Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. BioMarin Pharmaceutical Inc. shares valued at $656,662 were sold by Mueller Brian on Jul 08. At $89.50 per share, Mueller Brian sold 7,337 shares. The insider’s holdings dropped to 30,726 shares worth approximately $2.86 million following the completion of this transaction.
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Also, Davis George Eric sold 7,398 shares, netting a total of over 665,820 in proceeds. Following the sale of shares at $90.00 each, the insider now holds 58,941 shares.
Before that, Ajer Jeffrey Robert had sold 1,308 shares from its account. In a trade valued at $103,254, the EVP, Chief Commercial Officer traded BioMarin Pharmaceutical Inc. shares for $78.94 each. Upon closing the transaction, the insider’s holdings decreased to 1,308 shares, worth approximately $5.03 million.
As published in their initiating research note from Cantor Fitzgerald on July 13, 2022, BioMarin Pharmaceutical Inc. [BMRN] has been an Overweight and the price target has been revised to $110. This represents a 15.47% premium over Thursday’s closing price. As of April 25, 2022, Morgan Stanley has increased its “an Equal-weight” rating to a “an Overweight” for BMRN. Earlier on November 22, 2021, William Blair upgraded its rating. Their new recommendation was “an Outperform” for BMRN stock which previously was a “a Mkt perform”.
Analyzing BMRN’s Price Performance
On Thursday, BioMarin Pharmaceutical Inc. [NASDAQ: BMRN] rose 5.18% to $92.98. The stock’s lowest price that day was $89.64, but it reached a high of $94.11 in the same session. During the last five days, there has been a surge of approximately 6.78%. Over the course of the year, BioMarin Pharmaceutical Inc. shares have jumped approximately 5.24%. Shares of the company reached a 52-week high of $94.20 on 02/10/22 and a 52-week low of $70.73 on 06/14/22. A 50-day SMA is recorded $82.40, while a 200-day SMA reached $82.83. Nevertheless, trading volume fell to 2.43 million shares from 0.8 million shares the previous day.
Support And Resistance Levels for BioMarin Pharmaceutical Inc. (BMRN)
According to the 24-hour chart, there is a support level at 90.38, which, if violated, would cause prices to drop to 87.77. In the upper region, resistance lies at 94.85. The next price resistance is at 96.71. RSI (Relative Strength Index) is 70.86 on the 14-day chart, showing overbought technical sentiment. Moving Average Convergence Divergence (MACD) is at 2.81, which suggests the price will increase in the coming days. Percent R is at 11.55%, indicating bullish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is BioMarin Pharmaceutical Inc. subject to short interest?
Stocks of BioMarin Pharmaceutical Inc. saw a sharp steep in short interest on Jul 14, 2022 dropping by -0.45 million shares to 11.27 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 11.72 million shares. A decline of -3.99% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 8.58 of the overall float, the days-to-cover ratio (short ratio) decline to 8.58.
Which companies own the most shares of BioMarin Pharmaceutical Inc. (BMRN)?
According to PRIMECAP Management Co. filings, the company currently owns 17,779,470 shares, which is about 9.61% of the total BMRN shares outstanding. The investor’s shares have plunged by -25,310 from its previous 13-F filing of 17804780.0 shares. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $1,337,955,956. Dodge & Cox acquire a 1.42% interest valued at $1.25 billion while BlackRock Fund Advisors purchased a 71,270 stake. A total of -3,284,052 shares of BioMarin Pharmaceutical Inc. were bought by Capital Research & Management Co during the quarter, and 0 were sold by Baker Bros. Advisors LP. In its current portfolio, SSgA Funds Management, Inc. holds 5,380,393 shares valued at $445.87 million.
In terms of BioMarin Pharmaceutical Inc. share price expectations, FactSet research, analysts set an average price target of $114.60 in the next 12 months, up nearly 28.39% from the previous closing price of $88.40. Analysts anticipate BioMarin Pharmaceutical Inc. stock to reach $174.00 by 2022, with the lowest price target being $70.00. In spite of this, 23 analysts ranked BioMarin Pharmaceutical Inc. stock as an Overweight at the end of 2022. On October 07, 2021, Jefferies assigned a price target of “a Buy” to the stock and resumed coverage with a $100.