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

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

Insider Activity

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

Hedge Funds Weigh In On BioMarin Pharmaceutical

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tokio Marine Asset Management Co. Ltd. boosted its holdings in BioMarin Pharmaceutical by 0.8% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 21,105 shares of the biotechnology company’s stock valued at $1,483,000 after purchasing an additional 173 shares in the last quarter. Advisors Asset Management Inc. boosted its holdings in shares of BioMarin Pharmaceutical by 1.6% in the third quarter. Advisors Asset Management Inc. now owns 11,451 shares of the biotechnology company’s stock valued at $805,000 after acquiring an additional 180 shares during the period. TD Private Client Wealth LLC boosted its holdings in shares of BioMarin Pharmaceutical by 57.4% in the third quarter. TD Private Client Wealth LLC now owns 510 shares of the biotechnology company’s stock valued at $36,000 after acquiring an additional 186 shares during the period. First Hawaiian Bank boosted its holdings in shares of BioMarin Pharmaceutical by 1.4% in the fourth quarter. First Hawaiian Bank now owns 14,700 shares of the biotechnology company’s stock valued at $966,000 after acquiring an additional 200 shares during the period. Finally, Voisard Asset Management Group Inc. boosted its holdings in shares of BioMarin Pharmaceutical by 17.8% in the third quarter. Voisard Asset Management Group Inc. now owns 1,355 shares of the biotechnology company’s stock valued at $95,000 after acquiring an additional 205 shares during the period. 98.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BMRN has been the topic of several research analyst reports. Citigroup reduced their price objective on shares of BioMarin Pharmaceutical from $93.00 to $81.00 and set a “neutral” rating on the stock in a report on Wednesday, October 30th. Raymond James restated an “outperform” rating and issued a $79.00 price objective on shares of BioMarin Pharmaceutical in a report on Thursday, October 10th. William Blair lowered shares of BioMarin Pharmaceutical from an “outperform” rating to a “market perform” rating in a report on Wednesday, October 30th. Wedbush upgraded shares of BioMarin Pharmaceutical to a “strong-buy” rating in a research note on Monday, November 4th. Finally, Canaccord Genuity Group cut their price target on shares of BioMarin Pharmaceutical from $93.00 to $84.00 and set a “hold” rating on the stock in a research note on Wednesday, October 30th. Seven investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $94.20.

BioMarin Pharmaceutical Stock Performance

Shares of BMRN opened at $61.53 on Friday. The stock has a 50 day moving average price of $65.49 and a 200 day moving average price of $74.33. 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 company has a market capitalization of $11.73 billion, a price-to-earnings ratio of 36.84, a price-to-earnings-growth ratio of 0.59 and a beta of 0.29. BioMarin Pharmaceutical has a 52-week low of $60.63 and a 52-week high of $94.85.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings results on Tuesday, October 29th. The biotechnology company reported $0.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.23). The business had revenue of $746.00 million during 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 business’s revenue for the quarter was up 28.4% compared to the same quarter last year. During the same period last year, the company earned $0.26 earnings per share. Research analysts predict that BioMarin Pharmaceutical will post 2.5 EPS for the current fiscal year.

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.