BioMarin Pharmaceutical Inc. Sees Notable Decrease in Short Interest

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) experienced a notable decrease in short interest throughout December. As of December 15th, the total short interest amounted to 5,210,000 shares, marking a reduction of 9.4% from the November 30th figure of 5,750,000 shares. Given an average daily trading volume of 1,470,000 shares, the short-interest ratio currently stands at 3.5 days.

Stock Performance and Market Position

During mid-day trading on Tuesday, NASDAQ BMRN saw a slight increase of 0.4%, climbing up $0.28 to reach $65.73. In total, 790,699 shares were exchanged, which is below the average trading volume of 1,786,631. BioMarin has a market capitalization of $12.53 billion, with a P/E ratio of 39.36 and a P/E/G ratio of 0.65. The company demonstrates a low debt-to-equity ratio of 0.11, along with a current ratio of 4.27 and a quick ratio of 2.62. Over the past year, BioMarin’s stock hit a low of $61.15 and peaked at $99.25. As of today, the 50-day simple moving average stands at $66.15, while the 200-day average is $76.07.

Earnings Report Insights

BioMarin Pharmaceutical last shared its quarterly earnings on October 29th, where it reported earnings per share (EPS) of $0.55, falling short of the analysts' consensus estimate of $0.78 by $0.23. For this period, the company recorded a return on equity of 8.53% and a net margin of 11.71%. Revenue for the quarter was $746 million, exceeding the projected $703.37 million from analysts. In comparison to the previous year, the revenue increased by 28.4%. Analysts project that BioMarin will achieve an EPS of 2.49 for the current year.

Analyst Ratings and Adjustments

Recent analysis of BioMarin has led to various recommendations from analysts. Royal Bank of Canada maintained a "sector perform" rating and set a price target of $80.00. Scotiabank adjusted its price target down from $95.00 to $78.00, keeping the neutral rating. Sanford C. Bernstein lowered its target from $116.00 to $90.00, while Robert W. Baird cut its target from $72.00 to $65.00. Bank of America revised its target from $130.00 to $115.00 while maintaining a "buy" rating. The consensus among analysts reflects a mixture of hold and buy ratings, with a total of 16 buy ratings compared to 7 hold ratings, culminating in an average price target of $94.20 according to MarketBeat.

Insider Transactions

In related news, on November 12th, EVP Charles Greg Guyer sold 5,278 shares of the company at an average price of $66.37, totaling approximately $350,300.86. Following this transaction, he retains ownership of 68,909 shares, valued at $4,573,490.33. This sale represented a 7.11% reduction in his holdings. Insider ownership currently stands at about 1.85% of the total shares.

Institutional Investors’ Activity

Several institutional investors have recently adjusted their investments in BioMarin. Erste Asset Management GmbH acquired a stake worth $48,527,000 during the third quarter. Vestal Point Capital LP purchased 28,116,000, while Clearline Capital LP bought $22,477,000 worth of shares. Rhumbline Advisers significantly increased their stake by 122.1%, acquiring an additional 303,207 shares. Dimensional Fund Advisors also elevated its holdings by 38.9%. Presently, institutional investors hold approximately 98.71% of BioMarin stock.

About BioMarin Pharmaceutical

BioMarin Pharmaceutical Inc. is a biotechnology company that develops and markets therapies designed for individuals facing severe and life-threatening rare diseases. Their portfolio includes products such as Vimizim for mucopolysaccharidosis type IV, Naglazyme for MPS VI, and Kuvan for phenylketonuria, a genetic metabolic disorder.

BioMarin, Stocks, ShortInterest