Traders Buy High Volume of BioMarin Pharmaceutical Put Options (NASDAQ:BMRN)

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) saw some unusual options trading activity on Wednesday. Stock investors acquired 4,841 put options on the company. This represents an increase of approximately 173% compared to the typical daily volume of 1,774 put options.

BioMarin Pharmaceutical Price Performance

BioMarin Pharmaceutical stock opened at $82.17 on Friday. The firm has a 50-day moving average price of $87.74 and a 200-day moving average price of $89.18. The firm has a market capitalization of $15.51 billion, a PE ratio of 93.38, a price-to-earnings-growth ratio of 1.70 and a beta of 0.31. The company has a current ratio of 2.51, a quick ratio of 1.57 and a debt-to-equity ratio of 0.12. BioMarin Pharmaceutical has a 12-month low of $76.02 and a 12-month high of $99.56.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings results on Thursday, February 22nd. The biotechnology company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.44 by $0.05. The company had revenue of $646.21 million for the quarter, compared to the consensus estimate of $639.53 million. BioMarin Pharmaceutical had a net margin of 6.93% and a return on equity of 5.01%. The firm’s revenue was up 20.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.11 EPS. As a group, equities research analysts forecast that BioMarin Pharmaceutical will post 1.85 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BMRN. Royal Bank of Canada reissued a “sector perform” rating and issued a $100.00 price objective on shares of BioMarin Pharmaceutical in a research note on Friday, February 23rd. Scotiabank increased their price objective on shares of BioMarin Pharmaceutical from $83.00 to $85.00 and gave the stock a “sector perform” rating in a research note on Thursday. Citigroup reduced their price objective on shares of BioMarin Pharmaceutical from $94.00 to $91.00 and set a “neutral” rating for the company in a research note on Thursday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $110.00 target price on shares of BioMarin Pharmaceutical in a research note on Thursday. Finally, Canaccord Genuity Group reaffirmed a “hold” rating and set a $91.00 target price on shares of BioMarin Pharmaceutical in a research note on Thursday, February 29th. Seven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $107.89.

Insider Activity at BioMarin Pharmaceutical

In related news, CAO Erin Burkhart sold 2,286 shares of the stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $90.00, for a total transaction of $205,740.00. Following the transaction, the chief accounting officer now owns 16,156 shares in the company, valued at $1,454,040. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other BioMarin Pharmaceutical news, insider Henry J. Fuchs sold 35,341 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $85.18, for a total transaction of $3,010,346.38. Following the completion of the sale, the insider now directly owns 212,117 shares of the company’s stock, valued at $18,068,126.06. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Erin Burkhart sold 2,286 shares of the company’s stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $90.00, for a total transaction of $205,740.00. Following the sale, the chief accounting officer now directly owns 16,156 shares of the company’s stock, valued at $1,454,040. The disclosure for this sale can be found here. Insiders have sold a total of 103,229 shares of company stock worth $9,062,967 over the last quarter. Company insiders own 1.84% of the company’s stock.

Institutional Investors Weigh In On BioMarin Pharmaceutical

Several large investors have recently modified their holdings of the business. Stratos Wealth Partners LTD. raised its holdings in shares of BioMarin Pharmaceutical by 2.1% in the 4th quarter. Stratos Wealth Partners LTD. now owns 5,709 shares of the biotechnology company’s stock valued at $550,000 after purchasing an additional 115 shares in the last quarter. CWM LLC increased its stake in BioMarin Pharmaceutical by 10.0% during the 3rd quarter. CWM LLC now owns 1,301 shares of the biotechnology company’s stock valued at $115,000 after purchasing an additional 118 shares in the last quarter. KB Financial Partners LLC increased its stake in BioMarin Pharmaceutical by 51.3% during the 3rd quarter. KB Financial Partners LLC now owns 348 shares of the biotechnology company’s stock valued at $31,000 after purchasing an additional 118 shares in the last quarter. First Horizon Advisors Inc. increased its stake in BioMarin Pharmaceutical by 33.3% during the 4th quarter. First Horizon Advisors Inc. now owns 576 shares of the biotechnology company’s stock valued at $56,000 after purchasing an additional 144 shares in the last quarter. Finally, Atria Wealth Solutions Inc. increased its stake in BioMarin Pharmaceutical by 1.6% during the 4th quarter. Atria Wealth Solutions Inc. now owns 9,729 shares of the biotechnology company’s stock valued at $938,000 after purchasing an additional 153 shares in the last quarter. Institutional investors own 98.71% of the company’s stock.

About BioMarin Pharmaceutical

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.