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

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) was the target of a significant decrease in short interest in the month of December. As of December 31st, there was short interest totalling 4,540,000 shares, a decrease 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.

Insiders Place Their Bets

In related news, EVP Charles Greg Guyer sold 5,278 shares of the company’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $66.37, for a total transaction of $350,300.86. Following the completion of the transaction, the executive vice president now owns 68,909 shares in the company, valued at $4,573,490.33. This represents a 7.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.85% of the company’s stock.

Hedge Funds Weigh In On BioMarin Pharmaceutical

A number of hedge funds have recently made changes to their positions in BMRN. Erste Asset Management GmbH purchased a new position in shares of BioMarin Pharmaceutical during the 3rd quarter worth approximately $48,527,000. Assenagon Asset Management S.A. lifted its holdings in BioMarin Pharmaceutical by 461.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 611,667 shares of the biotechnology company’s stock worth $40,205,000 after buying an additional 502,695 shares in the last quarter. Vestal Point Capital LP acquired a new stake in BioMarin Pharmaceutical during the 3rd quarter worth approximately $28,116,000. Clearline Capital LP acquired a new stake in BioMarin Pharmaceutical during the 3rd quarter worth approximately $22,477,000. Finally, Dimensional Fund Advisors LP lifted its holdings in BioMarin Pharmaceutical by 38.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,034,457 shares of the biotechnology company’s stock worth $85,178,000 after buying an additional 289,953 shares in the last quarter. Hedge funds and other institutional investors own 98.71% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on BMRN shares. Robert W. Baird reduced their price target on shares of BioMarin Pharmaceutical from $72.00 to $65.00 and set a “neutral” rating for the company in a research report on Wednesday, October 30th. Wedbush upgraded shares of BioMarin Pharmaceutical to a “strong-buy” rating in a research report on Monday, November 4th. JPMorgan Chase & Co. reduced their price target on shares of BioMarin Pharmaceutical from $110.00 to $109.00 and set an “overweight” rating for the company in a research report on Wednesday, October 30th. Raymond James restated an “outperform” rating and set a $79.00 price target on shares of BioMarin Pharmaceutical in a research report on Thursday, October 10th. Finally, Wolfe Research began coverage on shares of BioMarin Pharmaceutical in a research report on Friday, November 15th. They set an “outperform” rating and a $95.00 price target for the company. Seven equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, BioMarin Pharmaceutical currently has an average rating of “Moderate Buy” and a consensus price target of $94.20.

BioMarin Pharmaceutical Trading Up 0.5 %

Shares of BioMarin Pharmaceutical stock traded up $0.28 during mid-day 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. The company has a quick ratio of 2.62, a current ratio of 4.27 and a debt-to-equity ratio of 0.11. The firm has a market cap of $11.73 billion, a P/E ratio of 36.84, a price-to-earnings-growth ratio of 0.59 and a beta of 0.29. The firm has a 50-day moving average of $65.49 and a two-hundred day moving average of $74.33. BioMarin Pharmaceutical has a 12-month low of $60.63 and a 12-month high of $94.85.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings data 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 company had revenue of $746.00 million for the quarter, compared to analysts’ expectations of $703.37 million. BioMarin Pharmaceutical had a return on equity of 8.53% and a net margin of 11.71%. The business’s revenue for the quarter was up 28.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.26 EPS. Sell-side analysts forecast that BioMarin Pharmaceutical will post 2.5 earnings per share for the current year.

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.