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

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) was the recipient of a significant drop in short interest in August. As of August 31st, there was short interest totalling 5,850,000 shares, a drop of 12.0% from the August 15th total of 6,650,000 shares. Based on an average daily trading volume, of 2,240,000 shares, the short-interest ratio is currently 2.6 days.

Hedge Funds Weigh In On BioMarin Pharmaceutical

Several hedge funds and other institutional investors have recently made changes to their positions in BMRN. Innealta Capital LLC acquired a new stake in BioMarin Pharmaceutical in the second quarter valued at approximately $25,000. BOKF NA acquired a new stake in shares of BioMarin Pharmaceutical in the 2nd quarter valued at $31,000. Quent Capital LLC lifted its position in shares of BioMarin Pharmaceutical by 58.9% during the 2nd quarter. Quent Capital LLC now owns 391 shares of the biotechnology company’s stock worth $32,000 after purchasing an additional 145 shares during the last quarter. Jones Financial Companies Lllp acquired a new position in shares of BioMarin Pharmaceutical during the fourth quarter worth $43,000. Finally, Itau Unibanco Holding S.A. acquired a new position in shares of BioMarin Pharmaceutical during the second quarter worth $47,000. Hedge funds and other institutional investors own 98.71% of the company’s stock.

BioMarin Pharmaceutical Stock Up 0.9 %

BMRN traded up $0.64 during trading hours on Tuesday, hitting $70.50. 2,933,785 shares of the company’s stock were exchanged, compared to its average volume of 1,891,614. The firm has a market cap of $13.39 billion, a P/E ratio of 66.56, a price-to-earnings-growth ratio of 1.03 and a beta of 0.32. BioMarin Pharmaceutical has a 12-month low of $68.83 and a 12-month high of $99.56. The company has a current ratio of 3.05, a quick ratio of 1.95 and a debt-to-equity ratio of 0.11. The firm has a 50 day moving average of $86.58 and a 200 day moving average of $84.71.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings data on Monday, August 5th. The biotechnology company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.39. BioMarin Pharmaceutical had a return on equity of 6.91% and a net margin of 9.91%. The business had revenue of $712.03 million for the quarter, compared to analysts’ expectations of $660.51 million. Analysts predict that BioMarin Pharmaceutical will post 2.4 EPS for the current fiscal year.

Wall Street Analyst Weigh In

BMRN has been the subject of several research reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $110.00 price objective on shares of BioMarin Pharmaceutical in a research note on Monday, September 9th. TD Cowen reduced their price objective on BioMarin Pharmaceutical from $125.00 to $120.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Truist Financial lowered their price objective on BioMarin Pharmaceutical from $118.00 to $90.00 and set a “buy” rating on the stock in a research note on Tuesday. Barclays cut their target price on BioMarin Pharmaceutical from $111.00 to $110.00 and set an “overweight” rating for the company in a research note on Tuesday, August 6th. Finally, Bank of America dropped their price objective on shares of BioMarin Pharmaceutical from $130.00 to $115.00 and set a “buy” rating for the company in a report on Tuesday. Eight investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $99.90.

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.