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

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) was the recipient of unusually large options trading on Wednesday. Traders purchased 4,841 put options on the stock. This is an increase of approximately 173% compared to the average volume of 1,774 put options.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on BMRN shares. Robert W. Baird dropped their price objective on BioMarin Pharmaceutical from $127.00 to $104.00 and set an “outperform” rating on the stock in a report on Tuesday, January 30th. Cantor Fitzgerald reissued an “overweight” rating and issued a $100.00 price objective on shares of BioMarin Pharmaceutical in a report on Friday, February 23rd. Piper Sandler cut their target price on shares of BioMarin Pharmaceutical from $115.00 to $107.00 and set an “overweight” rating on the stock in a report on Friday, February 23rd. Canaccord Genuity Group reiterated a “hold” rating and issued a $91.00 price target on shares of BioMarin Pharmaceutical in a research report on Thursday, February 29th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $100.00 price objective on shares of BioMarin Pharmaceutical in a research report on Friday, February 23rd. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $107.61.

Insider Buying and Selling

In related news, Director Jean Jacques Bienaime sold 20,000 shares of BioMarin Pharmaceutical stock in a transaction on Friday, April 12th. The stock was sold at an average price of $91.26, for a total value of $1,825,200.00. Following the completion of the transaction, the director now directly owns 474,994 shares in the company, valued at $43,347,952.44. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, EVP Jeffrey Robert Ajer sold 4,000 shares of BioMarin Pharmaceutical stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $87.07, for a total transaction of $348,280.00. Following the completion of the sale, the executive vice president now directly owns 94,047 shares of the company’s stock, valued at approximately $8,188,672.29. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Jean Jacques Bienaime sold 20,000 shares of the stock in a transaction on Friday, April 12th. The shares were sold at an average price of $91.26, for a total value of $1,825,200.00. Following the completion of the transaction, the director now directly owns 474,994 shares in the company, valued at approximately $43,347,952.44. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 103,229 shares of company stock valued at $9,062,967. Corporate insiders own 1.84% of the company’s stock.

Institutional Investors Weigh In On BioMarin Pharmaceutical

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC raised its position in shares of BioMarin Pharmaceutical by 7,368.7% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 60,571 shares of the biotechnology company’s stock worth $5,840,000 after buying an additional 59,760 shares during the period. EFG Asset Management North America Corp. increased its position in BioMarin Pharmaceutical by 44.9% during the 3rd quarter. EFG Asset Management North America Corp. now owns 67,322 shares of the biotechnology company’s stock worth $5,957,000 after purchasing an additional 20,874 shares in the last quarter. International Assets Investment Management LLC purchased a new position in BioMarin Pharmaceutical in the fourth quarter valued at approximately $3,598,000. FMR LLC lifted its position in BioMarin Pharmaceutical by 30.4% during the third quarter. FMR LLC now owns 713,797 shares of the biotechnology company’s stock valued at $63,157,000 after buying an additional 166,219 shares in the last quarter. Finally, Nordea Investment Management AB grew its stake in BioMarin Pharmaceutical by 4.9% during the fourth quarter. Nordea Investment Management AB now owns 11,594 shares of the biotechnology company’s stock worth $1,121,000 after buying an additional 544 shares during the period. Hedge funds and other institutional investors own 98.71% of the company’s stock.

BioMarin Pharmaceutical Price Performance

Shares of BMRN stock traded up $0.75 during trading hours on Wednesday, hitting $92.81. The company’s stock had a trading volume of 208,992 shares, compared to its average volume of 1,336,304. The company has a current ratio of 2.51, a quick ratio of 1.57 and a debt-to-equity ratio of 0.12. The business has a fifty day moving average of $87.76 and a 200-day moving average of $89.21. BioMarin Pharmaceutical has a twelve month low of $76.02 and a twelve month high of $99.56. The stock has a market cap of $17.52 billion, a price-to-earnings ratio of 104.61, a P/E/G ratio of 1.65 and a beta of 0.31.

BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its quarterly earnings data on Thursday, February 22nd. The biotechnology company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.05. The business had revenue of $646.21 million for the quarter, compared to the consensus estimate of $639.53 million. BioMarin Pharmaceutical had a return on equity of 5.01% and a net margin of 6.93%. The business’s revenue was up 20.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.11 earnings per share. As a group, equities research analysts anticipate that BioMarin Pharmaceutical will post 1.85 EPS for the current year.

BioMarin Pharmaceutical Company Profile

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.