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

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) was the recipient of a large drop in short interest in the month of December. As of December 15th, there was short interest totalling 5,210,000 shares, a drop of 9.4% from the November 30th total of 5,750,000 shares. Based on an average daily trading volume, of 1,470,000 shares, the short-interest ratio is presently 3.5 days.

BioMarin Pharmaceutical Trading Up 0.4 %

NASDAQ BMRN traded up $0.28 during mid-day trading on Tuesday, reaching $65.73. 790,699 shares of the stock were exchanged, compared to its average volume of 1,786,631. The stock has a market cap of $12.53 billion, a P/E ratio of 39.36, a P/E/G ratio of 0.65 and a beta of 0.29. The company has a debt-to-equity ratio of 0.11, a current ratio of 4.27 and a quick ratio of 2.62. BioMarin Pharmaceutical has a one year low of $61.15 and a one year high of $99.25. The stock has a 50 day simple moving average of $66.15 and a 200-day simple moving average of $76.07.

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 the consensus estimate of $0.78 by ($0.23). BioMarin Pharmaceutical had a return on equity of 8.53% and a net margin of 11.71%. The business had revenue of $746.00 million during the quarter, compared to the consensus estimate of $703.37 million. During the same period last year, the business posted $0.26 earnings per share. The business’s revenue was up 28.4% on a year-over-year basis. On average, analysts anticipate that BioMarin Pharmaceutical will post 2.49 EPS for the current year.

Analyst Ratings Changes

BMRN has been the subject of several recent analyst reports. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $80.00 price objective on shares of BioMarin Pharmaceutical in a research report on Wednesday, October 30th. Scotiabank cut their price target on shares of BioMarin Pharmaceutical from $95.00 to $78.00 and set a “sector perform” rating for the company in a report on Tuesday, September 17th. Sanford C. Bernstein decreased their price objective on shares of BioMarin Pharmaceutical from $116.00 to $90.00 and set an “outperform” rating on the stock in a research note on Tuesday, September 17th. Robert W. Baird cut their target price on BioMarin Pharmaceutical from $72.00 to $65.00 and set a “neutral” rating for the company in a research note on Wednesday, October 30th. Finally, Bank of America decreased their price target on BioMarin Pharmaceutical from $130.00 to $115.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. Seven analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $94.20.

Insiders Place Their Bets

In other BioMarin Pharmaceutical news, EVP Charles Greg Guyer sold 5,278 shares of BioMarin Pharmaceutical stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $66.37, for a total value of $350,300.86. Following the completion of the transaction, the executive vice president now directly owns 68,909 shares of the company’s stock, valued at $4,573,490.33. The trade was a 7.11 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.85% of the company’s stock.

Hedge Funds Weigh In On BioMarin Pharmaceutical

A number of institutional investors and hedge funds have recently modified their holdings of the business. Erste Asset Management GmbH acquired a new stake in BioMarin Pharmaceutical in the third quarter worth $48,527,000. Vestal Point Capital LP acquired a new stake in shares of BioMarin Pharmaceutical in the 3rd quarter valued at about $28,116,000. Clearline Capital LP bought a new stake in BioMarin Pharmaceutical in the 3rd quarter valued at about $22,477,000. Rhumbline Advisers raised its stake in BioMarin Pharmaceutical by 122.1% during the 2nd quarter. Rhumbline Advisers now owns 551,553 shares of the biotechnology company’s stock worth $45,409,000 after buying an additional 303,207 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in BioMarin Pharmaceutical by 38.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,034,457 shares of the biotechnology company’s stock worth $85,178,000 after acquiring an additional 289,953 shares in the last quarter. 98.71% of the stock is currently owned by institutional investors.

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.