BioMarin Pharma Biotech stock gains favor among mutual fund managers The Investor Business Daily | Jobs Vox

BioMarin Pharmaceuticals (BMRN) executed a high bullish gap in late November when it broke out of a double-bottom base with a 92.86 buy point. Volume was strong and supported the jump. The biotech stock is currently grinding in an extended range and is waiting to find a new base pattern.


Biotech stock’s strong earnings

Third-quarter sales rose 24 percent to $505.3 million, with earnings per share of 45 cents, a whopping 150 percent gain compared to last year. The biotech stock maintains strong technical parameters, with a relative strength rating of 94 and a composite rating of 97.

Even so, the “A+” stellar accumulation/distribution rating requires a very bright focus. Complementary funds have been buying biotech stocks for the past five quarters. In fact, most outstanding stocks, or 71%, are now held by mutual funds.

BioMarin ranks fifth in the medical-biomed/biotech group, ranking 28th out of IBD’s 197 industry groups.

Innovative gene therapies

The biotech stock BioMerin makes medical products for genetic diseases such as severe hemophilia. He is currently conducting several clinical trials.

In August, it received approval for Roctavian, a European hemophilia A gene therapy. This drug has an orphan status, which gives special attention to the market for 10 years in those countries.

An amazing drug pipeline includes:

  • VoxzogoFor children with achondroplasia, a condition that affects bone growth.
  • PalinzicEnzyme therapy in patients with uncontrolled phenylketonuria.
  • Brainera, It reduces the loss of mobility in patients 3 years and prescribes diseases with neuropathy due to Batten disease.

The San Rafael, California company is present in the US, Middle East, Europe, South America and Africa.

Several exchange-traded funds hold biotech stocks, including the iShares Biotechnology ETF ( IBB ) and the SPDR S&P Biotech ETF ( XBI ).

Follow VRamakrishnan on Twitter @IBD_VRamakrishnan.

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