Stock Traders Purchase High Volume of Put Options on BioMarin Pharmaceutical (NASDAQ:BMRN)

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) saw unusually large options trading activity on Friday. Stock investors acquired 9,057 put options on the stock. This is an increase of 254% compared to the typical volume of 2,557 put options.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on BMRN. Evercore ISI reduced their target price on BioMarin Pharmaceutical from $115.00 to $105.00 and set an “outperform” rating for the company in a research note on Wednesday, October 30th. Barclays decreased their price objective on shares of BioMarin Pharmaceutical from $110.00 to $86.00 and set an “overweight” rating on the stock in a report on Friday, October 4th. Raymond James restated an “outperform” rating and set a $79.00 target price on shares of BioMarin Pharmaceutical in a research note on Thursday, October 10th. UBS Group upped their price target on shares of BioMarin Pharmaceutical from $104.00 to $106.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, Citigroup cut their price objective on shares of BioMarin Pharmaceutical from $93.00 to $81.00 and set a “neutral” rating for the company in a research report on Wednesday, October 30th. Seven equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $94.20.

Insider Transactions at BioMarin Pharmaceutical

In related news, EVP Charles Greg Guyer sold 5,278 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 68,909 shares of the company’s stock, valued at approximately $4,573,490.33. This represents a 7.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.85% of the company’s stock.

Institutional Trading of BioMarin Pharmaceutical

A number of hedge funds and other institutional investors have recently modified their holdings of BMRN. Susquehanna Fundamental Investments LLC bought a new stake in shares of BioMarin Pharmaceutical during the second quarter worth about $5,627,000. Teachers Retirement System of The State of Kentucky grew its position in shares of BioMarin Pharmaceutical by 17.4% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 194,207 shares of the biotechnology company’s stock valued at $15,990,000 after buying an additional 28,837 shares during the last quarter. E Fund Management Co. Ltd. raised its position in shares of BioMarin Pharmaceutical by 167.4% during the second quarter. E Fund Management Co. Ltd. now owns 13,480 shares of the biotechnology company’s stock worth $1,110,000 after acquiring an additional 8,438 shares during the last quarter. Wedmont Private Capital bought a new position in shares of BioMarin Pharmaceutical during the fourth quarter worth about $430,000. Finally, EULAV Asset Management lifted its stake in shares of BioMarin Pharmaceutical by 12.9% in the third quarter. EULAV Asset Management now owns 131,000 shares of the biotechnology company’s stock worth $9,208,000 after acquiring an additional 15,000 shares during the period. Institutional investors own 98.71% of the company’s stock.

BioMarin Pharmaceutical Price Performance

Shares of BMRN traded up $0.28 during midday trading on Friday, hitting $61.53. The company’s stock had a trading volume of 2,637,029 shares, compared to its average volume of 1,675,935. The company has a quick ratio of 2.62, a current ratio of 4.27 and a debt-to-equity ratio of 0.11. BioMarin Pharmaceutical has a one year low of $60.63 and a one year high of $94.85. The stock 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. The company’s fifty day simple moving average is $65.71 and its two-hundred day simple moving average is $74.62.

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