The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. BioMarin Pharmaceutical Inc. shares valued at $654,900 were sold by BIENAIME JEAN JACQUES on Feb 13. At $109.15 per share, BIENAIME JEAN JACQUES sold 6,000 shares. The insider’s holdings dropped to 320,324 shares worth approximately $29.79 million following the completion of this transaction.
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Also, BIENAIME JEAN JACQUES sold 15,000 shares, netting a total of over 1,651,650 in proceeds. Following the sale of shares at $110.11 each, the insider now holds 320,324 shares.
Before that, Ajer Jeffrey Robert had sold 49,000 shares from its account. In a trade valued at $5,669,134, the EVP, Chief Commercial Officer traded BioMarin Pharmaceutical Inc. shares for $115.70 each. Upon closing the transaction, the insider’s holdings decreased to 49,000 shares, worth approximately $3.82 million.
As published in a research note from Oppenheimer on February 22, 2023, BioMarin Pharmaceutical Inc. [BMRN] has been rated down from an Outperform to a Perform. Analysts at Citigroup started covering the stock with ‘”a Neutral”‘ outlook in a report released in late February. As of January 30, 2023, BMO Capital Markets has initiated its “Market perform” rating for BMRN. Earlier on January 18, 2023, Canaccord Genuity initiated its rating. Their recommendation was “a Hold” for BMRN stock.
Analyzing BMRN Stock Performance
On Thursday, BioMarin Pharmaceutical Inc. [NASDAQ: BMRN] plunged -1.40% to $92.99. The stock’s lowest price that day was $92.17, but it reached a high of $94.61 in the same session. During the last five days, there has been a drop of approximately -7.12%. Over the course of the year, BioMarin Pharmaceutical Inc. shares have dropped approximately -10.15%. Shares of the company reached a 52-week high of $117.77 on 01/27/23 and a 52-week low of $92.17 on 03/09/23. A 50-day SMA is recorded $107.37, while a 200-day SMA reached $93.44. Nevertheless, trading volume fell to 1.54 million shares from 2.36 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 91.90, which, if violated, would cause prices to drop to 90.82. In the upper region, resistance lies at 94.34. The next price resistance is at 95.70. RSI (Relative Strength Index) is 26.09 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -6.63, which suggests the price will decrease in the coming days. Percent R is at 94.96%, indicating bearish price movement. Stochastics %K at buying 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 Jan 30, 2023 dropping by -3.82 million shares to 6.54 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2022 was 10.36 million shares. A decline of -58.41% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 3.86 of the overall float, the days-to-cover ratio (short ratio) decline to 3.86.
Which companies own the most shares of BioMarin Pharmaceutical Inc. (BMRN)?
According to PRIMECAP Management Co. filings, the company currently owns 17,580,859 shares, which is about 9.46% of the total BMRN shares outstanding. The investor’s shares have plunged by -44,646 from its previous 13-F filing of 17625505.0 shares. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $1,958,226,356. Dodge & Cox reduced a -2.64% interest valued at $1.66 billion while BlackRock Fund Advisors purchased a 460,346 stake. A total of 0 shares of BioMarin Pharmaceutical Inc. were bought by Baker Bros. Advisors LP during the quarter, and 714,261 were bought by Capital Research & Management Co. In its current portfolio, SSgA Funds Management, Inc. holds 5,388,844 shares valued at $621.6 million.