BioMarin Pharmaceutical Inc. (NASDAQ: BMRN)
BioMarin Pharmaceutical wasn’t having the best of days in the market early on today. At the opening bell, the stock spiked up slightly before going on a steady downtrend. Just before 11:00, the stock broke below the breakeven point and continued falling throughout most of the morning. However, minutes ago, the stock started spiking. Below, we’ll talk about what we’re seeing, why, and what we’ll be watching for with regard to BMRN ahead.
What We’re Seeing From BMRN
As mentioned above, BioMarin Pharmaceutical wasn’t having the best of days in the market early on in today’s trading session. In the beginning of the day, the stock started to head upward before quickly reversing and making its way to the red. Throughout most of the day, we’ve seen a continuation of declines. However, minutes ago, the stock started to make a run for the top. At the moment (11:43), BMRN is trading at $86.17 per share after a gain of $1.19 per share (1.40%) thus far today.
Why The Stock Is Climbing
As usual, our partners at Trade Ideas were the first to inform us of the run on BMRN. As soon as they did, the CNA Finance team started working to see what was causing the movement. While this one did take a bit of digging, we believe we’ve found the cause.
Through our search, we didn’t find any fundamental news. We didn’t even find rumors in the social space. However, we did find something when we looked into trader activity. In fact, someone just scooped up 100k shares of the stock. That’s a massive purchase, and naturally, when these purchases happen, they excite retail investors. As a result, the stock is gaining.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on BMRN. In particular, we’re interested in seeing who made the large purchase and if more are coming. We’ll be watching the news closely and bringing you the updates as they break.
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