Short Interest in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) Declines By 12.1%

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) was the target of a significant decrease in short interest during the month of September. As of September 30th, there was short interest totalling 5,280,000 shares, a decrease of 12.1% from the September 15th total of 6,010,000 shares. Based on an average daily volume of 1,760,000 shares, the days-to-cover ratio is presently 3.0 days.

Hedge Funds Weigh In On BioMarin Pharmaceutical

Several hedge funds have recently modified their holdings of BMRN. Principal Financial Group Inc. boosted its position in BioMarin Pharmaceutical by 1,858.6% during the second quarter. Principal Financial Group Inc. now owns 649,460 shares of the biotechnology company’s stock valued at $53,470,000 after purchasing an additional 616,301 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in shares of BioMarin Pharmaceutical by 11,107.4% in the second quarter. Assenagon Asset Management S.A. now owns 352,474 shares of the biotechnology company’s stock valued at $29,019,000 after buying an additional 349,329 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of BioMarin Pharmaceutical by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 18,050,062 shares of the biotechnology company’s stock valued at $1,740,387,000 after buying an additional 348,852 shares in the last quarter. Rhumbline Advisers increased its holdings in BioMarin Pharmaceutical by 122.1% during the second 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 last quarter. Finally, Swedbank AB bought a new stake in BioMarin Pharmaceutical during the first quarter worth $25,864,000. Institutional investors own 98.71% of the company’s stock.

BioMarin Pharmaceutical Stock Down 0.4 %

Shares of NASDAQ:BMRN traded down $0.30 during mid-day trading on Wednesday, reaching $70.16. 1,429,664 shares of the stock were exchanged, compared to its average volume of 1,865,745. The stock’s 50 day simple moving average is $80.54 and its 200-day simple moving average is $82.34. BioMarin Pharmaceutical has a one year low of $67.75 and a one year high of $99.56. The company has a market cap of $13.32 billion, a P/E ratio of 65.85, a P/E/G ratio of 0.81 and a beta of 0.31. The company has a quick ratio of 1.95, a current ratio of 3.05 and a debt-to-equity ratio of 0.11.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its quarterly earnings results on Monday, August 5th. The biotechnology company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.39. BioMarin Pharmaceutical had a net margin of 9.91% and a return on equity of 6.91%. The company had revenue of $712.03 million during the quarter, compared to analysts’ expectations of $660.51 million. As a group, equities research analysts predict that BioMarin Pharmaceutical will post 2.39 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Evercore ISI boosted their target price on BioMarin Pharmaceutical from $113.00 to $115.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 6th. Wells Fargo & Company reduced their price objective on shares of BioMarin Pharmaceutical from $115.00 to $90.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 17th. Bank of America lowered their target price on shares of BioMarin Pharmaceutical from $130.00 to $115.00 and set a “buy” rating for the company in a report on Tuesday, September 17th. Raymond James restated an “outperform” rating and issued a $79.00 price target on shares of BioMarin Pharmaceutical in a research report on Thursday, October 10th. Finally, Piper Sandler upped their price objective on BioMarin Pharmaceutical from $107.00 to $122.00 and gave the company an “overweight” rating in a report on Thursday, September 5th. Seven research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $96.40.

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.