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

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) was the target of a significant increase in short interest in November. As of November 30th, there was short interest totalling 5,750,000 shares, an increase of 12.3% from the November 15th total of 5,120,000 shares. Based on an average daily volume of 1,750,000 shares, the days-to-cover ratio is currently 3.3 days.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Evercore ISI cut their price objective on shares of BioMarin Pharmaceutical from $115.00 to $105.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Wedbush raised BioMarin Pharmaceutical to a “strong-buy” rating in a research note on Monday, November 4th. Barclays lowered their target price on BioMarin Pharmaceutical from $110.00 to $86.00 and set an “overweight” rating on the stock in a research report on Friday, October 4th. William Blair downgraded shares of BioMarin Pharmaceutical from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 30th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $90.00 price target on shares of BioMarin Pharmaceutical in a research note on Thursday. Seven investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $94.20.

Insiders Place Their Bets

In related news, EVP Charles Greg Guyer sold 5,278 shares of the stock in a transaction 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 transaction, the executive vice president now directly owns 68,909 shares of the company’s stock, valued at $4,573,490.33. This represents a 7.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.85% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On BioMarin Pharmaceutical

Institutional investors have recently added to or reduced their stakes in the stock. Innealta Capital LLC purchased a new position in BioMarin Pharmaceutical in the second quarter valued at approximately $25,000. BOKF NA bought a new stake in shares of BioMarin Pharmaceutical in the second quarter valued at $31,000. nVerses Capital LLC purchased a new position in shares of BioMarin Pharmaceutical during the 3rd quarter valued at $28,000. TD Private Client Wealth LLC grew its stake in shares of BioMarin Pharmaceutical by 57.4% during the 3rd quarter. TD Private Client Wealth LLC now owns 510 shares of the biotechnology company’s stock worth $36,000 after acquiring an additional 186 shares during the period. Finally, Itau Unibanco Holding S.A. purchased a new stake in BioMarin Pharmaceutical in the 2nd quarter worth about $47,000. Institutional investors own 98.71% of the company’s stock.

BioMarin Pharmaceutical Stock Performance

Shares of NASDAQ BMRN traded down $0.25 during midday trading on Friday, reaching $66.01. The company’s stock had a trading volume of 772,385 shares, compared to its average volume of 1,805,603. The company has a debt-to-equity ratio of 0.11, a current ratio of 4.27 and a quick ratio of 2.62. The stock has a market capitalization of $12.58 billion, a P/E ratio of 39.53, a PEG ratio of 0.65 and a beta of 0.29. The firm has a 50 day moving average price of $66.97 and a 200-day moving average price of $77.16. BioMarin Pharmaceutical has a 12-month low of $61.15 and a 12-month high of $99.56.

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 analysts’ expectations of $703.37 million. During the same period in the prior year, the firm posted $0.26 EPS. The firm’s revenue for the quarter was up 28.4% on a year-over-year basis. As a group, equities analysts predict that BioMarin Pharmaceutical will post 2.49 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.