BioMarin Pharmaceutical Sees Unusually High Options Volume (NASDAQ:BMRN)

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) saw unusually large options trading on Thursday. Stock traders purchased 5,068 put options on the stock. This represents an increase of approximately 159% compared to the typical daily volume of 1,960 put options.

Analyst Upgrades and Downgrades

BMRN has been the subject of several research analyst reports. TD Cowen cut their price objective on BioMarin Pharmaceutical from $125.00 to $120.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Canaccord Genuity Group reiterated a “hold” rating and issued a $89.00 price objective on shares of BioMarin Pharmaceutical in a research note on Thursday, July 25th. Baird R W lowered shares of BioMarin Pharmaceutical from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 17th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $110.00 target price on shares of BioMarin Pharmaceutical in a report on Monday, August 5th. Finally, StockNews.com upgraded BioMarin Pharmaceutical from a “hold” rating to a “buy” rating in a report on Thursday, August 8th. Eight analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $106.10.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Innealta Capital LLC bought a new position in shares of BioMarin Pharmaceutical in the second quarter worth $25,000. BOKF NA acquired a new stake in BioMarin Pharmaceutical during the 2nd quarter worth about $31,000. Quent Capital LLC raised its stake in BioMarin Pharmaceutical by 58.9% during the 2nd quarter. Quent Capital LLC now owns 391 shares of the biotechnology company’s stock valued at $32,000 after purchasing an additional 145 shares during the period. Benjamin F. Edwards & Company Inc. lifted its stake in BioMarin Pharmaceutical by 135.3% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 433 shares of the biotechnology company’s stock worth $42,000 after acquiring an additional 249 shares in the last quarter. Finally, Jones Financial Companies Lllp acquired a new position in shares of BioMarin Pharmaceutical in the fourth quarter worth $43,000. 98.71% of the stock is owned by institutional investors and hedge funds.

BioMarin Pharmaceutical Price Performance

BMRN stock opened at $84.08 on Friday. The stock has a market capitalization of $15.97 billion, a price-to-earnings ratio of 78.58 and a beta of 0.32. BioMarin Pharmaceutical has a 52-week low of $73.68 and a 52-week high of $99.56. The company has a quick ratio of 1.95, a current ratio of 3.05 and a debt-to-equity ratio of 0.11. The stock’s fifty day simple moving average is $86.53 and its 200-day simple moving average is $85.06.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its earnings results on Monday, August 5th. The biotechnology company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.38 by $0.39. BioMarin Pharmaceutical had a return on equity of 6.91% and a net margin of 9.91%. The business had revenue of $712.03 million for the quarter, compared to the consensus estimate of $660.51 million. Equities research analysts expect that BioMarin Pharmaceutical will post 2.35 EPS for the current 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.