PRIMECAP Cuts BioMarin Stake to 9.7%, Still Major Holder

TL;DR

**PRIMECAP still owns 9.7% of BioMarin, a slight trim but remains a key institutional investor.**

AI Summary

PRIMECAP Management Company, an investment adviser, filed an amended SC 13G/A on February 12, 2024, disclosing its ownership in BioMarin Pharmaceutical Inc. As of December 31, 2023, PRIMECAP beneficially owned 18,414,374 shares, representing 9.7% of BioMarin's common stock. This is an update to their previous holdings, indicating a significant, but slightly reduced, stake in the company, which matters to investors as it shows a major institutional investor's continued, albeit adjusted, confidence in BioMarin.

Why It Matters

This filing shows that a large institutional investor, PRIMECAP Management Company, continues to hold a substantial, though slightly smaller, position in BioMarin, signaling their ongoing belief in the company's long-term prospects.

Risk Assessment

Risk Level: low — The filing indicates a minor adjustment by a large institutional investor, not a complete divestment or a new, aggressive stake, suggesting minimal immediate risk.

Analyst Insight

Investors should note that a major institutional holder, PRIMECAP, has slightly reduced its stake but still maintains a significant position (9.7%) in BioMarin. This suggests continued, but perhaps moderated, confidence. Monitor future 13F filings for further changes in institutional ownership to gauge sentiment shifts.

Key Numbers

• 18,414,374 — Aggregate Shares Beneficially Owned (This is the total number of BioMarin shares PRIMECAP Management Company holds, indicating their significant investment.)
• 9.7% — Percentage of Class Owned (This percentage represents PRIMECAP's substantial stake in BioMarin, making them a significant shareholder.)
• 17,706,231 — Sole Voting Power Shares (This shows the number of shares PRIMECAP can vote on its own, reflecting its direct influence on company decisions.)
• 18,414,374 — Sole Dispositive Power Shares (This indicates the number of shares PRIMECAP can sell or dispose of independently, highlighting its control over these assets.)

Key Players & Entities

• PRIMECAP Management Company (company) — the reporting person and institutional investor
• BioMarin Pharmaceutical Inc. (company) — the subject company whose securities are being reported
• 18,414,374 (dollar_amount) — aggregate shares beneficially owned by PRIMECAP
• 9.7% (dollar_amount) — percentage of BioMarin's class of securities owned by PRIMECAP
• December 31, 2023 (date) — the date of the event requiring the filing

Forward-Looking Statements

• PRIMECAP Management Company will likely maintain a significant, but potentially fluctuating, stake in BioMarin Pharmaceutical Inc. throughout 2024, continuing to be a key institutional investor. (PRIMECAP Management Company) — medium confidence, target: December 31, 2024

FAQ

Filing Documents

• bmrna24_21224.htm (SC 13G/A) — 25KB
• 0001085146-24-001100.txt ( ) — 27KB

(a)

ITEM 1(a). NAME OF ISSUER: BioMarin Pharmaceutical Inc.

(b)

ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: 770 Lindaro St., San Rafael, CA 94901

(a)

ITEM 2(a). NAME OF PERSON FILING: PRIMECAP Management Company

(b)

ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE: 177 E. Colorado Blvd., 11th Floor, Pasadena, CA 91105

(c)

ITEM 2(c). CITIZENSHIP: U.S.A.

(d)

ITEM 2(d). TITLE OF CLASS OF SECURITIES: COM

(e)

ITEM 2(e). CUSIP NUMBER: 09061G101 ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO SECTION 240.13d-1(b), or 13d-2(b) or (c) CHECK WHETHER THE PERSON FILING IS A: (a) [ ] Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78c); (b) [ ] Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c); (c) [ ] Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c); (d) [ ] Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8); (e) [X] An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E); (f) [ ] An employee benefit plan or endowment fund in accordance with 240.13d-1(b)(1)(ii)(F); (g) [ ] A parent holding company or control person in accordance with 240.13d-1(b)(1)(ii)(G); (h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) [ ] A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); (j) [ ] A non-U.S. institution in accordance with 240.13d-1(b)(1)(ii)(J); (k) [ ] Group, in accordance with 240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with 240.13d1(b)(1)(ii)(J), please specify the type of institution: ITEM 4. (a) Amount beneficially owned: 18,414,374 (b) Percent of class: 9.78% (c) Number of shares as to which the person has: (i) sole power to vote or to direct the vote: 17,706,231 (ii) shared power to vote or to direct the vote: 0 (iii) sole power to dispose or direct the disposition of: 18,414,374 (iv) shared power to dispose or to direct the disposition of: 0 ITEM 5. If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securi

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View this SC 13G/A filing on SEC EDGAR