Biomarin gets vote of confidence
Chris McKhann | [email protected]
optionMONSTER systems detected the sale of 2,480 December 60 puts for the bid price of $0.60. This is clearly a new position, as previous open interest at that strike was just 591 contracts.
The put seller is looking for BMRN to hold above $60 in the next month. The trader also takes on the risk of having to buy shares if they fall below that strike price by mid-December. (See our Education section)
BMRN is up 5.31 percent to $70.46 this morning. The stock has run up from support at that $60 level in the last week, bringing it back to the middle of its recent range. Shares were at a high of $80.67 in mid-September.