BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) Sees Significant Drop in Short Interest

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) was the target of a large decline in short interest during the month of December. As of December 31st, there was short interest totalling 4,540,000 shares, a decline of 12.9% from the December 15th total of 5,210,000 shares. Based on an average trading volume of 1,420,000 shares, the short-interest ratio is presently 3.2 days.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on BMRN. Canaccord Genuity Group cut their price target on BioMarin Pharmaceutical from $93.00 to $84.00 and set a “hold” rating on the stock in a report on Wednesday, October 30th. Wedbush raised shares of BioMarin Pharmaceutical to a “strong-buy” rating in a research report on Monday, November 4th. Wolfe Research initiated coverage on shares of BioMarin Pharmaceutical in a research note on Friday, November 15th. They set an “outperform” rating and a $95.00 price target for the company. UBS Group raised their price objective on shares of BioMarin Pharmaceutical from $104.00 to $106.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, William Blair downgraded shares of BioMarin Pharmaceutical from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 30th. Seven investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, BioMarin Pharmaceutical currently has a consensus rating of “Moderate Buy” and a consensus target price of $94.20.

Insider Transactions at BioMarin Pharmaceutical

In related news, EVP Charles Greg Guyer sold 5,278 shares of the stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $66.37, for a total value of $350,300.86. Following the completion of the sale, the executive vice president now directly owns 68,909 shares in the company, valued at $4,573,490.33. This represents a 7.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 1.85% of the company’s stock.

Institutional Trading of BioMarin Pharmaceutical

A number of institutional investors have recently made changes to their positions in the stock. Federated Hermes Inc. bought a new position in shares of BioMarin Pharmaceutical during the second quarter valued at approximately $1,660,000. Dimensional Fund Advisors LP raised its holdings in BioMarin Pharmaceutical by 38.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,034,457 shares of the biotechnology company’s stock worth $85,178,000 after purchasing an additional 289,953 shares in the last quarter. Mutual of America Capital Management LLC purchased a new stake in shares of BioMarin Pharmaceutical in the 2nd quarter worth about $8,950,000. E Fund Management Co. Ltd. boosted its stake in shares of BioMarin Pharmaceutical by 167.4% during the 2nd quarter. E Fund Management Co. Ltd. now owns 13,480 shares of the biotechnology company’s stock valued at $1,110,000 after purchasing an additional 8,438 shares in the last quarter. Finally, Meiji Yasuda Life Insurance Co increased its position in shares of BioMarin Pharmaceutical by 57.6% during the second quarter. Meiji Yasuda Life Insurance Co now owns 10,942 shares of the biotechnology company’s stock valued at $901,000 after buying an additional 4,000 shares during the period. Hedge funds and other institutional investors own 98.71% of the company’s stock.

BioMarin Pharmaceutical Price Performance

Shares of BioMarin Pharmaceutical stock traded up $0.28 during trading on Friday, hitting $61.53. The stock had a trading volume of 2,637,029 shares, compared to its average volume of 1,070,618. BioMarin Pharmaceutical has a 12 month low of $60.63 and a 12 month high of $94.85. The business’s 50-day moving average is $65.49 and its 200 day moving average is $74.33. The company has a current ratio of 4.27, a quick ratio of 2.62 and a debt-to-equity ratio of 0.11. The firm has a market cap of $11.73 billion, a price-to-earnings ratio of 36.84, a P/E/G ratio of 0.59 and a beta of 0.29.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings results on Tuesday, October 29th. The biotechnology company reported $0.55 earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.23). The firm had revenue of $746.00 million for the quarter, compared to analysts’ expectations of $703.37 million. BioMarin Pharmaceutical had a net margin of 11.71% and a return on equity of 8.53%. The company’s revenue for the quarter was up 28.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.26 EPS. As a group, sell-side analysts anticipate that BioMarin Pharmaceutical will post 2.5 earnings per share for the current year.

BioMarin Pharmaceutical Company Profile

BioMarin Pharmaceutical Inc develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. Its commercial products include Vimizim, an enzyme replacement therapy for the treatment of mucopolysaccharidosis (MPS) IV type A, a lysosomal storage disorder; Naglazyme, a recombinant form of N-acetylgalactosamine 4-sulfatase for patients with MPS VI; and Kuvan, a proprietary synthetic oral form of 6R-BH4 that is used to treat patients with phenylketonuria (PKU), an inherited metabolic disease.