Short Interest in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) Declines By 9.4%

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

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on BMRN shares. Wolfe Research began coverage on BioMarin Pharmaceutical in a research report on Friday, November 15th. They issued an “outperform” rating and a $95.00 price objective for the company. Royal Bank of Canada reiterated a “sector perform” rating and issued a $80.00 price target on shares of BioMarin Pharmaceutical in a report on Wednesday, October 30th. Citigroup lowered their price objective on shares of BioMarin Pharmaceutical from $93.00 to $81.00 and set a “neutral” rating for the company in a research report on Wednesday, October 30th. UBS Group boosted their price objective on shares of BioMarin Pharmaceutical from $104.00 to $106.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, Wedbush raised shares of BioMarin Pharmaceutical to a “strong-buy” rating in a research note on Monday, November 4th. Seven equities research 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 company. Based on data from MarketBeat, BioMarin Pharmaceutical currently has an average rating of “Moderate Buy” and a consensus price target of $94.20.

Insider Activity at BioMarin Pharmaceutical

In other BioMarin Pharmaceutical news, EVP Charles Greg Guyer sold 5,278 shares of the business’s stock in a transaction dated 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 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 Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.85% of the company’s stock.

Hedge Funds Weigh In On BioMarin Pharmaceutical

A number of hedge funds and other institutional investors have recently bought and sold shares of BMRN. nVerses Capital LLC acquired a new position in shares of BioMarin Pharmaceutical in the third quarter valued at $28,000. BOKF NA acquired a new position in BioMarin Pharmaceutical in the 2nd quarter valued at about $31,000. TD Private Client Wealth LLC raised its holdings in BioMarin Pharmaceutical by 57.4% in the 3rd quarter. TD Private Client Wealth LLC now owns 510 shares of the biotechnology company’s stock valued at $36,000 after acquiring an additional 186 shares during the period. Itau Unibanco Holding S.A. acquired a new stake in BioMarin Pharmaceutical during the second quarter worth approximately $47,000. Finally, Meeder Asset Management Inc. lifted its position in BioMarin Pharmaceutical by 920.8% during the third quarter. Meeder Asset Management Inc. now owns 735 shares of the biotechnology company’s stock worth $52,000 after acquiring an additional 663 shares during the last quarter. Institutional investors own 98.71% of the company’s stock.

BioMarin Pharmaceutical Stock Up 0.4 %

Shares of NASDAQ:BMRN traded up $0.28 during midday trading on Wednesday, hitting $65.73. The stock had a trading volume of 790,724 shares, compared to its average volume of 1,786,631. The company has a market cap of $12.53 billion, a P/E ratio of 39.36, a PEG ratio of 0.65 and a beta of 0.29. BioMarin Pharmaceutical has a 12 month low of $61.15 and a 12 month high of $99.25. The business’s 50-day simple moving average is $65.97 and its 200-day simple moving average is $75.87. 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 (NASDAQ:BMRN) last announced its quarterly earnings results on Tuesday, October 29th. The biotechnology company reported $0.55 EPS for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.23). The firm had revenue of $746.00 million during the quarter, compared to analyst estimates of $703.37 million. BioMarin Pharmaceutical had a net margin of 11.71% and a return on equity of 8.53%. The business’s revenue was up 28.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.26 EPS. On average, sell-side analysts forecast that BioMarin Pharmaceutical will post 2.49 earnings per share for the current fiscal 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.