According to our database, Julian Baker and Felix Baker’s Baker Bros. Advisors had the largest position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN), worth close to $523.5 million, corresponding to 4.4% of its total 13F portfolio. The second largest stake is held by John Griffin of Blue Ridge Capital, with a $277.9 million position. Blue Ridge Capital has 3.2% of its 13F portfolio invested in the stock. Remaining members of the smart money that are bullish contain William Leland Edwards’s Palo Alto Investors, Paul Orlin and Alex Porter’s Amici Capital and Jerome Pfund and Michael Sjostrom’s Sectoral Asset Management.
Due to the fact that BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) has faced declining sentiment from the entirety of the hedge funds we track, logic holds that there is a sect of hedge funds that decided to sell off their full holdings in first quarter. It’s worth mentioning that Jason Karp’s Tourbillon Capital Partners dumped the biggest stake of the “upper crust” of funds followed by Insider Monkey, totaling about $37.5 million in stock. Nick Niell’s fund, Arrowgrass Capital Partners, also sold off its holdings, about $25.5 million worth.
Biotech stocks are currently richly valued. Since hedge fund sentiment is neutral andinsider sentiment is slightly negative, even though news of the company’s BMN 111 drug’s positive phase 2 study has come out, we will pass on recommending a long position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN).