement in Perpetual’s investment reflects broader trends among institutional investors in the biotechnology sector. Several hedge funds and institutional investors have also adjusted their stakes in BioMarin recently. Notably, AQR Capital Management LLC increased its position by an impressive 90.7% in the second quarter, acquiring an additional 2,654,768 shares. This brought AQR’s total holdings to 5,580,573 shares, valued at $306.4 million.
Norges Bank, the central bank of Norway, made a notable entrance into BioMarin by acquiring a new position worth $112.35 million during the same quarter. Meanwhile, Viking Global Investors LP raised its stake by 13.8%, holding 12,288,611 shares valued at $675.5 million after an additional acquisition of 1,488,552 shares.
Goldman Sachs Group Inc. also made headlines by increasing its holdings by 212.7% in the first quarter, now owning 1,592,963 shares worth $112.6 million. Additionally, Qube Research & Technologies Ltd purchased a new stake valued at approximately $35.2 million in the second quarter. Overall, institutional investors now control 98.71% of BioMarin’s stock.
Current Stock Performance and Analyst Ratings
Following these developments, shares of BioMarin Pharmaceutical opened at $59.28 on Tuesday, reflecting a decrease of 3.1%. The company currently has a market capitalization of $11.39 billion and maintains a debt-to-equity ratio of 0.10. Its financial metrics reveal a quick ratio of 3.10 and a current ratio of 4.83. The stock has experienced fluctuations, with a 52-week low of $50.76 and a high of $73.51.
Analysts have been active in reassessing BioMarin’s stock as well. HC Wainwright recently raised its price target from $55.00 to $60.00, maintaining a “neutral” rating. Conversely, Leerink Partners downgraded the stock from “outperform” to “market perform,” also adjusting their target price down from $82.00 to $60.00. Royal Bank of Canada reiterated a “sector perform” rating with a target price of $66.00.
In total, sixteen investment analysts 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, the stock carries an average rating of “Moderate Buy” and an average price target of $88.83.
About BioMarin Pharmaceutical Inc.
BioMarin Pharmaceutical Inc., headquartered in Novato, California, is dedicated to developing and commercializing therapies for rare genetic and metabolic diseases. The company focuses on addressing 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 designed to treat inherited disorders, reflecting its commitment to advancing healthcare for patients with rare diseases.
As the market continues to evolve, the movements of institutional investors like Perpetual Ltd and the performance of BioMarin Pharmaceutical will be closely monitored by stakeholders across the biotechnology sector.
