BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) Short Interest Update

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) was the recipient of a significant decline in short interest in the month of August. As of August 31st, there was short interest totalling 5,850,000 shares, a decline 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 days-to-cover ratio is currently 2.6 days.

Hedge Funds Weigh In On BioMarin Pharmaceutical

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Envestnet Portfolio Solutions Inc. boosted its holdings in shares of BioMarin Pharmaceutical by 1.2% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 10,668 shares of the biotechnology company’s stock worth $932,000 after purchasing an additional 130 shares in the last quarter. Quent Capital LLC boosted its holdings in BioMarin Pharmaceutical by 58.9% during the 2nd quarter. Quent Capital LLC now owns 391 shares of the biotechnology company’s stock valued at $32,000 after acquiring an additional 145 shares during the period. Yousif Capital Management LLC boosted its holdings in BioMarin Pharmaceutical by 8.9% during the 1st quarter. Yousif Capital Management LLC now owns 2,414 shares of the biotechnology company’s stock valued at $211,000 after acquiring an additional 198 shares during the period. Integrated Advisors Network LLC boosted its holdings in BioMarin Pharmaceutical by 6.2% during the 4th quarter. Integrated Advisors Network LLC now owns 3,533 shares of the biotechnology company’s stock valued at $341,000 after acquiring an additional 206 shares during the period. Finally, SteelPeak Wealth LLC boosted its holdings in BioMarin Pharmaceutical by 10.9% during the 1st quarter. SteelPeak Wealth LLC now owns 2,498 shares of the biotechnology company’s stock valued at $218,000 after acquiring an additional 246 shares during the period. 98.71% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on BMRN shares. Cantor Fitzgerald restated an “overweight” rating and issued a $110.00 target price on shares of BioMarin Pharmaceutical in a research note on Monday, September 9th. Wells Fargo & Company decreased their price objective on BioMarin Pharmaceutical from $115.00 to $90.00 and set an “overweight” rating on the stock in a research note on Tuesday. Truist Financial decreased 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. Evercore ISI boosted their price objective on BioMarin Pharmaceutical from $113.00 to $115.00 and gave the company an “outperform” rating in a research note on Tuesday, August 6th. Finally, JPMorgan Chase & Co. boosted their price objective on BioMarin Pharmaceutical from $111.00 to $120.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. Eight equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $99.90.

BioMarin Pharmaceutical Price Performance

Shares of BMRN traded up $0.59 during midday trading on Wednesday, reaching $71.14. The stock had a trading volume of 2,171,285 shares, compared to its average volume of 1,902,703. The company’s 50-day moving average is $86.11 and its 200 day moving average is $84.49. 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 company has a market capitalization of $13.51 billion, a price-to-earnings ratio of 66.49, a price-to-earnings-growth ratio of 1.03 and a beta of 0.32.

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

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.