BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) Short Interest Up 14.9% in April

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) was the target of a significant increase in short interest in the month of April. As of April 15th, there was short interest totaling 10,151,216 shares, an increase of 14.9% from the March 31st total of 8,832,493 shares. Approximately 5.3% of the company’s stock are sold short. Based on an average daily trading volume, of 1,581,415 shares, the short-interest ratio is presently 6.4 days.

BioMarin Pharmaceutical Trading Down 0.6%

Shares of NASDAQ BMRN opened at $53.91 on Friday. The business has a 50 day simple moving average of $56.93 and a 200 day simple moving average of $56.26. BioMarin Pharmaceutical has a 52 week low of $50.76 and a 52 week high of $66.28. The stock has a market cap of $10.42 billion, a price-to-earnings ratio of 30.29, a PEG ratio of 0.55 and a beta of 0.29. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.50 and a current ratio of 5.21.

Analysts Set New Price Targets

A number of analysts have recently issued reports on BMRN shares. Barclays increased their price target on shares of BioMarin Pharmaceutical from $80.00 to $105.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 3rd. Truist Financial upgraded shares of BioMarin Pharmaceutical to a “strong-buy” rating in a research note on Wednesday, March 25th. HC Wainwright cut their target price on shares of BioMarin Pharmaceutical from $60.00 to $55.00 and set a “neutral” rating for the company in a research report on Wednesday, February 25th. Guggenheim decreased their target price on shares of BioMarin Pharmaceutical from $106.00 to $86.00 and set a “buy” rating for the company in a research note on Wednesday, February 25th. Finally, Wells Fargo & Company boosted their price target on shares of BioMarin Pharmaceutical from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, February 18th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $90.92.

Insiders Place Their Bets

In related news, EVP Gregory R. Friberg sold 6,326 shares of the stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $60.38, for a total value of $381,963.88. Following the completion of the sale, the executive vice president directly owned 37,578 shares of the company’s stock, valued at approximately $2,268,959.64. This represents a 14.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Charles Greg Guyer sold 16,486 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $60.46, for a total value of $996,743.56. Following the sale, the executive vice president owned 79,953 shares of the company’s stock, valued at $4,833,958.38. The trade was a 17.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.85% of the company’s stock.

Institutional Trading of BioMarin Pharmaceutical

Several large investors have recently added to or reduced their stakes in BMRN. Financiere des Professionnels Fonds d investissement inc. acquired a new position in shares of BioMarin Pharmaceutical during the 3rd quarter valued at about $1,047,000. Federated Hermes Inc. boosted its position in BioMarin Pharmaceutical by 292.6% during the third quarter. Federated Hermes Inc. now owns 278,315 shares of the biotechnology company’s stock worth $15,074,000 after purchasing an additional 207,430 shares during the period. Mediolanum International Funds Ltd grew its holdings in BioMarin Pharmaceutical by 56.2% during the third quarter. Mediolanum International Funds Ltd now owns 137,675 shares of the biotechnology company’s stock valued at $7,437,000 after purchasing an additional 49,534 shares during the last quarter. Rakuten Investment Management Inc. bought a new position in shares of BioMarin Pharmaceutical in the third quarter valued at approximately $1,265,000. Finally, DNB Asset Management AS lifted its stake in shares of BioMarin Pharmaceutical by 13.8% in the third quarter. DNB Asset Management AS now owns 1,274,284 shares of the biotechnology company’s stock worth $69,015,000 after buying an additional 154,954 shares during the last quarter. 98.71% of the stock is owned by institutional investors.

About BioMarin Pharmaceutical

BioMarin Pharmaceutical Inc is a biopharmaceutical company specializing in the development and commercialization of therapies for rare genetic and metabolic diseases. The company focuses on addressing unmet medical needs by leveraging enzyme replacement therapy, small molecule pharmacological chaperones and gene therapy technologies. Headquartered in Novato, California, BioMarin operates research and development facilities in the United States and Europe.

The company’s commercial portfolio includes several approved therapies targeting inherited disorders.