Large Bullish Options Trade Bets on BioMarin Stock Reaching $100 by April 2027

A large and newly opened options position in BioMarin Pharmaceutical Inc. (BMRN) indicates a significant bet that the company's stock will rally substantially over the next seven months. The trade, a bull call spread, targets a price of at least $100 per share by its April 2027 expiration.

The Trade Structure

Analysis of options market data from September 17 reveals a trader executed a large bull call spread, an options strategy that profits from a moderate increase in a stock's price. The transaction involved:

• Buying 1,000 call contracts with a $90 strike price.
• Simultaneously selling 1,000 call contracts with a $100 strike price.
• Both legs of the trade expire on April 16, 2027.

This position was newly established, as indicated by zero prior open interest on these specific contracts. With BioMarin's stock trading around $65.56 at the time, the trade is positioned to become profitable if the stock rises more than 37% to surpass $90. The maximum profit is achieved if the stock price is at or above $100 at expiration.

Unusual Volatility Signals

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The bullish sentiment is reinforced by several key market indicators. The overall options activity was overwhelmingly bullish, with a call-to-put ratio of 182-to-1, suggesting the activity was a directional bet rather than a hedging strategy.

More revealingly, the market's volatility skew shifted dramatically. The 90/110 skew, which compares the price of bullish calls to bearish puts, surged by 10.68 percentage points. A positive call skew of this magnitude is uncommon and signals aggressive demand for upside exposure, as traders are paying a significant premium for the right to buy the stock at higher prices.

Context and Potential Catalysts

This options activity follows a period of positive fundamental developments for BioMarin. The company recently beat its second-quarter 2026 earnings forecasts and raised its full-year outlook. Management has also highlighted long-term revenue targets for key drugs and the expansion of its drug Voxzogo into new indications.

Potential catalysts that could drive the stock higher before the April 2027 expiration include clinical data readouts for its pipeline candidate BMN 333 or continued success in its commercial launches. However, analysts remain divided. While Freedom Broker has a $110 price target, Goldman Sachs maintains a more cautious Neutral rating at $69, citing potential competitive threats in the market for Voxzogo.