BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) was the recipient of a large drop in short interest in January. As of January 31st, there was short interest totalling 6,817,923 shares, a drop of 14.6% from the January 13th total of 7,984,747 shares. Based on an average daily volume of 989,606 shares, the days-to-cover ratio is currently 6.9 days. Currently, 4.0% of the company’s stock are sold short.
A number of research analysts have commented on the company. RBC Capital Markets set a $125.00 target price on BioMarin Pharmaceutical and gave the stock a “buy” rating in a report on Sunday, October 30th. Gabelli reaffirmed a “buy” rating on shares of BioMarin Pharmaceutical in a report on Friday. Vetr downgraded BioMarin Pharmaceutical from a “strong-buy” rating to a “buy” rating and set a $90.22 target price on the stock. in a report on Monday, November 7th. Credit Suisse Group assumed coverage on BioMarin Pharmaceutical in a report on Monday, January 23rd. They set an “outperform” rating and a $107.00 target price on the stock. Finally, Cowen and Company set a $150.00 target price on BioMarin Pharmaceutical and gave the stock a “buy” rating in a report on Friday, December 9th. Six research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. BioMarin Pharmaceutical currently has a consensus rating of “Buy” and an average price target of $112.09.
Shares of BioMarin Pharmaceutical (NASDAQ:BMRN) opened at 90.13 on Monday. The firm’s market capitalization is $15.50 billion. The company has a 50-day moving average price of $86.75 and a 200 day moving average price of $89.66. BioMarin Pharmaceutical has a 52-week low of $71.49 and a 52-week high of $102.49.
In other BioMarin Pharmaceutical news, CEO Jean Jacques Bienaime sold 69,744 shares of the firm’s stock in a transaction that occurred on Monday, November 21st. The stock was sold at an average price of $87.56, for a total transaction of $6,106,784.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Daniel K. Spiegelman sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, January 9th. The shares were sold at an average price of $90.00, for a total value of $450,000.00. Following the sale, the chief financial officer now owns 18,100 shares of the company’s stock, valued at approximately $1,629,000. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 178,487 shares of company stock valued at $15,476,622. 2.50% of the stock is owned by insiders.
A number of institutional investors have recently modified their holdings of the stock. Cornerstone Advisors Inc. raised its position in shares of BioMarin Pharmaceutical by 22.0% in the third quarter. Cornerstone Advisors Inc. now owns 1,159 shares of the company’s stock valued at $107,000 after buying an additional 209 shares in the last quarter. Independent Portfolio Consultants Inc. purchased a new position in shares of BioMarin Pharmaceutical during the third quarter valued at about $121,000. Toronto Dominion Bank raised its position in shares of BioMarin Pharmaceutical by 57.8% in the third quarter. Toronto Dominion Bank now owns 1,401 shares of the company’s stock valued at $130,000 after buying an additional 513 shares in the last quarter. Ardsley Advisory Partners purchased a new position in shares of BioMarin Pharmaceutical during the third quarter valued at about $231,000. Finally, Morningstar Investment Services LLC purchased a new position in shares of BioMarin Pharmaceutical during the third quarter valued at about $268,000. Hedge funds and other institutional investors own 98.49% of the company’s stock.
BioMarin Pharmaceutical Company Profile
BioMarin Pharmaceutical Inc (BioMarin) develops and commercializes pharmaceuticals for various diseases and medical conditions. The Company’s product portfolio consists of approximately five approved products, and multiple clinical and pre-clinical product candidates. Its approved products include Vimizim (elosulfase alpha), Naglazyme (galsulfase), Kuvan (sapropterin dihydrochloride), Aldurazyme (laronidase) and Firdapse (amifampridine phosphate).
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