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One investor apparently thinks that option premiums are too high in BioMarin Pharmaceutical.

Our tracking systems detected the sale of 10,076 August 45 calls for $1.90 yesterday against open interest of just 318 contracts. The trade accounted for almost all the option volume in the California-based drug developer.

Implied volatility in the name is about 55 percent versus its 39 percent historical volatility . This suggests that the options are pricing in more of a move than the stock normally makes, which would explain why the trader chose to sell calls.

This was probably the work of an investor who owns shares and is using the calls to earn income against the long position. He or she is now on the hook to unload the stock for $45 if it closes at or above that level at expiration. Including the credit earned, the exit price would be $46.90.

BMRN fell 0.85 percent to $41.96 after hitting an all-time high of $42.50 earlier in the session. The stock is up more than 40 percent so far this year and is consolidating above its previous peaks from early 2008. Some traders may think it needs to pause before advancing further, which would help explain yesterday's call selling.

The trade pushed total option volume in the name to 31 times greater than average.

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