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

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) was the recipient of a large increase in short interest in the month of August. As of August 31st, there was short interest totaling 5,960,000 shares, an increase of 20.2% from the August 15th total of 4,960,000 shares. Based on an average trading volume of 2,110,000 shares, the days-to-cover ratio is currently 2.8 days. Approximately 3.1% of the company’s shares are sold short. Approximately 3.1% of the company’s shares are sold short. Based on an average trading volume of 2,110,000 shares, the days-to-cover ratio is currently 2.8 days.

BioMarin Pharmaceutical Stock Down 1.4%

BMRN opened at $54.36 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 5.56 and a quick ratio of 3.60. The company’s 50-day moving average is $57.60 and its 200 day moving average is $59.95. BioMarin Pharmaceutical has a fifty-two week low of $52.93 and a fifty-two week high of $73.51. The firm has a market capitalization of $10.44 billion, a P/E ratio of 16.13, a PEG ratio of 0.70 and a beta of 0.35.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. HC Wainwright began coverage on shares of BioMarin Pharmaceutical in a research report on Monday, September 8th. They issued a “neutral” rating and a $60.00 price target for the company. Morgan Stanley decreased their price objective on shares of BioMarin Pharmaceutical from $97.00 to $96.00 and set an “overweight” rating for the company in a research report on Tuesday, July 22nd. Raymond James Financial began coverage on shares of BioMarin Pharmaceutical in a research report on Wednesday, September 3rd. They set an “outperform” rating and a $85.00 price objective for the company. Wedbush reiterated an “outperform” rating and set a $94.00 price objective on shares of BioMarin Pharmaceutical in a research report on Tuesday, August 5th. Finally, JPMorgan Chase & Co. increased their price objective on shares of BioMarin Pharmaceutical from $108.00 to $113.00 and gave the stock an “overweight” rating in a research report on Monday, July 14th. Fourteen equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.60.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Byrne Financial Freedom LLC lifted its position in shares of BioMarin Pharmaceutical by 4.4% during the first quarter. Byrne Financial Freedom LLC now owns 3,852 shares of the biotechnology company’s stock valued at $272,000 after purchasing an additional 161 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. lifted its position in shares of BioMarin Pharmaceutical by 0.9% during the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 22,523 shares of the biotechnology company’s stock valued at $1,592,000 after purchasing an additional 197 shares in the last quarter. Securian Asset Management Inc. lifted its position in shares of BioMarin Pharmaceutical by 1.4% during the second quarter. Securian Asset Management Inc. now owns 14,604 shares of the biotechnology company’s stock valued at $803,000 after purchasing an additional 197 shares in the last quarter. Sittner & Nelson LLC lifted its position in shares of BioMarin Pharmaceutical by 6.9% during the second quarter. Sittner & Nelson LLC now owns 3,100 shares of the biotechnology company’s stock valued at $170,000 after purchasing an additional 200 shares in the last quarter. Finally, Xponance Inc. lifted its position in shares of BioMarin Pharmaceutical by 0.6% during the first quarter. Xponance Inc. now owns 31,877 shares of the biotechnology company’s stock valued at $2,253,000 after purchasing an additional 202 shares in the last quarter. 98.71% of the stock is owned by institutional investors.

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.