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

Key Points

• BioMarin Pharmaceutical experienced a notable 20.2% increase in short interest in August, reaching 5,960,000 shares by the end of the month.
• Several analysts have given conflicting ratings, with HC Wainwright assigning a "neutral" rating while UBS raised the price target to $114.00 and maintains a "buy" rating.
• Hedge funds have increased their positions in BioMarin, with Goldman Sachs Group raising its holdings by 212.7% in the first quarter.

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN - Get Free Report) saw a significant increase in short interest in 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. Currently, 3.1% of the company's stock are short sold. Based on an average trading volume of 2,110,000 shares, the short-interest ratio is presently 2.8 days. Based on an average trading volume of 2,110,000 shares, the short-interest ratio is presently 2.8 days. Currently, 3.1% of the company's stock are short sold.

Analyst Upgrades and Downgrades

BMRN has been the subject of several recent analyst reports. Zacks Research downgraded shares of BioMarin Pharmaceutical from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 13th. UBS Group lifted their price objective on shares of BioMarin Pharmaceutical from $113.00 to $114.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Wedbush reiterated an "outperform" rating and set a $94.00 price objective on shares of BioMarin Pharmaceutical in a research note on Tuesday, August 5th. Guggenheim lifted their price objective on shares of BioMarin Pharmaceutical from $101.00 to $106.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Finally, Raymond James Financial started coverage on shares of BioMarin Pharmaceutical in a research note on Wednesday, September 3rd. They set an "outperform" rating and a $85.00 price objective for the company. Fourteen equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to MarketBeat.com, BioMarin Pharmaceutical has an average rating of "Moderate Buy" and an average target price of $92.60.

BioMarin Pharmaceutical Stock Performance

Shares of BioMarin Pharmaceutical stock traded down $0.42 during trading on Monday, hitting $53.94. 1,866,590 shares of the company's stock were exchanged, compared to its average volume of 1,901,207. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.60 and a current ratio of 5.56. The business has a 50-day simple moving average of $57.51 and a 200-day simple moving average of $59.66. BioMarin Pharmaceutical has a 52-week low of $52.93 and a 52-week high of $73.51. The stock has a market capitalization of $10.36 billion, a price-to-earnings ratio of 16.01, a PEG ratio of 0.69 and a beta of 0.35.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Dodge & Cox raised its holdings in shares of BioMarin Pharmaceutical by 1.0% during the second quarter. Dodge & Cox now owns 15,108,310 shares of the biotechnology company's stock worth $830,504,000 after purchasing an additional 153,070 shares during the last quarter. Viking Global Investors LP raised its holdings in shares of BioMarin Pharmaceutical by 13.8% during the second quarter. Viking Global Investors LP now owns 12,288,611 shares of the biotechnology company's stock worth $675,505,000 after purchasing an additional 1,488,552 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of BioMarin Pharmaceutical by 90.7% during the second quarter. AQR Capital Management LLC now owns 5,580,573 shares of the biotechnology company's stock worth $306,429,000 after purchasing an additional 2,654,768 shares during the last quarter. Geode Capital Management LLC increased its holdings in BioMarin Pharmaceutical by 1.3% in the second quarter. Geode Capital Management LLC now owns 3,474,438 shares of the biotechnology company's stock valued at $190,417,000 after buying an additional 43,185 shares in the last quarter. Finally, Nuveen LLC purchased a new position in BioMarin Pharmaceutical in the first quarter valued at $184,475,000. Hedge funds and other institutional investors own 98.71% of the company's stock.

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.