Could BioMarin Pharmaceutical Inc. Change Direction After Today’s Bearish Options Activity?

 Could BioMarin Pharmaceutical Inc. Change Direction After Today's Bearish Options Activity?

In today’s session BioMarin Pharmaceutical Inc. (BMRN) recorded an unusually high (1,012) contracts volume of put trades. Someone, most probably a professional was a very active buyer of the October, 2016 put, expecting serious BMRN decrease. With 1,012 contracts traded and 3054 open interest for the Oct, 16 contract, it seems this is a quite bearish bet. The option with symbol: BMRN161021P00095000 closed last at: $4.8 or 54.8% up. About 122,123 shares traded hands. BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) has risen 6.00% since March 7, 2016 and is uptrending. It has underperformed by 1.60% the S&P500.

Analysts await BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) to report earnings on November, 3. They expect $-0.40 EPS, up 33.33% or $0.20 from last year’s $-0.6 per share. After $-0.11 actual EPS reported by BioMarin Pharmaceutical Inc. for the previous quarter, Wall Street now forecasts 263.64% negative EPS growth.

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) Ratings Coverage

Out of 15 analysts covering BioMarin Pharmaceutical (NASDAQ:BMRN), 13 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 87% are positive. $175 is the highest target while $99 is the lowest. The $132.87 average target is 40.75% above today’s ($94.4) stock price. BioMarin Pharmaceutical has been the topic of 33 analyst reports since August 5, 2015 according to StockzIntelligence Inc. The firm has “Neutral” rating by Wedbush given on Tuesday, January 19. The firm has “Outperform” rating given on Tuesday, February 23 by Leerink Swann. The company was initiated on Wednesday, January 20 by Credit Suisse. The stock of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) has “Perform” rating given on Wednesday, November 18 by Oppenheimer. The stock of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) has “Overweight” rating given on Friday, August 5 by Piper Jaffray. The firm earned “Outperform” rating on Thursday, April 7 by BMO Capital Markets. The firm has “Overweight” rating by Barclays Capital given on Friday, August 5. Wedbush maintained the stock with “Neutral” rating in Tuesday, August 25 report. Wedbush maintained it with “Neutral” rating and $137.0 target price in Monday, October 5 report. The firm has “Buy” rating given on Tuesday, August 25 by Jefferies.

According to Zacks Investment Research, “BioMarin Pharmaceutical Inc. is a developer of carbohydrate enzyme therapies for debilitating, life-threatening, chronic genetic disorders and other diseases and conditions. The company completed a six-month evaluation of patients being treated with BioMarin’s lead product, BM101, for the treatment of mucopolysaccharidosis-I, or MPS-I. Patients were treated with BM101 as part of a pivotal clinical trial completed to determine the safety and efficacy of the drug in humans.”

Insitutional Activity: The institutional sentiment increased to 1.28 in 2016 Q2. Its up 0.10, from 1.18 in 2016Q1. The ratio is positive, as 34 funds sold all BioMarin Pharmaceutical Inc. shares owned while 104 reduced positions. 37 funds bought stakes while 140 increased positions. They now own 153.99 million shares or 5.12% less from 162.30 million shares in 2016Q1.
Canada Pension Plan Invest Board holds 0% of its portfolio in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) for 12,001 shares. Creative Planning has invested 0% of its portfolio in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN). Nippon Life Ins Com has 0.02% invested in the company for 9,055 shares. Mizuho Asset Mngmt Coltd holds 0.03% of its portfolio in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) for 2,276 shares. The Switzerland-based Credit Suisse Ag has invested 0.05% in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN). Highbridge Capital Mgmt Lc, a New York-based fund reported 37,300 shares. Nordea Invest Ab reported 99,717 shares or 0.02% of all its holdings. Sg Americas Secs Limited Liability Com holds 0.02% or 32,372 shares in its portfolio. First Personal Financial Services holds 0.01% or 461 shares in its portfolio. Alliancebernstein Ltd Partnership holds 0.01% of its portfolio in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) for 109,352 shares. Walleye Trading Limited Liability Corporation last reported 1,104 shares in the company. Gabelli Funds Ltd Liability Co reported 105,786 shares or 0.05% of all its holdings. Nicholas Investment Limited Partnership last reported 0.31% of its portfolio in the stock. The United Kingdom-based Polar Llp has invested 0.44% in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN). Cubist Systematic Strategies Limited Liability Com has 0.19% invested in the company for 42,686 shares.

Insider Transactions: Since April 29, 2016, the stock had 0 insider purchases, and 21 sales for $47.84 million net activity. BIENAIME JEAN JACQUES had sold 137,368 shares worth $13.10M. $1.77M worth of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) shares were sold by Ajer Jeffrey Robert. Davis George Eric sold $216,700 worth of stock or 2,167 shares. $1.43 million worth of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) was sold by FUCHS HENRY J on Friday, August 26. BAFFI ROBERT had sold 5,000 shares worth $435,249 on Wednesday, May 18. On Monday, May 23 SPIEGELMAN DANIEL K sold $328,184 worth of the stock or 3,769 shares. On Friday, July 22 LAWLIS V BRYAN sold $608,064 worth of the stock or 6,400 shares.

BioMarin Pharmaceutical Inc. develops and commercializes pharmaceuticals for various diseases and medical conditions. The company has a market cap of $16.27 billion. The Company’s product portfolio consists of approximately five approved products, and multiple clinical and pre-clinical product candidates. It currently has negative earnings. The Company’s approved products include Vimizim (elosulfase alpha), Naglazyme (galsulfase), Kuvan (sapropterin dihydrochloride), Aldurazyme (laronidase) and Firdapse (amifampridine phosphate).

BMRN Company Profile

BioMarin Pharmaceutical Inc. (BioMarin), incorporated on October 25, 1996, develops and commercializes pharmaceuticals for various diseases and medical conditions. The Company’s product portfolio consists of approximately five approved products, and multiple clinical and pre-clinical product candidates. The Company’s approved products include Vimizim (elosulfase alpha), Naglazyme (galsulfase), Kuvan (sapropterin dihydrochloride), Aldurazyme (laronidase) and Firdapse (amifampridine phosphate). Vimizim received marketing approval in the United States, the European Union and in other countries. Naglazyme received marketing approval in the United States, the European Union and in other countries. Kuvan was granted marketing approval in the United States and the European Union. Aldurazyme was approved for marketing in the United States, the European Union and in other countries. Firdapse received marketing approval in the European Union.

More recent BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) news were published by: Fool.com which released: “Solid BioMarin Pharmaceutical Inc. Earnings, More to Come” on August 10, 2016. Also Fool.com published the news titled: “Why BioMarin Pharmaceutical Inc. Stock Rose 22.2% in July” on August 06, 2016. Benzinga.com‘s news article titled: “Wedbush Boosts Target On Sarepta Shares From $66 To $72 Amid US Launch Of …” with publication date: October 10, 2016 was also an interesting one.

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