BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) Short Interest Down 11.3% in July

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) was the target of a significant drop in short interest in July. As of July 15th, there was short interest totalling 7,470,000 shares, a drop of 11.3% from the June 30th total of 8,420,000 shares. Based on an average daily volume of 2,550,000 shares, the short-interest ratio is currently 2.9 days.

BioMarin Pharmaceutical Price Performance

Shares of BMRN stock traded down $0.52 on Monday, hitting $84.07. 1,089,681 shares of the stock traded hands, compared to its average volume of 1,889,269. The firm has a market cap of $15.96 billion, a price-to-earnings ratio of 78.57, a PEG ratio of 1.20 and a beta of 0.32. BioMarin Pharmaceutical has a 52 week low of $73.68 and a 52 week high of $99.56. The firm has a 50 day simple moving average of $81.75 and a two-hundred day simple moving average of $85.40. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.74 and a quick ratio of 1.70.

Insider Buying and Selling at BioMarin Pharmaceutical

In other BioMarin Pharmaceutical news, EVP George Eric Davis sold 40,850 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $74.51, for a total transaction of $3,043,733.50. Following the completion of the transaction, the executive vice president now owns 56,157 shares of the company’s stock, valued at $4,184,258.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Jean Jacques Bienaime sold 20,000 shares of the stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $81.62, for a total transaction of $1,632,400.00. Following the sale, the director now owns 474,994 shares in the company, valued at $38,769,010.28. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP George Eric Davis sold 40,850 shares of the stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $74.51, for a total transaction of $3,043,733.50. Following the sale, the executive vice president now owns 56,157 shares in the company, valued at approximately $4,184,258.07. The disclosure for this sale can be found here. Over the last quarter, insiders sold 67,700 shares of company stock valued at $5,209,352. Corporate insiders own 1.85% of the company’s stock.

Institutional Trading of BioMarin Pharmaceutical

Several institutional investors and hedge funds have recently modified their holdings of BMRN. State of Alaska Department of Revenue raised its position in shares of BioMarin Pharmaceutical by 1.3% during the 4th quarter. State of Alaska Department of Revenue now owns 27,965 shares of the biotechnology company’s stock valued at $2,696,000 after purchasing an additional 360 shares during the period. Private Ocean LLC bought a new stake in BioMarin Pharmaceutical in the 4th quarter valued at $140,000. China Universal Asset Management Co. Ltd. increased its holdings in BioMarin Pharmaceutical by 149.3% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 22,156 shares of the biotechnology company’s stock valued at $2,136,000 after acquiring an additional 13,270 shares during the last quarter. Arizona State Retirement System increased its holdings in BioMarin Pharmaceutical by 1.0% in the 4th quarter. Arizona State Retirement System now owns 51,718 shares of the biotechnology company’s stock valued at $4,987,000 after acquiring an additional 510 shares during the last quarter. Finally, SteelPeak Wealth LLC bought a new stake in BioMarin Pharmaceutical in the 4th quarter valued at $217,000. 98.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on BMRN. Wells Fargo & Company raised their target price on shares of BioMarin Pharmaceutical from $110.00 to $115.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Canaccord Genuity Group restated a “hold” rating and issued a $89.00 target price on shares of BioMarin Pharmaceutical in a report on Thursday. Scotiabank raised their target price on shares of BioMarin Pharmaceutical from $83.00 to $85.00 and gave the stock a “sector perform” rating in a report on Thursday, April 25th. Citigroup dropped their target price on shares of BioMarin Pharmaceutical from $94.00 to $91.00 and set a “neutral” rating on the stock in a report on Thursday, April 25th. Finally, Robert W. Baird cut shares of BioMarin Pharmaceutical from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $104.00 to $72.00 in a report on Friday, May 17th. Ten investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $102.00.

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.