Short Interest in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) Increases By 17.1%

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) was the recipient of a significant growth in short interest during the month of June. As of June 15th, there was short interest totalling 3,560,000 shares, a growth of 17.1% from the May 31st total of 3,040,000 shares. Based on an average daily volume of 2,550,000 shares, the short-interest ratio is currently 1.4 days.

Insider Activity

In other news, EVP George Eric Davis sold 1,850 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $85.01, for a total transaction of $157,268.50. Following the completion of the transaction, the executive vice president now directly owns 56,157 shares of the company’s stock, valued at $4,773,906.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other BioMarin Pharmaceutical news, CAO Erin Burkhart sold 2,286 shares of the company’s stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $90.00, for a total value of $205,740.00. Following the completion of the transaction, the chief accounting officer now directly owns 16,156 shares in the company, valued at $1,454,040. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP George Eric Davis sold 1,850 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $85.01, for a total transaction of $157,268.50. Following the completion of the transaction, the executive vice president now owns 56,157 shares of the company’s stock, valued at $4,773,906.57. The disclosure for this sale can be found here. Insiders sold 89,986 shares of company stock valued at $7,240,292 over the last three months. Insiders own 1.85% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of BMRN. Envestnet Asset Management Inc. boosted its stake in BioMarin Pharmaceutical by 88.6% during the third quarter. Envestnet Asset Management Inc. now owns 125,800 shares of the biotechnology company’s stock worth $11,131,000 after buying an additional 59,095 shares during the period. Acadian Asset Management LLC lifted its position in shares of BioMarin Pharmaceutical by 82.1% during the third quarter. Acadian Asset Management LLC now owns 3,682 shares of the biotechnology company’s stock worth $325,000 after purchasing an additional 1,660 shares in the last quarter. Stifel Financial Corp lifted its position in shares of BioMarin Pharmaceutical by 18.5% during the third quarter. Stifel Financial Corp now owns 45,208 shares of the biotechnology company’s stock worth $4,000,000 after purchasing an additional 7,043 shares in the last quarter. Federated Hermes Inc. acquired a new stake in BioMarin Pharmaceutical in the third quarter valued at approximately $1,007,000. Finally, Algert Global LLC acquired a new stake in BioMarin Pharmaceutical in the third quarter valued at approximately $459,000. Hedge funds and other institutional investors own 98.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Baird R W lowered shares of BioMarin Pharmaceutical from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 17th. Robert W. Baird cut shares of BioMarin Pharmaceutical from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $104.00 to $72.00 in a research note on Friday, May 17th. Evercore ISI began coverage on shares of BioMarin Pharmaceutical in a research note on Tuesday, May 14th. They issued an “outperform” rating and a $113.00 price objective for the company. Cantor Fitzgerald restated an “overweight” rating and issued a $110.00 target price on shares of BioMarin Pharmaceutical in a report on Thursday, April 25th. Finally, Citigroup lowered their target price on shares of BioMarin Pharmaceutical from $94.00 to $91.00 and set a “neutral” rating for the company in a report on Thursday, April 25th. Nine analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, BioMarin Pharmaceutical presently has a consensus rating of “Moderate Buy” and an average target price of $106.37.

BioMarin Pharmaceutical Price Performance

Shares of BioMarin Pharmaceutical stock traded down $0.29 during trading hours on Monday, reaching $82.04. 680,626 shares of the company’s stock were exchanged, compared to its average volume of 1,982,681. BioMarin Pharmaceutical has a 1 year low of $73.68 and a 1 year high of $99.56. The company has a market capitalization of $15.58 billion, a P/E ratio of 76.94, a price-to-earnings-growth ratio of 1.17 and a beta of 0.31. The business has a fifty day moving average of $81.37 and a two-hundred day moving average of $87.23. The company has a quick ratio of 1.70, a current ratio of 2.74 and a debt-to-equity ratio of 0.12.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings data on Wednesday, April 24th. The biotechnology company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.12. BioMarin Pharmaceutical had a net margin of 8.31% and a return on equity of 5.34%. The firm had revenue of $648.83 million during the quarter, compared to analyst estimates of $649.75 million. As a group, research analysts predict that BioMarin Pharmaceutical will post 1.99 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.