Option Trade 
BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) Puts 
Friday, January 15, 2016

**OPTION TRADE: Buy the BMRN Feb 2016 85.000 put (BMRN160219P00085000) at approximately $5.50. Place a pre-determined sell at $10.00.

Note: No protective stop losses added -- but if you wish to do so make it $2.20.

by Ian Harvey

January 15, 2016

BioMarin Pharmaceutical Inc. (NASDAQ: BMRN, that develops and commercializes pharmaceuticals for serious diseases and medical conditions, had a rejection from the Food and Drug Administration (FDA) in regard to the company’s new drug application – NDA -- for its muscular dystrophy treatment, Kyndrisa.

The stock has now dropped over 15% in the past 12 months, and is on the verge of closing below its 30-month moving average for the first time since August 2010.

BMRN touched a new 52-week low of $77.59 on Thursday before closing the day's trading at $84.43, up 0.37%.

The FDA’s move to issue a CRL represents that it has completed the application review, but is not ready to approve the drug yet. It pointed out that the primary endpoints have not been met completely. BioMarin is reviewing the letter, and corresponding with the FDA for guidance about what to do further for the application.

However, the studies and clinical trials will continue, and patients, who are currently receiving Kyndrisa, BMN 044, BMN 053, and BMN 045, will remain on therapy.

Harvey’s Options Volatility Indicator

Conclusion

Combine these facts with the market instability, then it is very likely that BMRN will continue to suffer further setbacks.

Therefore, based on the facts above, and Harvey’s Options Volatility Indicator, the following option trade is recommended…..

**OPTION TRADE: Buy the BMRN Feb 2016 85.000 put (BMRN160219P00085000) at approximately $5.50. Place a pre-determined sell at $10.00.

Note: No protective stop losses added -- but if you wish to do so make it $2.20.

”Success is simple. Do what's right, the right way, at the right time.”

Option Tip for your Success!
Options traders are not successful because they win.
Options traders win because they are successful.



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