BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) Sees Large Growth in Short Interest

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) saw a significant increase in short interest during the month of April. As of April 15th, there was short interest totalling 3,690,000 shares, an increase of 20.6% from the March 31st total of 3,060,000 shares. Based on an average daily volume of 1,410,000 shares, the days-to-cover ratio is presently 2.6 days.

Analyst Ratings Changes

BMRN has been the subject of several analyst reports. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $100.00 price objective on shares of BioMarin Pharmaceutical in a research note on Friday, February 23rd. Morgan Stanley reduced their price target on shares of BioMarin Pharmaceutical from $115.00 to $112.00 and set an “overweight” rating for the company in a research report on Friday. Scotiabank boosted their target price on BioMarin Pharmaceutical from $83.00 to $85.00 and gave the stock a “sector perform” rating in a research report on Thursday. Wells Fargo & Company upped their target price on BioMarin Pharmaceutical from $100.00 to $110.00 and gave the company an “overweight” rating in a report on Thursday. Finally, Piper Sandler cut their price target on BioMarin Pharmaceutical from $115.00 to $107.00 and set an “overweight” rating for the company in a research note on Friday, February 23rd. Seven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $107.50.

BioMarin Pharmaceutical Trading Down 1.5 %

Shares of BioMarin Pharmaceutical stock traded down $1.26 during trading hours on Friday, hitting $80.91. The company’s stock had a trading volume of 2,257,132 shares, compared to its average volume of 1,697,110. The business has a fifty day moving average of $87.58 and a 200 day moving average of $89.14. The company has a quick ratio of 1.57, a current ratio of 2.51 and a debt-to-equity ratio of 0.12. BioMarin Pharmaceutical has a 1-year low of $76.02 and a 1-year high of $99.56. The company has a market capitalization of $15.27 billion, a PE ratio of 75.62, a P/E/G ratio of 1.49 and a beta of 0.31.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings data on Thursday, February 22nd. The biotechnology company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.44 by $0.05. The company had revenue of $646.21 million for the quarter, compared to analyst estimates of $639.53 million. BioMarin Pharmaceutical had a return on equity of 5.39% and a net margin of 8.31%. The firm’s revenue was up 20.2% compared to the same quarter last year. During the same period last year, the company posted $0.11 earnings per share. As a group, equities analysts forecast that BioMarin Pharmaceutical will post 1.85 EPS for the current year.

Insiders Place Their Bets

In other news, CAO Erin Burkhart sold 2,286 shares of the business’s stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $90.00, for a total value of $205,740.00. Following the completion of the sale, the chief accounting officer now directly owns 16,156 shares of the company’s stock, valued at approximately $1,454,040. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Erin Burkhart sold 2,286 shares of the firm’s stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $90.00, for a total transaction of $205,740.00. Following the transaction, the chief accounting officer now directly owns 16,156 shares in the company, valued at $1,454,040. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP George Eric Davis sold 24,602 shares of the company’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $88.34, for a total transaction of $2,173,340.68. Following the completion of the sale, the executive vice president now owns 55,856 shares of the company’s stock, valued at approximately $4,934,319.04. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 103,229 shares of company stock valued at $9,062,967. 1.84% of the stock is currently owned by insiders.

Hedge Funds Weigh In On BioMarin Pharmaceutical

Several hedge funds and other institutional investors have recently bought and sold shares of BMRN. KB Financial Partners LLC grew its position in BioMarin Pharmaceutical by 51.3% in the third quarter. KB Financial Partners LLC now owns 348 shares of the biotechnology company’s stock valued at $31,000 after acquiring an additional 118 shares in the last quarter. Lindbrook Capital LLC boosted its stake in shares of BioMarin Pharmaceutical by 259.8% in the fourth quarter. Lindbrook Capital LLC now owns 385 shares of the biotechnology company’s stock valued at $37,000 after purchasing an additional 278 shares during the period. Castleview Partners LLC acquired a new stake in BioMarin Pharmaceutical during the 3rd quarter valued at $35,000. Benjamin F. Edwards & Company Inc. increased its stake in BioMarin Pharmaceutical by 135.3% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 433 shares of the biotechnology company’s stock worth $42,000 after buying an additional 249 shares during the period. Finally, Jones Financial Companies Lllp acquired a new position in BioMarin Pharmaceutical in the 4th quarter worth $43,000. 98.71% of the stock is owned by institutional investors and hedge funds.

About BioMarin Pharmaceutical

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.