Traders are eyeing earnings, commodities, and speeches from regional Fed presidents today, as U.S. indexes attempt to finish the week strong. Among the equities in focus are blue-chip athletic issue Nike Inc (NYSE:NKE), and drugmakers Depomed Inc (NASDAQ:DEPO) and BioMarin Pharmaceutical Inc. (NASDAQ:BMRN).
BMRN is off to a rough start today, down 7% at $95.92, after the FDA raised questions about its drug for a muscle-wasting disorder, and recommended that BioMarin Pharmaceuticals Inc. run further studies on effects of the treatment in children aged five and under. This news comes just two days after BMRN got a boost from a glowing Goldman Sachs recommendation, which included a price target of $158 -- in never-before-seen territory. Options traders are likely celebrating today's drop, as the stock's 10-day put/call volume ratio on the ISE/CBOE/PHLX sits at 6.31 -- meaning more than six puts have been bought for every call over the last two weeks of trading. This figure is also just 1 percentage point shy of a 52-week high. So far in November, BMRN has dropped roughly 17.8 -- a notable departure from the norm.
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