Biomarin Gets Vote of Confidence

Biomarin Pharmaceutical is up this morning, and one trader apparently believes that any downside will be limited in coming weeks.

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.

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