5 Best Biotech Stocks To Buy According To Hedge Funds

3. BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Number of Hedge Fund Holders: 62

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) is an American biotechnology company that focuses on enzyme replacement therapies for life-threatening rare diseases and medical conditions. On November 23, after CSL Limited (OTC:CSLLY) announced that the FDA approved Hemgenix for the treatment of adults with Hemophilia B with a “clean” label with no black box warning or restrictions on some patient groups, Morgan Stanley analyst Matthew Harrison said he views the approval as “a clear sentiment positive” for BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) due to investor concern around FDA approvals of gene therapy products and potential risks about Roctavian. The analyst, who forecasts the Hemgenix news to drive BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) higher, has an Overweight rating and a $113 price target on the shares.

According to Insider Monkey’s data, 62 hedge funds were long BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) at the end of Q3 2022, compared to 59 funds in the preceding quarter. Julian Baker and Felix Baker’s Baker Bros. Advisors is the biggest position holder in the company, with 7.6 million shares worth $646 million. 

Here is what Carillon Tower Advisers specifically said about BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) in its Q2 2022 investor letter:

“BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) rose as the company announced a new approval in Japan for its drug to treat achondroplasia (dwarfism), and investors may have become more optimistic regarding its therapy for hemophilia following a positive opinion from European drug regulators. The drug is pending approval and has been delayed by the U.S. Food and Drug Administration to collect more data.”

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