27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.
BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) announced that it has withdrawn Kyndrisa’s marketing authorization application in the EU, following expectations of a negative opinion from CHMP.
Barclays’ Geoff Meacham maintained an Overweight rating on the company, with a price target of $105.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Update Was Positive
“Given the earlier CRL from FDA, a negative opinion from CHMP was not a surprise,” Meacham mentioned, while adding, “The company is also discontinuing its work on follow-on products BMN044, BMN045, and BMN053.”
The analyst expects this to lead to a meaningful non-cash impairment charge of $580 million in 2Q16, although the update is viewed as “generally positive,” since no new resources would need to be allocated to Kyndrisa or the company’s other first generation exon-skipping products.
BioMarin Pharma continues to expect to achieve non-GAAP breakeven by 2017.
Catalysts For 2016
Meacham believes that possibility of additional data in achondroplasia and hemophilia could act as catalysts during 2016.
“We could see six-month efficacy data for the higher dose cohort of 30µg/kg. In April, four month data suggested that this dose was safe. BioMarin also plans on sharing plans for the phase 3 trial by 4Q,” the analyst stated.
Additional high-dose data for hemophilia is also expected by the year end, with the company intending to commence a registrationaldirect trial in 2017.
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.