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

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) saw a large increase in short interest during the month of October. As of October 15th, there was short interest totalling 5,590,000 shares, an increase of 5.9% from the September 30th total of 5,280,000 shares. Based on an average daily volume of 1,740,000 shares, the days-to-cover ratio is currently 3.2 days.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. AGF Management Ltd. purchased a new stake in BioMarin Pharmaceutical in the 2nd quarter valued at about $2,563,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of BioMarin Pharmaceutical during the second quarter valued at approximately $5,627,000. Teachers Retirement System of The State of Kentucky increased its position in shares of BioMarin Pharmaceutical by 17.4% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 194,207 shares of the biotechnology company’s stock valued at $15,990,000 after acquiring an additional 28,837 shares during the last quarter. E Fund Management Co. Ltd. lifted its holdings in BioMarin Pharmaceutical by 167.4% during the second quarter. E Fund Management Co. Ltd. now owns 13,480 shares of the biotechnology company’s stock worth $1,110,000 after acquiring an additional 8,438 shares during the period. Finally, Tidal Investments LLC boosted its position in BioMarin Pharmaceutical by 65.5% in the first quarter. Tidal Investments LLC now owns 17,447 shares of the biotechnology company’s stock worth $1,524,000 after purchasing an additional 6,906 shares during the last quarter. 98.71% of the stock is owned by institutional investors.

BioMarin Pharmaceutical Stock Performance

Shares of BioMarin Pharmaceutical stock opened at $66.68 on Thursday. The company has a market cap of $12.66 billion, a PE ratio of 62.32, a price-to-earnings-growth 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 has a 52 week low of $65.78 and a 52 week high of $99.56. The business has a 50 day moving average price of $76.08 and a 200-day moving average price of $80.94.

BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings results on Tuesday, October 29th. The biotechnology company reported $0.55 EPS for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.23). The company had revenue of $746.00 million during the quarter, compared to analysts’ expectations of $703.37 million. BioMarin Pharmaceutical had a net margin of 9.91% and a return on equity of 6.91%. The company’s quarterly revenue was up 28.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.26 earnings per share. Equities analysts anticipate that BioMarin Pharmaceutical will post 2.39 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on BMRN shares. Barclays lowered their target price on shares of BioMarin Pharmaceutical from $110.00 to $86.00 and set an “overweight” rating for the company in a research note on Friday, October 4th. Bank of America dropped their price objective on BioMarin Pharmaceutical from $130.00 to $115.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. Citigroup decreased their target price on BioMarin Pharmaceutical from $93.00 to $81.00 and set a “neutral” rating for the company in a research note on Wednesday. TD Cowen dropped their price target on BioMarin Pharmaceutical from $125.00 to $120.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. Finally, Truist Financial reduced their price objective on shares of BioMarin Pharmaceutical from $118.00 to $90.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. Eight research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, BioMarin Pharmaceutical has a consensus rating of “Moderate Buy” and a consensus price target of $93.67.

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.