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

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) was the target of unusually large options trading on Friday. Investors acquired 6,084 put options on the stock. This represents an increase of 186% compared to the average daily volume of 2,127 put options.

Insider Buying and Selling

In other BioMarin Pharmaceutical news, EVP George Eric Davis sold 1,850 shares of the stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $85.01, for a total value of $157,268.50. Following the completion of the transaction, the executive vice president now directly owns 56,157 shares in the company, valued at $4,773,906.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Erin Burkhart sold 2,286 shares of the firm’s stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $90.00, for a total transaction of $205,740.00. Following the completion of the transaction, the chief accounting officer now directly owns 16,156 shares in the company, valued at $1,454,040. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP George Eric Davis sold 1,850 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $85.01, for a total value of $157,268.50. Following the transaction, the executive vice president now owns 56,157 shares of the company’s stock, valued at $4,773,906.57. The disclosure for this sale can be found here. Insiders sold a total of 114,588 shares of company stock worth $9,413,633 in the last ninety days. 1.85% of the stock is owned by insiders.

Institutional Trading of BioMarin Pharmaceutical

A number of hedge funds have recently bought and sold shares of BMRN. KB Financial Partners LLC lifted its holdings in BioMarin Pharmaceutical by 51.3% during the third quarter. KB Financial Partners LLC now owns 348 shares of the biotechnology company’s stock worth $31,000 after acquiring an additional 118 shares during the period. Lindbrook Capital LLC raised its stake in shares of BioMarin Pharmaceutical by 259.8% in the fourth quarter. Lindbrook Capital LLC now owns 385 shares of the biotechnology company’s stock valued at $37,000 after buying an additional 278 shares during the period. Benjamin F. Edwards & Company Inc. raised its stake in shares of BioMarin Pharmaceutical by 135.3% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 433 shares of the biotechnology company’s stock valued at $42,000 after buying an additional 249 shares during the period. Jones Financial Companies Lllp bought a new stake in shares of BioMarin Pharmaceutical in the fourth quarter valued at $43,000. Finally, First Horizon Advisors Inc. raised its stake in shares of BioMarin Pharmaceutical by 33.3% in the fourth quarter. First Horizon Advisors Inc. now owns 576 shares of the biotechnology company’s stock valued at $56,000 after buying an additional 144 shares during the period. 98.71% of the stock is currently owned by institutional investors.

BioMarin Pharmaceutical Stock Performance

Shares of BioMarin Pharmaceutical stock opened at $83.78 on Friday. The business’s fifty day simple moving average is $81.97 and its 200 day simple moving average is $87.70. The firm has a market capitalization of $15.91 billion, a P/E ratio of 78.30, a price-to-earnings-growth ratio of 1.20 and a beta of 0.31. BioMarin Pharmaceutical has a 12 month low of $73.68 and a 12 month high of $99.56. The company has a current ratio of 2.74, a quick ratio of 1.70 and a debt-to-equity ratio of 0.12.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its quarterly earnings results on Wednesday, April 24th. The biotechnology company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.12. The business had revenue of $648.83 million for the quarter, compared to analyst estimates of $649.75 million. BioMarin Pharmaceutical had a return on equity of 5.34% and a net margin of 8.31%. As a group, analysts anticipate that BioMarin Pharmaceutical will post 1.99 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BMRN. Scotiabank raised their price objective on BioMarin Pharmaceutical from $83.00 to $85.00 and gave the stock a “sector perform” rating in a research report on Thursday, April 25th. Evercore ISI assumed coverage on BioMarin Pharmaceutical in a research report on Tuesday, May 14th. They set an “outperform” rating and a $113.00 price objective for the company. Robert W. Baird cut BioMarin Pharmaceutical from an “outperform” rating to a “neutral” rating and decreased their target price for the stock from $104.00 to $72.00 in a research note on Friday, May 17th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $110.00 target price on shares of BioMarin Pharmaceutical in a research note on Thursday, April 25th. Finally, Wells Fargo & Company raised their target price on BioMarin Pharmaceutical from $100.00 to $110.00 and gave the stock an “overweight” rating in a research note on Thursday, April 25th. Nine equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $106.11.

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.