Rhenman & Partners Asset Management Ab Increased Biomarin Pharmaceutical INC (NASDAQ:BMRN) by $5.90 Million as Shares Declined


Rhenman & Partners Asset Management Ab increased its stake in Biomarin Pharmaceutical Inc (NASDAQ:BMRN) by 61.02% based on its latest 2016Q2 regulatory filing with the SEC. Rhenman & Partners Asset Management Ab bought 72,000 shares as the company’s stock declined 21.39% while stock markets rallied. The institutional investor held 190,000 shares of the major pharmaceuticals company at the end of 2016Q2, valued at $15.67M, up from 118,000 at the end of the previous reported quarter. Rhenman & Partners Asset Management Ab who had been investing in Biomarin Pharmaceutical Inc for a number of months, seems to be bullish on the $16.41B market cap company. The stock decreased 2.45% or $2.36 during the last trading session, hitting $93.88. About 1.20 million shares traded hands. BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) has risen 48.66% since February 8, 2016 and is uptrending. It has outperformed by 32.17% the S&P500.

Rhenman & Partners Asset Management Ab, which manages about $503.76M US Long portfolio, decreased its stake in Humana Inc (NYSE:HUM) by 34,000 shares to 27,000 shares, valued at $4.94 million in 2016Q2, according to the filing. It also reduced its holding in United Health Group Inc (NYSE:UNH) by 61,000 shares in the quarter, leaving it with 60,000 shares, and cut its stake in Amgen Inc (NASDAQ:AMGN).

The institutional sentiment increased to 1.28 in 2016 Q2. Its up 0.10, from 1.18 in 2016Q1. The ratio is positive, as 34 funds sold all BMRN shares owned while 104 reduced positions. 37 funds bought stakes while 140 increased positions. They now own 153.99 million shares or 5.12% less from 162.30 million shares in 2016Q1.

Baker Bros. Advisors Lp holds 3.92% of its portfolio in BMRN for 4.81 million shares. Healthcor Management L.P. owns 750,000 shares or 3.18% of their US portfolio. Moreover, Tang Capital Management Llc has 3.13% invested in the company for 90,215 shares. The Virginia-based Sands Capital Management Llc has invested 2.63% in the stock. Ghost Tree Capital Llc, a New York-based fund reported 110,000 shares.

Out of 13 analysts covering BioMarin Pharmaceutical (NASDAQ:BMRN), 11 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 85% are positive. BioMarin Pharmaceutical has been the topic of 21 analyst reports since October 2, 2015 according to StockzIntelligence Inc. Barclays Capital maintained the stock on August 5 with “Overweight” rating.

BioMarin Pharmaceutical Inc. develops and commercializes pharmaceuticals for various diseases and medical conditions. The company has a market cap of $16.41 billion. The Company’s product portfolio consists of approximately five approved products, and multiple clinical and pre-clinical product candidates. It currently has negative earnings. The Company’s approved products include Vimizim (elosulfase alpha), Naglazyme (galsulfase), Kuvan (sapropterin dihydrochloride), Aldurazyme (laronidase) and Firdapse (amifampridine phosphate).

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