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

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

Analysts Set New Price Targets

Several analysts have recently weighed in on BMRN shares. William Blair downgraded shares of BioMarin Pharmaceutical from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. decreased 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 note on Wednesday, October 30th. Canaccord Genuity Group decreased their price target on shares of BioMarin Pharmaceutical from $93.00 to $84.00 and set a “hold” rating for the company in a research note on Wednesday, October 30th. Barclays reduced their price objective on shares of BioMarin Pharmaceutical from $110.00 to $86.00 and set an “overweight” rating for the company in a research note on Friday, October 4th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $80.00 price objective on shares of BioMarin Pharmaceutical in a research note on Wednesday, October 30th. Seven analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, BioMarin Pharmaceutical presently has a consensus rating of “Moderate Buy” and a consensus target price of $94.20.

BioMarin Pharmaceutical Stock Performance

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

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced 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 net margin of 11.71% and a return on equity of 8.53%. BioMarin Pharmaceutical’s quarterly revenue was up 28.4% compared to the same quarter last year. During the same period last year, the firm earned $0.26 earnings per share. Equities analysts anticipate that BioMarin Pharmaceutical will post 2.5 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Charles Greg Guyer sold 5,278 shares of BioMarin Pharmaceutical stock in a transaction that occurred on 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 sale, the executive vice president now owns 68,909 shares of the company’s stock, valued at approximately $4,573,490.33. The trade was a 7.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.85% of the stock is owned by insiders.

Institutional Investors Weigh In On BioMarin Pharmaceutical

A number of large investors have recently made changes to their positions in BMRN. nVerses Capital LLC purchased a new stake in BioMarin Pharmaceutical in the third quarter valued at $28,000. TD Private Client Wealth LLC boosted its holdings in BioMarin Pharmaceutical by 57.4% in the third quarter. TD Private Client Wealth LLC now owns 510 shares of the biotechnology company’s stock valued at $36,000 after purchasing an additional 186 shares during the last quarter. Itau Unibanco Holding S.A. purchased a new stake in BioMarin Pharmaceutical in the second quarter valued at $47,000. Meeder Asset Management Inc. boosted its holdings in BioMarin Pharmaceutical by 920.8% in the third quarter. Meeder Asset Management Inc. now owns 735 shares of the biotechnology company’s stock valued at $52,000 after purchasing an additional 663 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in BioMarin Pharmaceutical by 56.1% in the third quarter. GAMMA Investing LLC now owns 782 shares of the biotechnology company’s stock valued at $55,000 after purchasing an additional 281 shares during the last quarter. 98.71% of the stock is owned by hedge funds and other institutional investors.

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.