Rise in BMRN’s short interest indicates Bearish sentiment


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 $2,840,226 were sold by BIENAIME JEAN JACQUES on May 11. At $94.67 per share, BIENAIME JEAN JACQUES sold 30,000 shares. The insider’s holdings dropped to 426,213 shares worth approximately $38.59 million following the completion of this transaction.

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Also, BIENAIME JEAN JACQUES sold 30,000 shares, netting a total of over 2,845,397 in proceeds. Following the sale of shares at $94.85 each, the insider now holds 426,213 shares.

Before that, BIENAIME JEAN JACQUES had sold 30,000 shares from its account. In a trade valued at $2,847,973, the Chief Executive Officer traded BioMarin Pharmaceutical Inc. shares for $94.93 each. Upon closing the transaction, the insider’s holdings decreased to 30,000 shares, worth approximately $38.59 million.

Analyzing BMRN Stock Performance

On Wednesday, BioMarin Pharmaceutical Inc. [NASDAQ: BMRN] plunged -1.58% to $90.54. The stock’s lowest price that day was $90.38, but it reached a high of $91.85 in the same session. During the last five days, there has been a drop of approximately -1.87%. Over the course of the year, BioMarin Pharmaceutical Inc. shares have dropped approximately -12.51%. Shares of the company reached a 52-week high of $117.77 on 01/27/23 and a 52-week low of $87.34 on 03/16/23. A 50-day SMA is recorded $94.68, while a 200-day SMA reached $96.50. Nevertheless, trading volume fell to 0.67 million shares from 0.75 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 90.00, which, if violated, would cause prices to drop to 89.45. In the upper region, resistance lies at 91.47. The next price resistance is at 92.39. RSI (Relative Strength Index) is 37.25 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.91, which suggests the price will decrease in the coming days. Percent R is at 97.75%, 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 rise in short interest on Apr 27, 2023 jumping by 0.78 million shares to 6.72 million. Data from Yahoo Finance shows that the short interest on Mar 30, 2023 was 5.94 million shares. A jump of 11.61% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 5.79 of the overall float, the days-to-cover ratio (short ratio) jumped to 5.79.

Which companies own the most shares of BioMarin Pharmaceutical Inc. (BMRN)?

According to PRIMECAP Management Co. filings, the company currently owns 18,243,429 shares, which is about 9.78% of the total BMRN shares outstanding. The investor’s shares have appreciated by 662,570 from its previous 13-F filing of 17580859.0 shares. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $1,645,217,734. Dodge & Cox reduced a -0.38% interest valued at $1.38 billion while BlackRock Fund Advisors sold a -164,808 stake. A total of 1,557,958 shares of BioMarin Pharmaceutical Inc. were sold by Capital Research & Management Co during the quarter, and 677,474 were bought by SSgA Funds Management, Inc. In its current portfolio, Columbia Management Investment Ad holds 4,176,633 shares valued at $401.12 million.

In terms of BioMarin Pharmaceutical Inc. share price expectations, FactSet research, analysts set an average price target of $119.73 in the next 12 months, up nearly 30.45% from the previous closing price of $91.99. Analysts anticipate BioMarin Pharmaceutical Inc. stock to reach $200.00 by 2023, with the lowest price target being $69.00. In spite of this, 27 analysts ranked BioMarin Pharmaceutical Inc. stock as an Overweight at the end of 2023.


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