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

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) was the target of some unusual options trading on Friday. Traders acquired 9,057 put options on the stock. This is an increase of 254% compared to the typical volume of 2,557 put options.

BioMarin Pharmaceutical Trading Up 0.5 %

Shares of BMRN stock opened at $61.53 on Friday. The company has a quick ratio of 2.62, a current ratio of 4.27 and a debt-to-equity ratio of 0.11. The stock has a market cap of $11.73 billion, a P/E ratio of 36.84, a P/E/G ratio of 0.59 and a beta of 0.29. BioMarin Pharmaceutical has a fifty-two week low of $60.63 and a fifty-two week high of $94.85. The business has a fifty day simple moving average of $65.49 and a 200-day simple moving average of $74.33.

BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its quarterly earnings data on Tuesday, October 29th. The biotechnology company reported $0.55 EPS for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.23). The company had revenue of $746.00 million for the quarter, compared to analyst estimates of $703.37 million. BioMarin Pharmaceutical had a net margin of 11.71% and a return on equity of 8.53%. The firm’s revenue was up 28.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.26 EPS. On average, analysts forecast that BioMarin Pharmaceutical will post 2.5 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on BMRN. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $90.00 price target on shares of BioMarin Pharmaceutical in a report on Thursday, December 12th. Wolfe Research began coverage on BioMarin Pharmaceutical in a report on Friday, November 15th. They set an “outperform” rating and a $95.00 price target for the company. Evercore ISI decreased their price target on BioMarin Pharmaceutical from $115.00 to $105.00 and set an “outperform” rating for the company in a report on Wednesday, October 30th. Citigroup decreased their price target on BioMarin Pharmaceutical from $93.00 to $81.00 and set a “neutral” rating for the company in a report on Wednesday, October 30th. Finally, UBS Group increased their price objective on BioMarin Pharmaceutical from $104.00 to $106.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Seven analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $94.20.

Insider Activity

In related news, EVP Charles Greg Guyer sold 5,278 shares of the stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $66.37, for a total transaction of $350,300.86. Following the completion of the sale, the executive vice president now directly owns 68,909 shares of the company’s stock, valued at $4,573,490.33. This trade represents a 7.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.85% of the company’s stock.

Institutional Trading of BioMarin Pharmaceutical

A number of large investors have recently made changes to their positions in the stock. Perpetual Ltd acquired a new stake in shares of BioMarin Pharmaceutical during the fourth quarter valued at $230,000. UMB Bank n.a. boosted its stake in BioMarin Pharmaceutical by 260.1% in the 4th quarter. UMB Bank n.a. now owns 1,019 shares of the biotechnology company’s stock worth $67,000 after buying an additional 736 shares during the last quarter. Merit Financial Group LLC acquired a new stake in BioMarin Pharmaceutical in the 4th quarter worth about $317,000. Avanza Fonder AB acquired a new stake in BioMarin Pharmaceutical in the 4th quarter worth about $1,062,000. Finally, Assenagon Asset Management S.A. boosted its stake in BioMarin Pharmaceutical by 461.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 611,667 shares of the biotechnology company’s stock worth $40,205,000 after buying an additional 502,695 shares during the last quarter. Institutional investors and hedge funds 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.