BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) Sees Large Growth in Short Interest

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) saw a significant growth in short interest during the month of April. As of April 15th, there was short interest totalling 3,690,000 shares, a growth of 20.6% from the March 31st total of 3,060,000 shares. Based on an average trading volume of 1,410,000 shares, the days-to-cover ratio is currently 2.6 days.

BioMarin Pharmaceutical Trading Up 1.5 %

NASDAQ:BMRN traded up $1.22 during mid-day trading on Monday, reaching $82.13. 2,004,127 shares of the company’s stock traded hands, compared to its average volume of 1,453,980. BioMarin Pharmaceutical has a 12-month low of $76.02 and a 12-month high of $99.56. The firm has a market capitalization of $15.50 billion, a price-to-earnings ratio of 75.62, a PEG ratio of 1.36 and a beta of 0.31. The company has a debt-to-equity ratio of 0.12, a current ratio of 2.51 and a quick ratio of 1.57. The company has a 50 day moving average price of $87.58 and a 200-day moving average price of $89.14.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings results on Thursday, February 22nd. The biotechnology company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.05. BioMarin Pharmaceutical had a return on equity of 5.39% and a net margin of 8.31%. The company had revenue of $646.21 million for the quarter, compared to the consensus estimate of $639.53 million. During the same quarter in the previous year, the business earned $0.11 EPS. BioMarin Pharmaceutical’s revenue was up 20.2% compared to the same quarter last year. On average, sell-side analysts predict that BioMarin Pharmaceutical will post 1.85 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on BMRN. Citigroup dropped their price objective on BioMarin Pharmaceutical from $94.00 to $91.00 and set a “neutral” rating for the company in a research note on Thursday. Royal Bank of Canada reissued a “sector perform” rating and set a $100.00 price objective on shares of BioMarin Pharmaceutical in a research note on Friday, February 23rd. Robert W. Baird dropped their price target on BioMarin Pharmaceutical from $127.00 to $104.00 and set an “outperform” rating for the company in a research note on Tuesday, January 30th. Canaccord Genuity Group dropped their price target on BioMarin Pharmaceutical from $91.00 to $89.00 and set a “hold” rating for the company in a research note on Friday. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $110.00 price target on shares of BioMarin Pharmaceutical in a research note on Thursday. Seven research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $107.50.

Insider Activity at BioMarin Pharmaceutical

In other BioMarin Pharmaceutical news, CAO Erin Burkhart sold 2,286 shares of the firm’s stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $90.00, for a total value of $205,740.00. Following the completion of the sale, the chief accounting officer now directly owns 16,156 shares of the company’s stock, valued at $1,454,040. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Jean Jacques Bienaime sold 20,000 shares of BioMarin Pharmaceutical stock in a transaction on Friday, April 12th. The stock was sold at an average price of $91.26, for a total transaction of $1,825,200.00. Following the completion of the sale, the director now owns 474,994 shares of the company’s stock, valued at $43,347,952.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Erin Burkhart sold 2,286 shares of BioMarin Pharmaceutical stock in a transaction 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 sale, the chief accounting officer now directly owns 16,156 shares of the company’s stock, valued at approximately $1,454,040. The disclosure for this sale can be found here. Over the last three months, insiders sold 103,229 shares of company stock valued at $9,062,967. 1.85% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in BMRN. KB Financial Partners LLC grew its holdings in shares of BioMarin Pharmaceutical by 51.3% during the 3rd quarter. KB Financial Partners LLC now owns 348 shares of the biotechnology company’s stock worth $31,000 after acquiring an additional 118 shares during the period. Castleview Partners LLC purchased a new position in shares of BioMarin Pharmaceutical during the 3rd quarter worth approximately $35,000. Lindbrook Capital LLC grew its holdings in shares of BioMarin Pharmaceutical by 259.8% during the 4th quarter. Lindbrook Capital LLC now owns 385 shares of the biotechnology company’s stock worth $37,000 after acquiring an additional 278 shares during the period. Benjamin F. Edwards & Company Inc. grew its holdings in shares of BioMarin Pharmaceutical by 135.3% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 433 shares of the biotechnology company’s stock worth $42,000 after acquiring an additional 249 shares during the period. Finally, Jones Financial Companies Lllp bought a new stake in shares of BioMarin Pharmaceutical in the 4th quarter worth approximately $43,000. Hedge funds and other institutional investors own 98.71% of the company’s stock.

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.